Medtronic’s (MDT) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of Medtronic (NYSE:MDT) in a research note released on Monday morning, Benzinga reports.

Several other research analysts have also issued reports on MDT. Wells Fargo & Company upped their target price on shares of Medtronic from $102.00 to $105.00 and gave the stock an overweight rating in a research report on Friday, May 24th. The Goldman Sachs Group began coverage on shares of Medtronic in a research report on Thursday, May 30th. They issued a sell rating and a $83.00 target price for the company. UBS Group upped their target price on shares of Medtronic from $75.00 to $76.00 and gave the stock a sell rating in a research report on Friday, May 24th. Citigroup cut their price target on shares of Medtronic from $90.00 to $85.00 and set a neutral rating for the company in a research report on Wednesday, July 10th. Finally, Truist Financial cut their price target on shares of Medtronic from $88.00 to $85.00 and set a hold rating for the company in a research report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $91.30.

Medtronic Trading Up 2.3 %

Medtronic stock opened at $83.64 on Monday. Medtronic has a fifty-two week low of $68.84 and a fifty-two week high of $89.18. The firm’s fifty day moving average price is $79.99 and its 200-day moving average price is $82.39. The stock has a market cap of $107.25 billion, a P/E ratio of 30.41, a PEG ratio of 2.35 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03.

Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same period in the previous year, the business earned $1.57 earnings per share. The firm’s quarterly revenue was up .5% compared to the same quarter last year. Equities research analysts forecast that Medtronic will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were issued a dividend of $0.70 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Friday, June 28th. Medtronic’s dividend payout ratio is currently 101.82%.

Insider Transactions at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.30% of the stock is currently owned by company insiders.

Institutional Trading of Medtronic

Institutional investors have recently modified their holdings of the company. Equity Investment Corp boosted its holdings in shares of Medtronic by 27.9% during the fourth quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock worth $110,478,000 after purchasing an additional 292,459 shares during the period. Loudon Investment Management LLC raised its stake in Medtronic by 9.5% in the fourth quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock worth $786,000 after buying an additional 874 shares in the last quarter. Chemung Canal Trust Co. raised its stake in Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after buying an additional 44,846 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in Medtronic in the second quarter worth about $25,643,000. Finally, Apollon Wealth Management LLC raised its stake in Medtronic by 43.0% in the fourth quarter. Apollon Wealth Management LLC now owns 50,804 shares of the medical technology company’s stock worth $4,185,000 after buying an additional 15,265 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Company Profile

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.