Medtronic’s “Neutral” Rating Reaffirmed at Zacks (MDT)
Medtronic (NYSE:MDT)‘s stock had its “neutral” rating restated by Zacks in a report released on Thursday. They currently have a $64.00 price target on the stock. Zacks‘s target price would indicate a potential upside of 5.28% from the company’s current price.
Zacks’ analyst wrote, “Medtronic reported fourth-quarter fiscal 2014 adjusted EPS of $1.12, up 2% year over year, but in line with the Zacks Consensus Estimate. Revenues came in at $4.566 billion, up 3% at CER, marginally missing the Zacks Consensus Estimate of $4.575 billion. The company’s core pacing and ICD segments posted disappointing sales for another quarter. Moreover, spine revenues continue to maintain a sluggish trend. However, U.S. launch of CoreValve will be a significant contributor in fiscal 2015. Besides, a focus on portfolio expansion with the objective to boost revenues from emerging markets is encouraging. We are also looking forward to the company’s recent attempt to rebuild itself 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.”
Shares of Medtronic (NYSE:MDT) traded down 0.62% on Thursday, hitting $60.79. The stock had a trading volume of 3,518,580 shares. Medtronic has a one year low of $51.06 and a one year high of $64.33. The stock’s 50-day moving average is $60.17 and its 200-day moving average is $58.75. The company has a market cap of $60.729 billion and a price-to-earnings ratio of 20.25.
Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, May 20th. The company reported $1.12 earnings per share for the quarter, meeting the analysts’ consensus estimate of $1.12. The company had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.58 billion. During the same quarter last year, the company posted $1.10 earnings per share. Medtronic’s revenue was up 2.4% compared to the same quarter last year. Analysts expect that Medtronic will post $4.05 EPS for the current fiscal year.
MDT has been the subject of a number of other recent research reports. Analysts at BMO Capital Markets cut their price target on shares of Medtronic from $68.00 to $67.00 in a research note on Thursday, May 22nd. Separately, analysts at Deutsche Bank raised their price target on shares of Medtronic from $68.00 to $70.00 in a research note on Wednesday, May 21st. They now have a “buy” rating on the stock. Finally, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Medtronic in a research note on Wednesday, May 21st. They now have a $69.00 price target on the stock, down previously from $71.00. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Medtronic has an average rating of “Buy” and a consensus target price of $64.25.
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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