Zacks Reiterates Neutral Rating for Medtronic (MDT)
Medtronic (NYSE:MDT)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Thursday, Analyst RN reports. They currently have a $59.00 price target on the stock. Zacks‘ price target points to a potential upside of 4.98% from the company’s current price.
Zacks‘ analyst wrote, “Medtronic reported third-quarter fiscal 2014 adjusted EPS of $0.91, down 2% year over year and in-line with the Zacks Consensus Estimate. Revenues came in at $4.163 billion, up 4% at CER, closely beating the Zacks Consensus Estimate of $4.155 billion. After a several quarters of improvement, the company’s core ICD and pacing segments posted disappointing sales. Spine revenues continue to maintain sluggish trend. However, strong CoreValve transcatheter aortic heart valve sales in the international market were encouraging. Besides, focus on portfolio expansion with objective to boost revenues from emerging markets is encouraging. We are also looking forward to the company’s recent attempt to rebuild it as a health care service provider. However, looming headwinds such as currency headwinds, soft economic condition and tough competition keep us on the sidelines. Currently we are Neutral on the stock.”
A number of other firms have also recently commented on MDT. Analysts at RBC Capital reiterated a “sector perform” rating on shares of Medtronic in a research note on Wednesday. They now have a $56.00 price target on the stock. Separately, analysts at Barclays cut their price target on shares of Medtronic from $64.00 to $62.00 in a research note on Wednesday. Finally, analysts at Barclays raised their price target on shares of Medtronic from $62.00 to $64.00 in a research note on Thursday, January 9th. They now have an “equal weight” rating on the stock. Eight research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $60.89.
Medtronic (NYSE:MDT) traded up 1.13% during mid-day trading on Thursday, hitting $56.835. The stock had a trading volume of 1,739,240 shares. Medtronic has a 52-week low of $43.51 and a 52-week high of $60.93. The stock’s 50-day moving average is $57.5 and its 200-day moving average is $56.00. The company has a market cap of $56.741 billion and a P/E ratio of 15.02.
Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 18th. The company reported $0.91 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.91. The company had revenue of $4.20 billion for the quarter, compared to the consensus estimate of $4.15 billion. Analysts expect that Medtronic will post $3.82 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, April 25th. Shareholders of record on Friday, April 4th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.99%. The ex-dividend date is Wednesday, April 2nd.
Medtronic, Inc (NYSE:MDT) is engaged in medical technology – alleviating pain, restoring health, and extending life for millions of people worldwide.
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