Needham & Company LLC Reiterates Strong-Buy Rating for Medtronic (NYSE:MDT)

Medtronic (NYSE:MDT)‘s stock had its “strong-buy” rating reaffirmed by stock analysts at Needham & Company LLC in a report issued on Monday, February 4th, Marketbeat reports. They presently have a $117.00 target price on the medical technology company’s stock, down from their previous target price of $120.00. Needham & Company LLC’s price target would suggest a potential upside of 27.05% from the company’s previous close.

MDT has been the subject of several other reports. Morgan Stanley raised their target price on Medtronic from $98.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 2nd. Argus raised their target price on Medtronic from $108.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 8th. Zacks Investment Research raised Medtronic from a “hold” rating to a “buy” rating and set a $105.00 price objective for the company in a report on Tuesday, October 23rd. JPMorgan Chase & Co. raised Medtronic from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $100.00 to $109.00 in a report on Wednesday, December 19th. Finally, Raymond James cut their price objective on Medtronic from $105.00 to $104.00 and set an “outperform” rating for the company in a report on Wednesday, November 21st. Nine research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $104.32.

NYSE:MDT traded up $1.59 during mid-day trading on Monday, reaching $92.09. The stock had a trading volume of 8,021,445 shares, compared to its average volume of 4,729,341. Medtronic has a fifty-two week low of $76.41 and a fifty-two week high of $100.15. The company has a market capitalization of $125.94 billion, a P/E ratio of 19.31, a P/E/G ratio of 2.43 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.11 and a current ratio of 2.36.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 19th. The medical technology company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. Medtronic had a return on equity of 13.85% and a net margin of 16.10%. The firm had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.53 billion. During the same quarter in the prior year, the company posted $1.17 earnings per share. The firm’s revenue was up 2.4% on a year-over-year basis. As a group, sell-side analysts forecast that Medtronic will post 5.15 earnings per share for the current fiscal year.

In other Medtronic news, CFO Karen L. Parkhill acquired 3,000 shares of the business’s stock in a transaction dated Wednesday, January 9th. The shares were acquired at an average price of $83.87 per share, for a total transaction of $251,610.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Omar Ishrak acquired 12,000 shares of the business’s stock in a transaction dated Wednesday, January 9th. The shares were acquired at an average price of $84.05 per share, for a total transaction of $1,008,600.00. The disclosure for this purchase can be found here. 0.28% of the stock is currently owned by insiders.

Large investors have recently added to or reduced their stakes in the company. Pinnacle Wealth Planning Services Inc. lifted its stake in Medtronic by 4.6% in the 4th quarter. Pinnacle Wealth Planning Services Inc. now owns 5,218 shares of the medical technology company’s stock valued at $475,000 after acquiring an additional 230 shares in the last quarter. Griffin Asset Management Inc. lifted its stake in Medtronic by 19.0% in the 4th quarter. Griffin Asset Management Inc. now owns 37,019 shares of the medical technology company’s stock valued at $3,367,000 after acquiring an additional 5,900 shares in the last quarter. O Brien Greene & Co. Inc bought a new stake in Medtronic in the 4th quarter valued at approximately $1,085,000. Massmutual Trust Co. FSB ADV lifted its stake in Medtronic by 0.4% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 56,983 shares of the medical technology company’s stock valued at $5,183,000 after acquiring an additional 248 shares in the last quarter. Finally, Pin Oak Investment Advisors Inc. lifted its stake in Medtronic by 158.0% in the 4th quarter. Pin Oak Investment Advisors Inc. now owns 369 shares of the medical technology company’s stock valued at $34,000 after acquiring an additional 226 shares in the last quarter. Institutional investors and hedge funds own 81.03% of the company’s stock.

About Medtronic

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Analyst Recommendations for Medtronic (NYSE:MDT)

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