Medtronic (NYSE:MDT – Get Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided EPS guidance of $5.53-$5.65 for the period, compared to the consensus EPS estimate of $5.82. The company issued revenue guidance of -.
MDT traded down $0.72 during trading on Thursday, hitting $88.53. The stock had a trading volume of 184,542 shares, compared to its average volume of 6,890,711. The company has a market capitalization of $118.77 billion, a PE ratio of 23.93, a PEG ratio of 2.27 and a beta of 0.74. Medtronic has a twelve month low of $86.95 and a twelve month high of $135.89. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.49 and a current ratio of 1.86. The stock has a 50 day simple moving average of $100.73 and a two-hundred day simple moving average of $104.38.
Medtronic (NYSE:MDT – Get Rating) last posted its quarterly earnings results on Thursday, May 26th. The medical technology company reported $1.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.04). The company had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $8.43 billion. Medtronic had a return on equity of 14.50% and a net margin of 15.90%. The company’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.50 EPS. On average, equities research analysts anticipate that Medtronic will post 5.56 EPS for the current year.
Several research analysts recently issued reports on MDT shares. Morgan Stanley reduced their target price on shares of Medtronic from $115.00 to $114.00 and set an equal weight rating for the company in a report on Tuesday, June 7th. Truist Financial reduced their target price on shares of Medtronic from $121.00 to $111.00 and set a hold rating for the company in a report on Friday, May 27th. Cowen raised their target price on shares of Medtronic to $125.00 in a report on Monday, May 23rd. Bank of America assumed coverage on shares of Medtronic in a report on Tuesday, March 1st. They issued a buy rating for the company. Finally, Sanford C. Bernstein reaffirmed a buy rating and issued a $122.00 price objective on shares of Medtronic in a report on Friday, May 20th. Ten research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Medtronic currently has a consensus rating of Moderate Buy and a consensus target price of $121.55.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its holdings in Medtronic by 1.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,801,196 shares of the medical technology company’s stock valued at $754,593,000 after purchasing an additional 128,661 shares during the last quarter. Eaton Vance Management boosted its holdings in Medtronic by 38.6% in the 1st quarter. Eaton Vance Management now owns 1,452,169 shares of the medical technology company’s stock valued at $161,117,000 after purchasing an additional 404,137 shares during the last quarter. First Trust Advisors LP boosted its holdings in Medtronic by 18.0% in the 1st quarter. First Trust Advisors LP now owns 809,075 shares of the medical technology company’s stock valued at $89,767,000 after purchasing an additional 123,642 shares during the last quarter. Royal London Asset Management Ltd. acquired a new position in Medtronic in the 1st quarter valued at about $54,471,000. Finally, Mariner LLC raised its stake in shares of Medtronic by 15.0% in the 1st quarter. Mariner LLC now owns 478,353 shares of the medical technology company’s stock valued at $53,073,000 after acquiring an additional 62,322 shares during the period. Hedge funds and other institutional investors own 80.23% of the company’s stock.
Medtronic Company Profile (Get Rating)
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.
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