Medtronic PLC (MDT) Rating Lowered to Sell at BidaskClub
BidaskClub lowered shares of Medtronic PLC (NYSE:MDT) from a hold rating to a sell rating in a report published on Saturday morning.
Several other brokerages have also weighed in on MDT. William Blair restated an outperform rating on shares of Medtronic PLC in a report on Thursday, July 6th. Wells Fargo & Company restated an outperform rating on shares of Medtronic PLC in a report on Wednesday, July 12th. Oppenheimer Holdings, Inc. restated a buy rating on shares of Medtronic PLC in a report on Tuesday, July 18th. Needham & Company LLC restated a buy rating and issued a $95.00 price objective (up previously from $91.00) on shares of Medtronic PLC in a report on Thursday, May 25th. Finally, Cowen and Company restated an outperform rating and issued a $95.00 price objective (up previously from $86.00) on shares of Medtronic PLC in a report on Sunday, May 28th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the stock. Medtronic PLC presently has an average rating of Hold and a consensus price target of $89.84.
Medtronic PLC (NYSE MDT) opened at 84.37 on Friday. The stock has a 50 day moving average price of $87.24 and a 200-day moving average price of $82.55. The stock has a market cap of $114.66 billion, a PE ratio of 29.19 and a beta of 1.02. Medtronic PLC has a 12 month low of $69.35 and a 12 month high of $89.72.
Medtronic PLC (NYSE:MDT) last announced its quarterly earnings data on Thursday, May 25th. The medical technology company reported $1.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.31 by $0.02. The business had revenue of $7.92 billion during 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%. The company’s revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.27 earnings per share. On average, analysts expect that Medtronic PLC will post $4.81 EPS for the current year.
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The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Investors of record on Friday, July 7th were given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 2.18%. This is a positive change from Medtronic PLC’s previous quarterly dividend of $0.43. The ex-dividend date was Wednesday, July 5th. Medtronic PLC’s payout ratio is presently 63.67%.
In other Medtronic PLC news, EVP Bryan C. Hanson sold 12,000 shares of the business’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $88.57, for a total value of $1,062,840.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Richard H. Anderson bought 5,600 shares of the stock in a transaction on Wednesday, June 21st. The stock was purchased at an average price of $88.90 per share, for a total transaction of $497,840.00. Following the purchase, the director now directly owns 71,910 shares of the company’s stock, valued at $6,392,799. The disclosure for this purchase can be found here. 0.25% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of MDT. Parkside Financial Bank & Trust increased its position in shares of Medtronic PLC by 22.4% in the second quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock worth $102,000 after buying an additional 210 shares during the period. Israel Discount Bank of New York purchased a new position in shares of Medtronic PLC during the first quarter worth approximately $117,000. Birch Hill Investment Advisors LLC purchased a new position in shares of Medtronic PLC during the first quarter worth approximately $120,000. Farmers National Bank purchased a new position in shares of Medtronic PLC during the first quarter worth approximately $121,000. Finally, Norway Savings Bank increased its position in shares of Medtronic PLC by 2.7% in the second quarter. Norway Savings Bank now owns 1,427 shares of the medical technology company’s stock worth $127,000 after buying an additional 38 shares during the period. Hedge funds and other institutional investors own 83.36% of the company’s stock.
About Medtronic PLC
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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