Medtronic PLC (NYSE:MDT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday, September 6th.
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.”
Several other analysts have also issued reports on MDT. UBS AG restated a “buy” rating and set a $95.00 price target (up from $94.00) on shares of Medtronic PLC in a research report on Tuesday, May 30th. BidaskClub upgraded shares of Medtronic PLC from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Oppenheimer Holdings, Inc. restated a “buy” rating and set a $92.00 price target on shares of Medtronic PLC in a research report on Tuesday, August 22nd. CIBC restated a “buy” rating on shares of Medtronic PLC in a research report on Friday, May 26th. Finally, Deutsche Bank AG set a $96.00 target price on shares of Medtronic PLC and gave the stock a “buy” rating in a report on Monday, July 31st. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Medtronic PLC presently has an average rating of “Hold” and a consensus target price of $88.78.
Shares of Medtronic PLC (NYSE:MDT) opened at 79.70 on Wednesday. The firm has a market capitalization of $107.96 billion, a price-to-earnings ratio of 26.83 and a beta of 1.03. Medtronic PLC has a one year low of $69.35 and a one year high of $89.72. The stock’s 50 day moving average price is $82.04 and its 200 day moving average price is $83.67.
Medtronic PLC (NYSE:MDT) last released its 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 business had revenue of $7.39 billion for the quarter, compared to analysts’ expectations of $7.44 billion. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The firm’s revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.03 earnings per share. Analysts expect that Medtronic PLC will post $4.77 EPS for the current fiscal year.
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In related news, EVP Bryan C. Hanson sold 12,000 shares of Medtronic PLC stock in a transaction on Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Omar Ishrak sold 140,407 shares of Medtronic PLC stock in a transaction on Friday, September 15th. The shares were sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the transaction, the chief executive officer now owns 668,503 shares in the company, valued at approximately $54,569,899.89. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in MDT. BlackRock Inc. increased its holdings in Medtronic PLC by 2,513.4% in the 1st quarter. BlackRock Inc. now owns 87,035,376 shares of the medical technology company’s stock valued at $7,011,571,000 after acquiring an additional 83,705,052 shares during the last quarter. Lazard Asset Management LLC increased its holdings in Medtronic PLC by 1,061.4% in the 1st quarter. Lazard Asset Management LLC now owns 13,678,772 shares of the medical technology company’s stock valued at $1,101,960,000 after acquiring an additional 12,500,992 shares during the last quarter. Vanguard Group Inc. increased its holdings in Medtronic PLC by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 102,321,656 shares of the medical technology company’s stock valued at $8,243,034,000 after acquiring an additional 4,412,536 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Medtronic PLC by 135.5% in the 2nd quarter. Alliancebernstein L.P. now owns 6,070,160 shares of the medical technology company’s stock valued at $538,727,000 after acquiring an additional 3,493,058 shares during the last quarter. Finally, Sanders Capital LLC increased its holdings in Medtronic PLC by 43.7% in the 2nd quarter. Sanders Capital LLC now owns 6,670,948 shares of the medical technology company’s stock valued at $651,800,000 after acquiring an additional 2,027,147 shares during the last quarter. Institutional investors own 80.62% 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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