Zacks Investment Research Lowers Medtronic PLC (MDT) to Sell
Medtronic PLC (NYSE:MDT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday.
According to Zacks, “Medtronic exited the fiscal first quarter on a mixed note. Although earnings exceeded the Zacks Consensus Estimate, revenues lagged the same. Over the last three months, Medtronic has been observed to underperform the broader industry. Moreover, escalating costs and expenses are weighing on margins. Also, unfavorable foreign exchange continues to remain a drag. On a positive note, 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. 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.”
Other equities research analysts have also recently issued research reports about the company. CIBC restated a “buy” rating on shares of Medtronic PLC in a report on Friday, May 26th. Needham & Company LLC restated a “buy” rating and issued a $95.00 price target (up previously from $91.00) on shares of Medtronic PLC in a report on Thursday, May 25th. Oppenheimer Holdings, Inc. restated a “buy” rating and issued a $93.00 price target (up previously from $87.00) on shares of Medtronic PLC in a report on Thursday, May 25th. UBS AG restated a “buy” rating and issued a $95.00 price target (up previously from $94.00) on shares of Medtronic PLC in a report on Tuesday, May 30th. Finally, BidaskClub cut Medtronic PLC from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $88.93.
Medtronic PLC (MDT) traded up 0.461% on Friday, reaching $79.605. The company had a trading volume of 971,066 shares. The stock has a market capitalization of $108.41 billion, a P/E ratio of 26.794 and a beta of 1.02. Medtronic PLC has a 1-year low of $69.35 and a 1-year high of $89.72. The stock’s 50 day moving average is $84.71 and its 200-day moving average is $83.36.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates 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 company’s revenue was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 EPS. On average, equities analysts predict that Medtronic PLC will post $4.77 EPS for the current fiscal year.
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In other news, EVP Bryan C. Hanson sold 12,000 shares of the company’s stock in a transaction on Monday, July 17th. The stock was sold at an average price of $88.57, for a total transaction of $1,062,840.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard H. Anderson acquired 5,600 shares of the company’s stock in a transaction dated Wednesday, June 21st. The shares were purchased at an average price of $88.90 per share, with a total value of $497,840.00. Following the completion of the acquisition, the director now owns 71,910 shares in the company, valued at $6,392,799. The disclosure for this purchase can be found here. Corporate insiders own 0.25% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. City Holding Co. increased its stake in Medtronic PLC by 22.8% in the first quarter. City Holding Co. now owns 17,572 shares of the medical technology company’s stock worth $1,416,000 after buying an additional 3,265 shares during the last quarter. Oakbrook Investments LLC increased its stake in Medtronic PLC by 6.4% in the first quarter. Oakbrook Investments LLC now owns 411,194 shares of the medical technology company’s stock worth $33,126,000 after buying an additional 24,896 shares during the last quarter. Butensky & Cohen Financial Security Inc. increased its stake in Medtronic PLC by 3.2% in the first quarter. Butensky & Cohen Financial Security Inc. now owns 19,039 shares of the medical technology company’s stock worth $1,534,000 after buying an additional 595 shares during the last quarter. Round Table Services LLC purchased a new stake in Medtronic PLC during the first quarter worth approximately $356,000. Finally, Bollard Group LLC increased 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. Institutional investors and hedge funds own 83.54% 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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