Medtronic PLC (MDT) Upgraded to Hold at Zacks Investment Research
Medtronic PLC (NYSE:MDT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “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 CE Mark for Attain Stability Quad MRI SureScan Active-Fixation heart lead. 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. However, 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.”
Other analysts have also issued research reports about the stock. UBS AG restated a “buy” rating and set a $95.00 price target (up previously from $94.00) on shares of Medtronic PLC in a research report on Tuesday, May 30th. Oppenheimer Holdings, Inc. reissued a “buy” rating and issued a $92.00 price target on shares of Medtronic PLC in a research note on Tuesday, August 22nd. Jefferies Group LLC reissued a “buy” rating and issued a $103.00 price target on shares of Medtronic PLC in a research note on Thursday, August 3rd. BMO Capital Markets raised their price target on shares of Medtronic PLC from $87.00 to $94.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 30th. Finally, CIBC reissued a “buy” rating on shares of Medtronic PLC in a research note on Friday, May 26th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $88.78.
Medtronic PLC (NYSE MDT) traded up 2.60% on Wednesday, hitting $82.03. The stock had a trading volume of 7,881,013 shares. The stock has a market capitalization of $111.72 billion, a price-to-earnings ratio of 27.61 and a beta of 1.03. The company has a 50-day moving average price of $82.66 and a 200-day moving average price of $83.60. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.04. The firm had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The business’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.03 earnings per share. Equities research analysts anticipate that Medtronic PLC will post $4.76 earnings per share for the current fiscal year.
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In related news, EVP Bryan C. Hanson sold 12,000 shares of the business’s stock in a transaction on Monday, July 17th. The stock was sold at an average price of $88.57, for a total value of $1,062,840.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Richard H. Anderson acquired 5,600 shares of the company’s stock in a transaction dated Wednesday, June 21st. The stock was acquired at an average cost of $88.90 per share, for a total transaction of $497,840.00. Following the completion of the purchase, the director now directly owns 71,910 shares in the company, valued at $6,392,799. The disclosure for this purchase can be found here. 0.31% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Parkside Financial Bank & Trust increased its holdings in Medtronic PLC by 22.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock worth $102,000 after purchasing an additional 210 shares in the last quarter. BDO Wealth Advisors LLC purchased a new position in shares of Medtronic PLC in the 2nd quarter worth approximately $103,000. Motco boosted its stake in shares of Medtronic PLC by 8.7% in the 2nd quarter. Motco now owns 1,239 shares of the medical technology company’s stock worth $110,000 after buying an additional 99 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Medtronic PLC by 21.5% in the 2nd quarter. Quadrant Capital Group LLC now owns 1,639 shares of the medical technology company’s stock worth $114,000 after buying an additional 290 shares during the last quarter. Finally, Israel Discount Bank of New York purchased a new position in shares of Medtronic PLC in the 1st quarter worth approximately $117,000. 80.52% of the stock is owned by institutional investors and hedge funds.
Medtronic PLC Company Profile
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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