Medtronic (NYSE:MDT) Issues FY 2023 Earnings Guidance

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.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Friday, June 24th will be issued a $0.68 dividend. The ex-dividend date of this dividend is Thursday, June 23rd. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.07%. This is a boost from Medtronic’s previous quarterly dividend of $0.63. Medtronic’s dividend payout ratio (DPR) is currently 67.56%.

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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