Ratings Don’t Lie: Needham Maintained Medtronic (NYSE:MDT) As “Buy”; Has Target Of $84

November 23, 2016 - By Marguerite Chambers

Ratings Don't Lie: Needham Maintained Medtronic (NYSE:MDT) As

Medtronic (NYSE:MDT) Rating

Research analysts at Needham have $84 target price on Medtronic (NYSE:MDT). Needham’s target price gives a potential upside of 14.47% from the company’s last price. The rating was shown in a research note on 23 November.

Medtronic PLC (NYSE:MDT) Ratings Coverage

Out of 17 analysts covering Medtronic (NYSE:MDT), 13 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 76% are positive. $102 is the highest target while $82 is the lowest. The $90.43 average target is 23.24% above today’s ($73.38) stock price. Medtronic has been the topic of 23 analyst reports since August 10, 2015 according to StockzIntelligence Inc. Jefferies maintained it with “Buy” rating and $100 target price in Friday, August 26 report. Goldman Sachs upgraded Medtronic PLC (NYSE:MDT) rating on Friday, November 13. Goldman Sachs has “Conviction Buy List” rating and $90 price target. The stock of Medtronic PLC (NYSE:MDT) has “Buy” rating given on Tuesday, August 23 by Citigroup. Guggenheim initiated the stock with “Neutral” rating in Thursday, June 9 report. The company was maintained on Monday, November 23 by Credit Suisse. The firm has “Buy” rating by SunTrust given on Monday, April 25. The stock has “Buy” rating given by SunTrust on Monday, June 13. Wedbush maintained Medtronic PLC (NYSE:MDT) on Wednesday, June 1 with “Neutral” rating. The company was reinitiated on Monday, August 10 by Credit Suisse. The firm has “Hold” rating by Jefferies given on Friday, September 4.

About 811 shares traded hands. Medtronic PLC (NYSE:MDT) has declined 6.27% since April 21, 2016 and is downtrending. It has underperformed by 11.60% the S&P500.

Insitutional Activity: The institutional sentiment decreased to 0.73 in Q2 2016. Its down 0.07, from 0.8 in 2016Q1. The ratio dropped, as 60 funds sold all Medtronic PLC shares owned while 508 reduced positions. 93 funds bought stakes while 361 increased positions. They now own 1.03 billion shares or 1.89% more from 1.01 billion shares in 2016Q1.

Nj State Employees Deferred Compensation Plan, a New Jersey-based fund reported 20,000 shares. Mairs And Power holds 2.99M shares or 3.51% of its portfolio. Headinvest Ltd Liability last reported 1.83% of its portfolio in the stock. Retirement Of Alabama last reported 0.53% of its portfolio in the stock. The Illinois-based Ativo Cap Ltd Company has invested 0.82% in Medtronic PLC (NYSE:MDT). Ig Invest holds 0.58% of its portfolio in Medtronic PLC (NYSE:MDT) for 1.70 million shares. Ancora Ltd Liability Corporation last reported 32,212 shares in the company. The Illinois-based Nuveen Asset Management Limited Liability Co has invested 0.33% in Medtronic PLC (NYSE:MDT). Oakworth Cap has invested 0.1% of its portfolio in Medtronic PLC (NYSE:MDT). Private Wealth Advsr accumulated 1.34% or 31,495 shares. Front Barnett Assocs Ltd Liability Com has 108,199 shares for 1.9% of their US portfolio. Manning And Napier Advisors Ltd Liability Com reported 7.06M shares or 3.71% of all its holdings. Moreover, Alpine Woods has 0.8% invested in Medtronic PLC (NYSE:MDT) for 155,000 shares. Connor Clark And Lunn Invest Ltd accumulated 0.05% or 83,763 shares. California State Teachers Retirement System has invested 0.57% of its portfolio in Medtronic PLC (NYSE:MDT).

Medtronic Public Limited Company is a medical technology and services company. The company has a market cap of $112.56 billion. The Firm develops, makes and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. It has a 28.6 P/E ratio. The Firm operates in four divisions: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.

According to Zacks Investment Research, “Medtronic is the world’s leading medical technology company, pioneering device-based therapies that restore health, extend life and alleviate pain. Primary products include those for bradycardia pacing, tachyarrhythmia management, atrial fibrillation management, among others. Medtronic operates its business in one reportable segment, that of manufacturing and selling device-based medical therapies. The company does business in more than 120 countries. The company’s product lines include cardiac rhythm management, neurological and spinal, vascular and cardiac surgery.”

MDT Company Profile

Medtronic Public Limited Company (Medtronic), incorporated on June 12, 2014, is a medical technology, services and solutions company. The Firm operates in four divisions: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group and Diabetes Group. The Cardiac and Vascular Group segment includes cardiac rhythm and heart failure, coronary and structural heart, and aortic and peripheral vascular. The Company’s Minimally Invasive Therapies Group segment includes surgical solutions, and patient monitoring and recovery. The Company’s Restorative Therapies Group segment includes spine, neuromodulation, surgical technologies and neurovascular. The Company’s Diabetes Group segment includes intensive insulin management, non-intensive diabetes therapies, and diabetes services and solutions. The Company’s subsidiaries include Medtronic, Inc. and HeartWare International, Inc.

More recent Medtronic PLC (NYSE:MDT) news were published by: Fool.com which released: “Here’s Why Medtronic PLC Tumbled As Much As 11% on Tuesday” on November 22, 2016. Also Investorplace.com published the news titled: “Why Medtronic PLC (MDT), Dycom Industries, Inc. (DY) and Palo Alto Networks …” on November 22, 2016. Investorplace.com‘s news article titled: “Medtronic PLC (MDT) Stock Oozes Long-Term Strength” with publication date: November 02, 2016 was also an interesting one.

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