Needham & Company LLC Reaffirms “Hold” Rating for Medtronic (NYSE:MDT)

Needham & Company LLC reissued their hold rating on shares of Medtronic (NYSE:MDT) in a report issued on Wednesday morning,Benzinga reports.

MDT has been the topic of a number of other reports. Wells Fargo & Company lowered their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Robert W. Baird upped their price objective on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday. JPMorgan Chase & Co. lowered their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Truist Financial dropped their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Finally, Sanford C. Bernstein increased their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $95.00.

Medtronic Stock Up 2.3 %

Medtronic stock opened at $89.95 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic has a 12-month low of $75.96 and a 12-month high of $93.08. The firm’s fifty day moving average is $86.08 and its 200 day moving average is $87.10. The company has a market capitalization of $115.34 billion, a PE ratio of 27.34, a PEG ratio of 2.46 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. As a group, sell-side analysts predict that Medtronic will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s payout ratio is 85.11%.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Several hedge funds have recently made changes to their positions in the stock. Mainstream Capital Management LLC purchased a new position in Medtronic during the 4th quarter valued at about $26,000. Fortitude Family Office LLC purchased a new position in Medtronic during the third quarter valued at approximately $27,000. Highline Wealth Partners LLC purchased a new position in Medtronic during the third quarter valued at approximately $27,000. Darwin Wealth Management LLC purchased a new position in Medtronic during the third quarter valued at approximately $27,000. Finally, Stephens Consulting LLC grew its position in shares of Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 204 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.