Needham & Company LLC Reiterates Hold Rating for Medtronic (NYSE:MDT)

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

A number of other equities analysts have also recently commented on the stock. Truist Financial dropped their price objective on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, April 11th. UBS Group boosted their price objective on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and raised their price target for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Robert W. Baird boosted their price objective on shares of Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $96.14.

Medtronic Trading Up 0.4%

Medtronic stock opened at $86.41 on Monday. Medtronic has a 52-week low of $75.96 and a 52-week high of $96.25. The company has a market cap of $110.83 billion, a P/E ratio of 26.27, a P/E/G ratio of 2.22 and a beta of 0.81. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The business has a 50-day simple moving average of $85.93 and a two-hundred day simple moving average of $86.60.

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

Hedge Funds Weigh In On Medtronic

A number of institutional investors have recently made changes to their positions in MDT. Norges Bank acquired a new position in shares of Medtronic during the 4th quarter valued at $1,163,580,000. Raymond James Financial Inc. bought a new position in shares of Medtronic in the 4th quarter worth about $852,732,000. Beutel Goodman & Co Ltd. bought a new position in Medtronic during the 4th quarter worth $377,169,000. Boston Partners grew its position in Medtronic by 122.8% in the 1st quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock worth $619,460,000 after purchasing an additional 3,809,450 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of Medtronic by 28.8% during the first quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock valued at $1,391,141,000 after purchasing an additional 3,461,221 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

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.

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