Medtronic PLC (MDT) Rating Lowered to Buy at BidaskClub

Medtronic PLC (NYSE:MDT) was downgraded by research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued on Monday, July 24th.

Other analysts have also issued reports about the company. UBS AG reaffirmed a “buy” rating and issued a $95.00 price objective (up from $94.00) on shares of Medtronic PLC in a research note on Tuesday, May 30th. CIBC reaffirmed a “buy” rating on shares of Medtronic PLC in a research note on Friday, May 26th. Cowen and Company reiterated an “outperform” rating and issued a $95.00 target price (up from $86.00) on shares of Medtronic PLC in a research report on Sunday, May 28th. Barclays PLC reiterated an “overweight” rating and issued a $94.00 target price (up from $92.00) on shares of Medtronic PLC in a research report on Sunday, May 28th. Finally, BMO Capital Markets increased their target price on Medtronic PLC from $87.00 to $94.00 and gave the company an “outperform” rating in a research report on Tuesday, May 30th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have issued a buy rating to the company’s stock. Medtronic PLC has a consensus rating of “Hold” and an average price target of $89.84.

Medtronic PLC (NYSE MDT) traded up 0.81% during trading on Monday, hitting $83.71. 4,302,167 shares of the stock traded hands. The firm’s 50-day moving average is $86.18 and its 200 day moving average is $82.87. The stock has a market cap of $113.76 billion, a P/E ratio of 28.97 and a beta of 1.02. 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 earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.02. The company had revenue of $7.92 billion for the quarter, compared to analyst estimates of $7.86 billion. Medtronic PLC had a return on equity of 12.72% and a net margin of 13.56%. Medtronic PLC’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.27 EPS. Equities research analysts forecast that Medtronic PLC will post $4.81 earnings per share for the current fiscal year.

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In other news, Director Richard H. Anderson bought 5,600 shares of the stock in a transaction on Wednesday, June 21st. The shares were purchased 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 approximately $6,392,799. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Bryan C. Hanson sold 12,000 shares of the business’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $88.57, for a total value of $1,062,840.00. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Several hedge funds have recently modified their holdings of MDT. Jackson Grant Investment Advisers Inc. raised its stake in shares of Medtronic PLC by 0.3% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 2,920 shares of the medical technology company’s stock valued at $235,000 after buying an additional 9 shares during the last quarter. Hudock Capital Group LLC raised its stake in Medtronic PLC by 0.5% in the second quarter. Hudock Capital Group LLC now owns 2,195 shares of the medical technology company’s stock worth $194,000 after buying an additional 11 shares during the last quarter. Delta Asset Management LLC TN raised its stake in Medtronic PLC by 0.4% in the first quarter. Delta Asset Management LLC TN now owns 3,713 shares of the medical technology company’s stock worth $299,000 after buying an additional 13 shares during the last quarter. Bollard Group LLC raised its stake in Medtronic PLC by 0.4% in the first quarter. Bollard Group LLC now owns 3,637 shares of the medical technology company’s stock worth $293,000 after buying an additional 14 shares during the last quarter. Finally, Triangle Securities Wealth Management raised its stake in Medtronic PLC by 0.3% in the second quarter. Triangle Securities Wealth Management now owns 4,396 shares of the medical technology company’s stock worth $390,000 after buying an additional 15 shares during the last quarter. Hedge funds and other institutional investors own 83.36% 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.

Analyst Recommendations for Medtronic PLC (NYSE:MDT)

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