Wall Street brokerages predict that Medtronic PLC (NYSE:MDT) will report $1.18 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Ten analysts have provided estimates for Medtronic’s earnings, with the lowest EPS estimate coming in at $1.18 and the highest estimate coming in at $1.19. Medtronic reported earnings per share of $1.17 in the same quarter last year, which would suggest a positive year over year growth rate of 0.9%. The business is scheduled to report its next quarterly earnings results on Tuesday, August 20th.
On average, analysts expect that Medtronic will report full year earnings of $5.46 per share for the current year, with EPS estimates ranging from $5.44 to $5.48. For the next year, analysts forecast that the firm will post earnings of $5.92 per share, with EPS estimates ranging from $5.89 to $5.97. Zacks’ earnings per share calculations are an average based on a survey of research analysts that that provide coverage for Medtronic.
Medtronic (NYSE:MDT) last posted its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.07. The company had revenue of $8.15 billion during the quarter, compared to analyst estimates of $8.12 billion. Medtronic had a net margin of 15.15% and a return on equity of 14.16%. The firm’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.42 earnings per share.
Several research firms recently weighed in on MDT. Wells Fargo & Co upgraded shares of Medtronic from a “market perform” rating to an “outperform” rating and increased their price target for the company from $100.00 to $110.00 in a research report on Tuesday, June 4th. Royal Bank of Canada reduced their price target on shares of Medtronic to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, May 28th. Needham & Company LLC restated a “buy” rating and set a $121.00 price target on shares of Medtronic in a research report on Monday, May 27th. Zacks Investment Research upgraded shares of Medtronic from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. Finally, Northland Securities reiterated a “hold” rating and set a $84.00 target price on shares of Medtronic in a research report on Monday, March 18th. Eight equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Medtronic has a consensus rating of “Buy” and a consensus price target of $103.95.
MDT opened at $97.56 on Friday. The stock has a market cap of $130.24 billion, a P/E ratio of 18.69, a P/E/G ratio of 2.50 and a beta of 0.68. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 2.15. Medtronic has a fifty-two week low of $81.66 and a fifty-two week high of $100.15.
In other news, EVP Geoffrey Martha sold 11,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $96.05, for a total value of $1,056,550.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Hoedt Rob Ten sold 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $91.88, for a total transaction of $826,920.00. Following the completion of the transaction, the executive vice president now owns 58,785 shares of the company’s stock, valued at $5,401,165.80. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc raised its stake in Medtronic by 1.1% in the third quarter. Vanguard Group Inc now owns 109,447,687 shares of the medical technology company’s stock valued at $10,766,369,000 after purchasing an additional 1,199,118 shares in the last quarter. BlackRock Inc. raised its stake in Medtronic by 7.9% in the first quarter. BlackRock Inc. now owns 106,778,084 shares of the medical technology company’s stock valued at $9,725,349,000 after purchasing an additional 7,856,946 shares in the last quarter. Lazard Asset Management LLC raised its stake in Medtronic by 21.6% in the first quarter. Lazard Asset Management LLC now owns 27,824,976 shares of the medical technology company’s stock valued at $2,534,296,000 after purchasing an additional 4,935,080 shares in the last quarter. Geode Capital Management LLC raised its stake in Medtronic by 5.0% in the first quarter. Geode Capital Management LLC now owns 17,528,513 shares of the medical technology company’s stock valued at $1,593,828,000 after purchasing an additional 838,306 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Medtronic by 1.3% in the fourth quarter. Bank of New York Mellon Corp now owns 17,225,948 shares of the medical technology company’s stock valued at $1,566,873,000 after purchasing an additional 213,593 shares in the last quarter. Institutional investors own 80.10% of the company’s stock.
Medtronic Company Profile
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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