Why Medtronic (MDT) Stock Is Down Today

NEW YORK (TheStreet) -- Shares of Medtronic Inc. (MDT) were down -1.57% to $59.39 in heavy volume trading this afternoon.

The medical technology company agreed to pay over $1 billion to Edwards Lifesciences Corp. (EW) to settle patent litigation and keep its CoreValve artificial heart valve on the U.S. market, according to Reuters.

The U.S. market for the procedure is expected surpass $500 million in 2014 and double in size by 2018, according to Jefferies (JEF) analysts.

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Edwards was first to market with its Sapien technology in 2011 in the U.S., while Medtronic received U.S. regulatory approval for CoreValve in January, Reuters said.

Edwards Lifesciences shares were down -1.56% to $85.13 in heavy volume trading. 

TheStreet Ratings team rates MEDTRONIC INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate MEDTRONIC INC (MDT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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