Medtronic (NYSE:MDT) Receives Hold Rating from Needham & Company LLC

Medtronic (NYSE:MDT - Get Free Report)'s stock had its "hold" rating reiterated by investment analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports.

A number of other research analysts have also recently commented on the stock. Wall Street Zen cut shares of Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Royal Bank of Canada lowered their price objective on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. UBS Group raised their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Truist Financial lowered their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Finally, Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and raised their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $97.00.

Medtronic Price Performance

MDT traded up $0.38 during trading on Friday, hitting $87.38. 7,577,391 shares of the stock traded hands, compared to its average volume of 6,861,533. The business has a 50 day moving average price of $83.94 and a 200 day moving average price of $86.15. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. Medtronic has a twelve month low of $75.96 and a twelve month high of $96.25. The company has a market cap of $112.07 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. Medtronic's revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.46 EPS. Equities research analysts forecast that Medtronic will post 5.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Medtronic

Several institutional investors and hedge funds have recently made changes to their positions in MDT. Mainstream Capital Management LLC acquired a new stake in Medtronic during the 4th quarter valued at approximately $26,000. Burkett Financial Services LLC boosted its stake in shares of Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares during the last quarter. 1248 Management LLC acquired a new stake in shares of Medtronic during the first quarter worth $26,000. Rakuten Securities Inc. raised its stake in Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after buying an additional 294 shares during the last quarter. Finally, Wood Tarver Financial Group LLC bought a new position in Medtronic during the fourth quarter worth $27,000. Institutional investors and hedge funds own 82.06% of the company's stock.

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.