Medtronic PLC’s (MDT) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Medtronic PLC (NYSE:MDT) in a report released on Thursday. Needham & Company LLC currently has a $94.00 price objective on the medical technology company’s stock.

“On 11/8/17, MDT preannounced F2Q18 revenue of $7.050B (up 3% organic Y/Y) vs. consensus of $6.897M. The impact from Hurricane Maria was revised down to ~$60M from ~$250M, which equates to ~1% in quarterly revenue growth and ~$0.03 in non-GAAP EPS. MDT did not update its FY18 revenue or EPS guidance in the press release but did reaffirm F2Q18 non-GAAP EPS growth of flat to slightly up, excluding the ~$0.03 headwind. MDT is scheduled to report full F2Q18 results on 11/21/17 and we intend to wait until then to update our model.”,” Needham & Company LLC’s analyst wrote.

A number of other research analysts also recently weighed in on MDT. Wells Fargo & Company reissued an outperform rating on shares of Medtronic PLC in a research note on Wednesday, July 12th. Oppenheimer Holdings, Inc. reissued a buy rating on shares of Medtronic PLC in a research note on Tuesday, July 18th. BidaskClub downgraded Medtronic PLC from a strong-buy rating to a buy rating in a research note on Monday, July 24th. Deutsche Bank AG set a $96.00 price target on Medtronic PLC and gave the stock a buy rating in a research report on Monday, July 31st. Finally, Zacks Investment Research downgraded Medtronic PLC from a hold rating to a sell rating in a research report on Monday, July 31st. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $87.88.

Shares of Medtronic PLC (MDT) traded down $1.48 during mid-day trading on Thursday, hitting $79.33. The company had a trading volume of 6,416,300 shares, compared to its average volume of 5,468,077. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.64 and a quick ratio of 1.40. Medtronic PLC has a 1-year low of $69.35 and a 1-year high of $89.72. The company has a market cap of $107,459.70, a P/E ratio of 16.91, a price-to-earnings-growth ratio of 2.20 and a beta of 1.00.

Medtronic PLC (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.04. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The business had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.44 billion. During the same period last year, the business earned $1.03 EPS. The firm’s revenue was up 3.1% compared to the same quarter last year. sell-side analysts predict that Medtronic PLC will post 4.66 earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which was paid on Friday, October 20th. Investors of record on Friday, September 29th were paid a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 2.32%. The ex-dividend date was Thursday, September 28th. Medtronic PLC’s dividend payout ratio is 61.95%.

In related news, EVP Bryan C. Hanson sold 16,000 shares of the business’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $78.03, for a total value of $1,248,480.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Omar Ishrak sold 140,407 shares of the business’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $81.63, for a total value of $11,461,423.41. Following the completion of the sale, the chief executive officer now directly owns 668,503 shares in the company, valued at approximately $54,569,899.89. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the business. Captrust Financial Advisors acquired a new position in Medtronic PLC in the second quarter worth $384,000. Wesbanco Bank Inc. boosted its stake in Medtronic PLC by 3.1% in the second quarter. Wesbanco Bank Inc. now owns 10,170 shares of the medical technology company’s stock worth $903,000 after purchasing an additional 308 shares in the last quarter. Dupont Capital Management Corp boosted its stake in Medtronic PLC by 28.8% in the second quarter. Dupont Capital Management Corp now owns 74,052 shares of the medical technology company’s stock worth $6,572,000 after purchasing an additional 16,562 shares in the last quarter. Chilton Investment Co. LLC boosted its stake in Medtronic PLC by 6.1% in the second quarter. Chilton Investment Co. LLC now owns 26,842 shares of the medical technology company’s stock worth $2,382,000 after purchasing an additional 1,538 shares in the last quarter. Finally, RMB Capital Management LLC acquired a new position in Medtronic PLC in the first quarter worth $4,576,000. 80.91% of the stock is currently owned by institutional investors.

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.

Analyst Recommendations for Medtronic PLC (NYSE:MDT)

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