Medtronic PLC (MDT) Rating Reiterated by BMO Capital Markets
Medtronic PLC (NYSE:MDT)‘s stock had its “outperform” rating reaffirmed by investment analysts at BMO Capital Markets in a research note issued to investors on Tuesday. They presently have a $89.00 price objective on the medical technology company’s stock, down from their prior price objective of $92.00. BMO Capital Markets’ price objective suggests a potential upside of 14.00% from the stock’s previous close.
MDT has been the topic of several other reports. Jefferies Group LLC reiterated a “buy” rating and issued a $96.00 target price on shares of Medtronic PLC in a research note on Thursday, September 28th. William Blair reaffirmed an “outperform” rating on shares of Medtronic PLC in a report on Thursday, July 6th. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $96.00 target price on shares of Medtronic PLC in a report on Monday, October 2nd. Zacks Investment Research lowered shares of Medtronic PLC from a “hold” rating to a “sell” rating in a report on Friday, August 25th. Finally, BidaskClub lowered shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. Medtronic PLC currently has an average rating of “Hold” and an average target price of $87.88.
Medtronic PLC (NYSE:MDT) traded up 0.19% during trading on Tuesday, reaching $78.07. The company had a trading volume of 5,442,264 shares. Medtronic PLC has a one year low of $69.35 and a one year high of $89.72. The company has a market capitalization of $105.75 billion, a price-to-earnings ratio of 26.28 and a beta of 1.01. The company has a 50-day moving average price of $79.59 and a 200 day moving average price of $83.21.
Medtronic PLC (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.04. The company had revenue of $7.39 billion for the quarter, compared to analysts’ expectations of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. Medtronic PLC’s revenue was up 3.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.03 EPS. Analysts expect that Medtronic PLC will post $4.66 earnings per share for the current year.
Medtronic PLC declared that its Board of Directors has initiated a stock repurchase program on Friday, June 23rd that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the medical technology company to purchase up to 49% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
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In other news, CEO Omar Ishrak sold 140,407 shares of Medtronic PLC stock in a transaction that occurred 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 $54,569,899.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Bryan C. Hanson sold 12,000 shares of Medtronic PLC stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $88.57, for a total transaction of $1,062,840.00. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the company. Parkside Financial Bank & Trust grew its stake in shares of Medtronic PLC by 22.4% in the second quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock worth $102,000 after acquiring an additional 210 shares during the period. BDO Wealth Advisors LLC bought a new stake in shares of Medtronic PLC in the second quarter worth approximately $103,000. Motco grew its stake in shares of Medtronic PLC by 8.7% in the second quarter. Motco now owns 1,239 shares of the medical technology company’s stock worth $110,000 after acquiring an additional 99 shares during the period. Quadrant Capital Group LLC grew its stake in shares of Medtronic PLC by 21.5% in the second quarter. Quadrant Capital Group LLC now owns 1,639 shares of the medical technology company’s stock worth $114,000 after acquiring an additional 290 shares during the period. Finally, Israel Discount Bank of New York bought a new stake in shares of Medtronic PLC in the first quarter worth approximately $117,000. Hedge funds and other institutional investors own 80.63% of the company’s stock.
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.
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