Brokerages Anticipate Medtronic plc (NYSE:MDT) Will Announce Quarterly Sales of $7.78 Billion


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Equities research analysts expect Medtronic plc (NYSE:MDT) to post $7.78 billion in sales for the current fiscal quarter, Zacks reports. Ten analysts have issued estimates for Medtronic’s earnings, with the highest sales estimate coming in at $7.85 billion and the lowest estimate coming in at $7.71 billion. Medtronic reported sales of $7.72 billion during the same quarter last year, which indicates a positive year over year growth rate of 0.8%. The company is scheduled to report its next earnings results before the market opens on Tuesday, February 23rd.

On average, analysts expect that Medtronic will report full-year sales of $30.07 billion for the current year, with estimates ranging from $29.86 billion to $30.21 billion. For the next financial year, analysts forecast that the business will report sales of $32.58 billion, with estimates ranging from $31.96 billion to $33.63 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Medtronic.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 23rd. The medical technology company reported $1.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.14. The firm had revenue of $7.78 billion during the quarter, compared to analyst estimates of $7.77 billion. Medtronic had a net margin of 12.69% and a return on equity of 9.71%. The business’s revenue was up .8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.44 earnings per share.

A number of analysts have recently issued reports on MDT shares. The Goldman Sachs Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their target price for the company from $100.00 to $119.00 in a research note on Tuesday, December 15th. Morgan Stanley raised shares of Medtronic from an “equal weight” rating to an “overweight” rating and set a $140.00 price objective for the company in a research note on Tuesday, December 15th. SVB Leerink upped their price objective on shares of Medtronic from $110.00 to $123.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 25th. Smith Barney Citigroup upped their price objective on shares of Medtronic from $120.00 to $128.00 in a research note on Wednesday, November 25th. Finally, Credit Suisse Group upped their price objective on shares of Medtronic from $118.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Medtronic currently has an average rating of “Buy” and a consensus target price of $120.93.

Shares of MDT traded up $2.93 during trading hours on Thursday, reaching $118.68. 358,475 shares of the company traded hands, compared to its average volume of 4,571,249. The firm has a market cap of $159.75 billion, a price-to-earnings ratio of 44.18, a PEG ratio of 3.65 and a beta of 0.70. Medtronic has a 12-month low of $72.13 and a 12-month high of $120.53. The company has a current ratio of 2.16, a quick ratio of 1.79 and a debt-to-equity ratio of 0.52. The stock’s fifty day moving average price is $116.82 and its 200 day moving average price is $110.18.

In related news, EVP Robert John White sold 10,930 shares of the stock in a transaction that occurred on Friday, December 18th. The shares were sold at an average price of $115.46, for a total value of $1,261,977.80. Following the transaction, the executive vice president now owns 55,852 shares in the company, valued at approximately $6,448,671.92. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Carol A. Surface sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, December 28th. The stock was sold at an average price of $114.90, for a total value of $1,723,500.00. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in MDT. Diversified LLC purchased a new position in shares of Medtronic during the 4th quarter valued at approximately $25,000. Vantage Consulting Group Inc purchased a new position in Medtronic in the 4th quarter valued at $26,000. Concord Wealth Partners purchased a new position in Medtronic in the 4th quarter valued at $26,000. Safeguard Investment Advisory Group LLC purchased a new position in Medtronic in the 4th quarter valued at $26,000. Finally, Spectrum Management Group LLC lifted its holdings in Medtronic by 317.5% in the 3rd quarter. Spectrum Management Group LLC now owns 263 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 79.17% 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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Earnings History and Estimates for Medtronic (NYSE:MDT)

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