Medtronic PLC (MDT) Downgraded by Zacks Investment Research
Medtronic PLC (NYSE:MDT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “In the past 6 months, Medtronic had outperformed the broader industry trend with respect to price performance. The trend, however disrupted in the mid of November when it released mixed second quarter fiscal 2017 results. While earnings edged past the Zacks Consensus Estimate, revenues failed to meet the mark. Escalating costs and expenses weighed on margins. The lowered fiscal 2017 guidance is more disappointing, indicating fade chance of recovery down the line. On a positive note, all major business classes contributed to solid top-line growth at CER, which highlighted sustainability across groups and regions, in addition to displaying successful integration and achievement of synergy targets. Medtronic is expected to get a boost with several recent FDA approvals and favorable data published. Also, we are currently, looking forward to its mega $1.1 billion buyout of Heartware that should boost Cardiac Rhythm & Heart Failure business.”
A number of other equities research analysts have also recently commented on MDT. Citigroup Inc. started coverage on shares of Medtronic PLC in a research note on Tuesday, August 23rd. They set a “buy” rating and a $102.00 price objective on the stock. Cowen and Company set a $94.00 price objective on shares of Medtronic PLC and gave the stock a “buy” rating in a research note on Tuesday, August 23rd. Jefferies Group reaffirmed a “buy” rating and set a $93.00 price objective on shares of Medtronic PLC in a research note on Thursday, August 25th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $92.00 price objective on shares of Medtronic PLC in a research note on Thursday, August 25th. Finally, Needham & Company LLC raised their price objective on shares of Medtronic PLC from $93.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, August 25th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $88.19.
Medtronic PLC (NYSE:MDT) traded down 0.5079% during trading on Tuesday, hitting $73.6142. 3,678,120 shares of the stock traded hands. The stock has a 50 day moving average price of $81.50 and a 200-day moving average price of $84.68. Medtronic PLC has a 52-week low of $71.03 and a 52-week high of $89.27. The stock has a market cap of $101.59 billion, a P/E ratio of 24.5136 and a beta of 1.01.
Medtronic PLC (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 22nd. The medical technology company reported $1.12 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.01. Medtronic PLC had a net margin of 14.63% and a return on equity of 12.36%. 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 prior year, the company earned $1.03 EPS. Medtronic PLC’s quarterly revenue was up 4.1% on a year-over-year basis. On average, analysts anticipate that Medtronic PLC will post $4.63 EPS for the current fiscal year.
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In related news, CEO Omar Ishrak sold 61,925 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 565,916 shares in the company, valued at $48,063,245.88. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director James T. Lenehan bought 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 23rd. The shares were acquired at an average price of $73.27 per share, with a total value of $146,540.00. The disclosure for this purchase can be found here. Insiders own 0.25% of the company’s stock.
A number of large investors have recently bought and sold shares of the company. Krilogy Financial LLC boosted its stake in Medtronic PLC by 35.2% in the second quarter. Krilogy Financial LLC now owns 1,163 shares of the medical technology company’s stock valued at $101,000 after buying an additional 303 shares during the last quarter. Motco boosted its stake in Medtronic PLC by 70.9% in the third quarter. Motco now owns 1,350 shares of the medical technology company’s stock valued at $117,000 after buying an additional 560 shares during the last quarter. TLP Group LLC acquired a new stake in Medtronic PLC during the third quarter valued at $124,000. Birch Hill Investment Advisors LLC acquired a new stake in Medtronic PLC during the third quarter valued at $128,000. Finally, Proficio Capital Partners LLC boosted its stake in 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 valued at $130,000 after buying an additional 8 shares during the last quarter. Hedge funds and other institutional investors own 80.95% 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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