Needham & Company LLC reaffirmed their buy rating on shares of Medtronic PLC (NYSE:MDT) in a research report sent to investors on Thursday, November 9th. The firm currently has a $94.00 target price 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 wrote.
A number of other brokerages have also issued reports on MDT. BidaskClub lowered Medtronic PLC from a hold rating to a sell rating in a research note on Saturday, August 26th. Zacks Investment Research lowered Medtronic PLC from a hold rating to a sell rating in a research note on Tuesday, September 12th. Royal Bank Of Canada cut their price objective on Medtronic PLC from $90.00 to $85.00 and set an outperform rating for the company in a research report on Monday, October 9th. SunTrust Banks, Inc. reaffirmed a buy rating and issued a $96.00 price target on shares of Medtronic PLC in a report on Friday, November 3rd. Finally, Jefferies Group LLC reaffirmed a buy rating and issued a $103.00 price target on shares of Medtronic PLC in a report on Thursday, August 3rd. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the stock. Medtronic PLC has a consensus rating of Hold and an average price target of $87.79.
Medtronic PLC (MDT) traded up $3.76 during mid-day trading on Thursday, hitting $82.66. The company’s stock had a trading volume of 11,003,900 shares, compared to its average volume of 4,934,210. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.64 and a quick ratio of 1.40. The stock has a market cap of $106,877.23, a P/E ratio of 16.82, a price-to-earnings-growth ratio of 2.12 and a beta of 1.00. Medtronic PLC has a 1 year low of $69.35 and a 1 year high of $89.72.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.08. The business had revenue of $7.05 billion for the quarter, compared to analysts’ expectations of $7.05 billion. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The firm’s quarterly revenue was down 4.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.12 EPS. research analysts forecast that Medtronic PLC will post 4.69 earnings per share for the current year.
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In other news, CEO Omar Ishrak sold 140,407 shares of the firm’s stock in a transaction 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 owns 668,503 shares in the company, valued at approximately $54,569,899.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Bryan C. Hanson sold 16,000 shares of the firm’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $78.03, for a total transaction of $1,248,480.00. 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 three months. 0.31% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Cutter & CO Brokerage Inc. grew its holdings in Medtronic PLC by 9.6% in the first quarter. Cutter & CO Brokerage Inc. now owns 41,270 shares of the medical technology company’s stock valued at $3,325,000 after purchasing an additional 3,625 shares during the period. BP PLC grew its holdings in Medtronic PLC by 69.6% in the first quarter. BP PLC now owns 173,000 shares of the medical technology company’s stock valued at $13,937,000 after purchasing an additional 71,000 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in Medtronic PLC by 9.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 141,467 shares of the medical technology company’s stock valued at $11,397,000 after purchasing an additional 12,462 shares during the period. Marietta Wealth Management LLC purchased a new stake in Medtronic PLC in the first quarter valued at approximately $969,000. Finally, South State Corp grew its holdings in Medtronic PLC by 8.3% in the first quarter. South State Corp now owns 13,083 shares of the medical technology company’s stock valued at $1,054,000 after purchasing an additional 1,007 shares during the period. Hedge funds and other institutional investors own 81.14% of the company’s stock.
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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