Needham & Company LLC Reaffirms Buy Rating for Medtronic (NYSE:MDT)

Medtronic (NYSE:MDT)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research report issued on Wednesday,Benzinga reports. They presently have a $101.00 price objective on the medical technology company’s stock. Needham & Company LLC’s price target suggests a potential upside of 24.14% from the stock’s previous close.

Several other brokerages have also recently weighed in on MDT. Jefferies Financial Group restated a “hold” rating and set a $88.00 target price on shares of Medtronic in a report on Thursday, June 4th. Argus lowered their target price on Medtronic from $125.00 to $115.00 and set a “buy” rating on the stock in a report on Monday, April 6th. Wells Fargo & Company lowered their target price on Medtronic from $114.00 to $102.00 and set an “overweight” rating on the stock in a report on Thursday, June 4th. Robert W. Baird lowered their target price on Medtronic from $93.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, June 4th. Finally, Wall Street Zen cut Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. Seventeen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, Medtronic has a consensus rating of “Moderate Buy” and an average price target of $99.00.

Medtronic Trading Up 1.2%

Shares of Medtronic stock opened at $81.36 on Wednesday. The stock has a market cap of $104.45 billion, a P/E ratio of 21.81, a P/E/G ratio of 2.16 and a beta of 0.58. The stock’s 50 day simple moving average is $80.62 and its 200-day simple moving average is $90.95. Medtronic has a 1-year low of $73.31 and a 1-year high of $106.33. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87.

Medtronic (NYSE:MDT) last issued its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.01. The business had revenue of $9.81 billion for the quarter, compared to analysts’ expectations of $9.62 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.20%.The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Analysts predict that Medtronic will post 5.94 EPS for the current fiscal year.

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the sale, the executive vice president owned 37,227 shares of the company’s stock, valued at $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.26% of the stock is currently owned by insiders.

Institutional Trading of Medtronic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Curbstone Financial Management Corp raised its position in Medtronic by 1.8% in the fourth quarter. Curbstone Financial Management Corp now owns 5,594 shares of the medical technology company’s stock valued at $537,000 after purchasing an additional 100 shares during the period. New England Capital Financial Advisors LLC increased its position in shares of Medtronic by 7.8% during the fourth quarter. New England Capital Financial Advisors LLC now owns 1,403 shares of the medical technology company’s stock worth $135,000 after acquiring an additional 101 shares during the period. Ipsen Advisor Group LLC increased its position in shares of Medtronic by 1.7% during the fourth quarter. Ipsen Advisor Group LLC now owns 5,952 shares of the medical technology company’s stock worth $572,000 after acquiring an additional 101 shares during the period. Quadrant Capital Group LLC increased its position in shares of Medtronic by 0.3% during the fourth quarter. Quadrant Capital Group LLC now owns 32,477 shares of the medical technology company’s stock worth $3,120,000 after acquiring an additional 101 shares during the period. Finally, Baker Tilly Wealth Management LLC increased its position in shares of Medtronic by 3.3% during the fourth quarter. Baker Tilly Wealth Management LLC now owns 3,221 shares of the medical technology company’s stock worth $309,000 after acquiring an additional 102 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter?defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).