NEW YORK (TheStreet) -- Shares of Medtronic Inc. (MDT) are down -1.28% to $63.85 on very heavy trading volume after it was reported that the medical device maker was the victim of a cyber attack and lost some patient records in separate incidents last year, according to a regulatory filed with the SEC today, Reuters reports.
"Medtronic, along with two other large medical device manufacturers, discovered an unauthorized intrusion to our systems that was believed to originate from hackers in Asia," the company's 10-K filing said.
The company said in the filing the hackers did not breach any databases that store patient information, but it disclosed a separate incident in which it lost an undisclosed number of records of patients from its diabetes business unit, which sells insulin pumps and related products, Reuters noted, adding that it was not know what type of information was contained in the patient records.
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 increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."