Needham & Company LLC reaffirmed their buy rating on shares of Medtronic PLC (NYSE:MDT) in a research note released on Tuesday. Needham & Company LLC currently has a $84.00 price objective on the medical technology company’s stock, down from their prior price objective of $95.00.
“F2Q17 revenue missed and EPS beat consensus (due to a tax benefit) and MDT lowered its FY17 guidance. Organic selling-day adjusted revenue growth slowed to 2.2% CC vs. 5.3% CC in F1Q17 with new products adding ~195 bps, emerging markets adding ~120 bps, and services & solutions added ~20 bps. The revenue shortfall was mainly due to a lull in new product launches in certain businesses including Cardiac & Vascular and Diabetes. Operating margin was better than expected and up 150 bps Y/Y CC.”,” the firm’s analyst wrote.
A number of other research analysts also recently weighed in on the company. Vetr downgraded Medtronic PLC from a strong-buy rating to a buy rating and set a $91.28 target price on the stock. in a report on Monday. Zacks Investment Research upgraded Medtronic PLC from a hold rating to a buy rating and set a $97.00 target price on the stock in a report on Tuesday, August 9th. Jefferies Group reiterated a buy rating and set a $93.00 target price on shares of Medtronic PLC in a report on Thursday, August 25th. Cowen and Company set a $94.00 target price on Medtronic PLC and gave the stock a buy rating in a report on Tuesday, August 23rd. Finally, Citigroup Inc. began coverage on Medtronic PLC in a report on Tuesday, August 23rd. They set a buy rating and a $102.00 target price on the stock. Seven analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Medtronic PLC has an average rating of Buy and an average target price of $88.47.
Shares of Medtronic PLC (NYSE:MDT) opened at 75.78 on Tuesday. The company’s 50-day moving average price is $82.26 and its 200-day moving average price is $84.71. The company has a market capitalization of $104.72 billion, a price-to-earnings ratio of 29.49 and a beta of 1.01. Medtronic PLC has a one year low of $71.03 and a one year high of $89.27.
Medtronic PLC (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.01. Medtronic PLC had a return on equity of 12.30% and a net margin of 14.63%. The company had revenue of $7.35 billion for the quarter, compared to the consensus estimate of $7.46 billion. During the same quarter in the previous year, the business earned $1.03 EPS. Medtronic PLC’s revenue was up 4.1% compared to the same quarter last year. On average, equities research analysts predict that Medtronic PLC will post $4.63 earnings per share for the current year.
In other news, CEO Omar Ishrak sold 61,925 shares of the firm’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $84.93, for a total transaction of $5,259,290.25. Following the completion of the transaction, the chief executive officer now owns 565,916 shares in the company, valued at $48,063,245.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Richard Kuntz sold 25,199 shares of the firm’s stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $86.67, for a total value of $2,183,997.33. Following the transaction, the vice president now owns 149,425 shares of the company’s stock, valued at approximately $12,950,664.75. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Krilogy Financial LLC raised its position in shares of Medtronic PLC by 35.2% in the second quarter. Krilogy Financial LLC now owns 1,163 shares of the medical technology company’s stock worth $101,000 after buying an additional 303 shares during the last quarter. Motco raised its position in shares of Medtronic PLC by 70.9% in the third quarter. Motco now owns 1,350 shares of the medical technology company’s stock worth $117,000 after buying an additional 560 shares during the last quarter. TLP Group LLC purchased a new position in shares of Medtronic PLC during the third quarter worth $124,000. Birch Hill Investment Advisors LLC purchased a new position in shares of Medtronic PLC during the third quarter worth $128,000. Finally, Proficio Capital Partners LLC raised its position in shares of Medtronic PLC by 0.5% in the third quarter. Proficio Capital Partners LLC now owns 1,505 shares of the medical technology company’s stock worth $130,000 after buying an additional 8 shares during the last quarter. Hedge funds and other institutional investors own 81.25% of the company’s stock.
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