This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

While Markets Waffle, Medtronic Hits New Highs

NEW YORK ( TheStreet) -- No stock keeps hitting new 52-week highs without taking a bit of a pause. The past several weeks haven't seen many new 52-week highs, but the company I'm spotlighting has had more than one.

In the past I've referred to Medtronic (MDT - Get Report) as the "Rodney Dangerfield" of medical products companies. For a long period its stock and the value of the company couldn't get any respect.

That moniker has changed lately, but this is a company that knows how to be patient about its reputation and its business results. Founded in 1949, Medtronic has grown to become the world's largest independent medical technology company.

It's self-stated "mission" is to "...alleviate pain, restore health and extend life," and that's a mission to which everyone can relate. In fact its mission hasn't changed since its co-founder, Earl Bakken, wrote it in 1960: "To contribute to human welfare by application of biomedical engineering in the research, design, manufacture, and sale of instruments or appliances that alleviate pain, restore health and extend life."

MDT claims that more than seven million lives are enhanced every year by a Medtronic product or therapy, or one every four seconds. The Minneapolis company operates in more than 120 countries, employs 45,000 people (including 9,000 scientists) and has pursued research and innovation that's led to more than 23,000 patents.

It's difficult to put a value on those 23,000 patents, but MDT's market cap of around $53 billion probably isn't high enough. That's part of the reason why, on June 14, shares reached a 52-week high of $53.30. Then, on Monday, they hit another high of $53.80. Wednesday's closing price was $52.05.

The medical technology and medical device sector has been doing well during 2013 so a "time-out" resulting from the Federal Reserve's Open Market Committee statements and interpretations wasn't unexpected. Yet, this pull-back has little to do with MDT's future or its latest news.

The scale and scope of MDT's products and technologies are as impressive as its eye-pleasing Web site. You owe it to yourself to browse through the Web site, especially its investor relations section.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
MDT $75.92 0.42%
AAPL $128.76 -0.15%
FB $78.84 -0.19%
GOOG $542.44 0.84%
TSLA $229.93 1.70%

Markets

DOW 18,085.98 +61.92 0.34%
S&P 500 2,116.99 +8.70 0.41%
NASDAQ 5,029.7930 +24.4020 0.49%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs