Medtronic PLC (NYSE:MDT) Cut to “Sell” at BidaskClub

BidaskClub downgraded shares of Medtronic PLC (NYSE:MDT) from a hold rating to a sell rating in a report issued on Saturday morning.

A number of other brokerages have also issued reports on MDT. William Blair reiterated an outperform rating on shares of Medtronic PLC in a research note on Thursday, July 6th. Wells Fargo & Company reiterated an outperform rating on shares of Medtronic PLC in a research note on Wednesday, July 12th. Oppenheimer Holdings, Inc. restated a buy rating on shares of Medtronic PLC in a research note on Tuesday, July 18th. Needham & Company LLC restated a buy rating and set a $95.00 target price (up from $91.00) on shares of Medtronic PLC in a research note on Thursday, May 25th. Finally, Cowen and Company restated an outperform rating and set a $95.00 target price (up from $86.00) on shares of Medtronic PLC in a research note on Sunday, May 28th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $89.84.

Shares of Medtronic PLC (MDT) opened at 84.37 on Friday. The stock has a 50 day moving average of $87.24 and a 200-day moving average of $82.55. The company has a market capitalization of $114.66 billion, a PE ratio of 29.19 and a beta of 1.02. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72.

Medtronic PLC (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.02. The company had revenue of $7.92 billion for the quarter, compared to analyst estimates of $7.86 billion. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.27 earnings per share. Analysts predict that Medtronic PLC will post $4.81 earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were issued a $0.46 dividend. This is an increase from Medtronic PLC’s previous quarterly dividend of $0.43. This represents a $1.84 annualized dividend and a dividend yield of 2.18%. The ex-dividend date was Wednesday, July 5th. Medtronic PLC’s dividend payout ratio is presently 63.67%.

In other news, EVP Bryan C. Hanson sold 12,000 shares of the stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $88.57, for a total value of $1,062,840.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard H. Anderson acquired 5,600 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The stock was purchased at an average cost of $88.90 per share, with a total value of $497,840.00. Following the completion of the acquisition, the director now directly owns 71,910 shares of the company’s stock, valued at approximately $6,392,799. The disclosure for this purchase can be found here. 0.25% of the stock is currently owned by corporate insiders.

Several large investors have recently bought and sold shares of MDT. BlackRock Inc. increased its stake in Medtronic PLC by 2,513.4% in the first quarter. BlackRock Inc. now owns 87,035,376 shares of the medical technology company’s stock valued at $7,011,571,000 after buying an additional 83,705,052 shares during the last quarter. Lazard Asset Management LLC increased its stake in Medtronic PLC by 1,061.4% in the first quarter. Lazard Asset Management LLC now owns 13,678,772 shares of the medical technology company’s stock valued at $1,101,960,000 after buying an additional 12,500,992 shares during the last quarter. Vanguard Group Inc. increased its stake in Medtronic PLC by 4.5% in the first quarter. Vanguard Group Inc. now owns 102,321,656 shares of the medical technology company’s stock valued at $8,243,034,000 after buying an additional 4,412,536 shares during the last quarter. Sanders Capital LLC increased its stake in Medtronic PLC by 43.7% in the second quarter. Sanders Capital LLC now owns 6,670,948 shares of the medical technology company’s stock valued at $651,800,000 after buying an additional 2,027,147 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in Medtronic PLC by 18.9% in the first quarter. Wells Fargo & Company MN now owns 11,932,572 shares of the medical technology company’s stock valued at $961,288,000 after buying an additional 1,895,386 shares during the last quarter. 83.36% of the stock is owned by institutional investors and hedge funds.

Medtronic PLC Company Profile

Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.

Analyst Recommendations for Medtronic PLC (NYSE:MDT)

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