Medtronic (NYSE:MDT) Rating Lowered to Hold at Wall Street Zen

Key Points

• Wall Street Zen has downgraded Medtronic from a "buy" rating to a "hold" rating, reflecting a cautious outlook for the stock.
• Analysts have mixed views on Medtronic, with twelve giving it a "hold" rating, nine a "buy," and two a "strong buy," alongside a consensus price target of $98.19.
• Medtronic's shares opened at $92.94 and the company recently reported earnings of $1.62 per share, exceeding estimates.

Medtronic (NYSE:MDT - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

MDT has been the topic of several other reports. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Mizuho increased their price target on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Morgan Stanley restated an "overweight" rating and set a $107.00 price target (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Finally, Leerink Partners assumed coverage on Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target on the stock. Twelve research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Medtronic currently has an average rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Trading Down 0.1%

Shares of Medtronic stock traded down $0.08 on Friday, hitting $92.80. The stock had a trading volume of 6,563,651 shares, compared to its average volume of 7,658,538. The stock has a 50 day moving average of $88.65 and a 200 day moving average of $87.92. Medtronic has a twelve month low of $79.29 and a twelve month high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The firm has a market capitalization of $118.95 billion, a P/E ratio of 25.63, a PEG ratio of 2.41 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. During the same period in the prior year, the business posted $1.46 earnings per share. The firm's revenue was up 3.9% on a year-over-year basis. Sell-side analysts expect that Medtronic will post 5.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Medtronic

Hedge funds have recently made changes to their positions in the business. 1248 Management LLC purchased a new position in shares of Medtronic during the first quarter valued at approximately $26,000. Burkett Financial Services LLC boosted its holdings in Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after acquiring an additional 185 shares in the last quarter. Columbia River Financial Group LLC bought a new stake in Medtronic in the first quarter worth $28,000. Twin Tree Management LP bought a new stake in Medtronic in the first quarter worth $29,000. Finally, Activest Wealth Management boosted its holdings in Medtronic by 3,577.8% in the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock worth $30,000 after acquiring an additional 322 shares in the last quarter. 82.06% of the stock is 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.