Zacks Investment Research downgraded shares of Medtronic PLC (NYSE:MDT) from a hold rating to a sell rating in a report issued on Tuesday morning.
According to Zacks, “Over the last three months, Medtronic has been observed to underperform the broader industry. We note that, escalating costs and expenses are weighing on margins. Also, unfavorable foreign exchange continues to remain a drag. On a positive note, we observe that apart from displaying successful integration and achievement of synergy targets, Medtronic’s major business groups continue to contribute to top-line growth which highlighted sustainability across all segments and geographies. Recently, the company announced the receipt of regulatory approval from the Japanese MHLW for its IN.PACT Admiral Drug-Coated Balloon. The stabilizing trend in the global Cardiac Rhythm & Heart Failure (CRHF) market is another upside. We are also encouraged by the solid growth trend, continuing in the U.S. as well as the healthy global acceptance of its advanced therapies.”
Other research analysts have also recently issued research reports about the company. CIBC reiterated a buy rating on shares of Medtronic PLC in a research report on Friday, May 26th. Needham & Company LLC reiterated a buy rating and set a $95.00 price objective (up previously from $91.00) on shares of Medtronic PLC in a research report on Thursday, May 25th. Oppenheimer Holdings, Inc. reiterated a buy rating and set a $93.00 price objective (up previously from $87.00) on shares of Medtronic PLC in a research report on Thursday, May 25th. UBS AG reiterated a buy rating and set a $95.00 price objective (up previously from $94.00) on shares of Medtronic PLC in a research report on Tuesday, May 30th. Finally, BidaskClub cut Medtronic PLC from a strong-buy rating to a buy rating in a research report on Monday, July 24th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Medtronic PLC currently has an average rating of Hold and an average target price of $88.78.
Shares of Medtronic PLC (MDT) opened at 82.30 on Tuesday. Medtronic PLC has a 1-year low of $69.35 and a 1-year high of $89.72. The firm’s 50-day moving average is $82.56 and its 200-day moving average is $83.65. The firm has a market cap of $112.08 billion, a P/E ratio of 27.70 and a beta of 1.03.
Medtronic PLC (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.04. The firm had revenue of $7.39 billion for the quarter, compared to analysts’ expectations of $7.44 billion. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.03 EPS. On average, analysts anticipate that Medtronic PLC will post $4.77 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, September 29th will be paid a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 2.24%. The ex-dividend date is Thursday, September 28th. Medtronic PLC’s dividend payout ratio (DPR) is presently 61.95%.
In other Medtronic PLC news, EVP Bryan C. Hanson sold 12,000 shares of the stock in a transaction dated 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 is available through this link. Also, Director Richard H. Anderson bought 5,600 shares of the company’s stock in a transaction on Wednesday, June 21st. The stock was purchased at an average price of $88.90 per share, with a total value of $497,840.00. Following the completion of the transaction, 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. Company insiders own 0.31% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. WealthTrust Arizona LLC raised its position in Medtronic PLC by 9.7% in the second quarter. WealthTrust Arizona LLC now owns 4,994 shares of the medical technology company’s stock valued at $443,000 after purchasing an additional 441 shares during the last quarter. Lazard Asset Management LLC raised its position 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 purchasing an additional 12,500,992 shares during the last quarter. RMB Capital Management LLC bought a new position in Medtronic PLC in the first quarter valued at about $4,576,000. Geode Capital Management LLC raised its position in Medtronic PLC by 7.3% in the first quarter. Geode Capital Management LLC now owns 13,308,812 shares of the medical technology company’s stock valued at $1,070,622,000 after purchasing an additional 906,581 shares during the last quarter. Finally, Smith Salley & Associates raised its position in Medtronic PLC by 2.5% in the first quarter. Smith Salley & Associates now owns 5,853 shares of the medical technology company’s stock valued at $472,000 after purchasing an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 80.75% of the company’s stock.
About Medtronic PLC
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.
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