Needham & Company LLC reissued their buy rating on shares of Medtronic (NYSE:MDT) in a report published on Thursday, November 9th. Needham & Company LLC currently has a $94.00 price objective on the medical technology company’s stock.
“On 11/8/17, MDT preannounced F2Q18 revenue of $7.050B (up 3% organic Y/Y) vs. consensus of $6.897M. The impact from Hurricane Maria was revised down to ~$60M from ~$250M, which equates to ~1% in quarterly revenue growth and ~$0.03 in non-GAAP EPS. MDT did not update its FY18 revenue or EPS guidance in the press release but did reaffirm F2Q18 non-GAAP EPS growth of flat to slightly up, excluding the ~$0.03 headwind. MDT is scheduled to report full F2Q18 results on 11/21/17 and we intend to wait until then to update our model.”,” Needham & Company LLC’s analyst commented.
A number of other research firms have also recently issued reports on MDT. BidaskClub cut Medtronic from a hold rating to a sell rating in a research report on Saturday, August 26th. Zacks Investment Research cut Medtronic from a hold rating to a sell rating in a report on Tuesday, September 12th. Royal Bank Of Canada reduced their price target on Medtronic from $90.00 to $85.00 and set an outperform rating on the stock in a report on Monday, October 9th. SunTrust Banks restated a buy rating and set a $96.00 price target on shares of Medtronic in a report on Friday, November 3rd. Finally, Jefferies Group reissued a buy rating and issued a $103.00 price target on shares of Medtronic in a research note on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $88.02.
Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 21st. The medical technology company reported $1.07 EPS for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.08. Medtronic had a return on equity of 12.63% and a net margin of 16.93%. The company had revenue of $7.05 billion for the quarter, compared to analysts’ expectations of $7.05 billion. During the same quarter last year, the business earned $1.12 earnings per share. Medtronic’s revenue was down 4.0% on a year-over-year basis. sell-side analysts expect that Medtronic will post 4.77 EPS for the current year.
In other Medtronic news, EVP Bryan C. Hanson sold 16,000 shares of the stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $78.03, for a total value of $1,248,480.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Omar Ishrak sold 140,407 shares of the stock in a transaction that occurred on Friday, September 15th. The stock was 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 owns 668,503 shares of the company’s stock, valued at approximately $54,569,899.89. The disclosure for this sale can be found here. Insiders have sold a total of 172,407 shares of company stock worth $13,974,223 over the last quarter. Corporate insiders own 0.31% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cutter & CO Brokerage Inc. increased its holdings in shares of Medtronic by 9.6% in the 1st quarter. Cutter & CO Brokerage Inc. now owns 41,270 shares of the medical technology company’s stock worth $3,325,000 after purchasing an additional 3,625 shares in the last quarter. BP PLC grew its holdings in shares of Medtronic by 69.6% in the first quarter. BP PLC now owns 173,000 shares of the medical technology company’s stock worth $13,937,000 after acquiring an additional 71,000 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Medtronic by 9.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 141,467 shares of the medical technology company’s stock worth $11,397,000 after acquiring an additional 12,462 shares during the period. Marietta Wealth Management LLC bought a new stake in shares of Medtronic in the first quarter worth $969,000. Finally, South State Corp grew its holdings in shares of Medtronic by 8.3% in the first quarter. South State Corp now owns 13,083 shares of the medical technology company’s stock worth $1,054,000 after acquiring an additional 1,007 shares during the period. Institutional investors own 81.78% of the company’s stock.
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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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