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

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

Several other research analysts have also issued reports on MDT. TD Cowen reaffirmed a “buy” rating and set a $119.00 target price on shares of Medtronic in a research report on Thursday, June 4th. Jefferies Financial Group reiterated a “hold” rating and issued a $88.00 target price on shares of Medtronic in a research note on Thursday, June 4th. Citigroup lowered their target price on shares of Medtronic from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, April 7th. Wells Fargo & Company lowered their target price on shares of Medtronic from $114.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, June 4th. Finally, UBS Group reduced their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, June 4th. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $99.00.

Medtronic Stock Up 1.2%

Shares of NYSE MDT opened at $81.36 on Wednesday. The company has a current ratio of 2.54, a quick ratio of 1.87 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $104.45 billion, a PE ratio of 21.81, a price-to-earnings-growth ratio of 2.16 and a beta of 0.58. The stock’s fifty day simple moving average is $80.62 and its two-hundred day simple moving average is $90.95. Medtronic has a 12-month low of $73.31 and a 12-month high of $106.33.

Medtronic (NYSE:MDT) last announced its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating 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% on a year-over-year basis. During the same quarter last year, the firm earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, analysts expect that Medtronic will post 5.94 EPS for the current fiscal year.

Insider Buying and Selling at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the completion of the transaction, the executive vice president owned 37,227 shares in the company, valued at $2,994,539.88. The trade was a 10.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Medtronic

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank acquired a new stake in Medtronic in the 4th quarter worth about $1,653,485,000. WCM Investment Management LLC acquired a new stake in Medtronic in the 1st quarter worth about $965,922,000. Capital Research Global Investors boosted its holdings in Medtronic by 12.6% in the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock worth $3,321,101,000 after buying an additional 3,880,174 shares during the last quarter. Barclays PLC boosted its holdings in Medtronic by 104.6% in the 3rd quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company’s stock worth $650,604,000 after buying an additional 3,492,192 shares during the last quarter. Finally, Schroder Investment Management Group boosted its holdings in Medtronic by 78.3% in the 3rd quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company’s stock worth $717,143,000 after buying an additional 3,307,211 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Company Profile

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).