Medtronic (NYSE:MDT) Given Hold Rating at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Medtronic (NYSE:MDT) in a research report sent to investors on Monday,Benzinga reports.

Other equities analysts also recently issued research reports about the stock. Oppenheimer boosted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Barclays increased their price target on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. JPMorgan Chase & Co. cut their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday. Robert W. Baird increased their target price on shares of Medtronic from $90.00 to $96.00 in a research report on Friday. Finally, Evercore ISI lifted their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $95.80.

Medtronic Price Performance

MDT opened at $87.64 on Monday. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The business’s fifty day simple moving average is $89.42 and its 200-day simple moving average is $84.82. The company has a market capitalization of $112.39 billion, a price-to-earnings ratio of 29.61, a PEG ratio of 2.50 and a beta of 0.84. Medtronic has a 12-month low of $74.66 and a 12-month high of $92.68.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter last year, the firm posted $1.20 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, equities research analysts anticipate that Medtronic will post 5.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Olstein Capital Management L.P. lifted its stake in Medtronic by 19.2% during the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after acquiring an additional 14,000 shares during the period. Manning & Napier Advisors LLC purchased a new position in shares of Medtronic during the second quarter worth $25,643,000. Ferguson Wellman Capital Management Inc. acquired a new position in Medtronic during the third quarter valued at $9,486,000. National Bank of Canada FI grew its position in Medtronic by 13.6% during the 1st quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company’s stock worth $21,642,000 after purchasing an additional 31,195 shares during the period. Finally, Harvest Portfolios Group Inc. grew its position in Medtronic by 6.5% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock worth $62,042,000 after purchasing an additional 42,112 shares during the period. 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.