Medtronic PLC (NYSE:MDT) Expected to Announce Earnings of $1.08 Per Share
Wall Street brokerages expect that Medtronic PLC (NYSE:MDT) will report earnings per share (EPS) of $1.08 for the current fiscal quarter, according to Zacks Investment Research. Ten analysts have provided estimates for Medtronic PLC’s earnings, with the lowest EPS estimate coming in at $1.07 and the highest estimate coming in at $1.11. Medtronic PLC posted earnings per share of $1.03 during the same quarter last year, which would indicate a positive year-over-year growth rate of 4.9%. The business is expected to announce its next earnings report before the market opens on Tuesday, August 22nd.
According to Zacks, analysts expect that Medtronic PLC will report full-year earnings of $4.94 per share for the current fiscal year, with EPS estimates ranging from $4.89 to $4.97. For the next year, analysts forecast that the firm will report earnings of $5.37 per share, with EPS estimates ranging from $5.23 to $5.65. Zacks’ earnings per share calculations are a mean average based on a survey of research analysts that follow Medtronic PLC.
Medtronic PLC (NYSE:MDT) last released its earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.02. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. The business had revenue of $7.92 billion during the quarter, compared to analysts’ expectations of $7.86 billion. During the same period last year, the business earned $1.27 earnings per share. The firm’s revenue was up 4.6% on a year-over-year basis.
A number of brokerages have issued reports on MDT. BidaskClub downgraded Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Saturday. Jefferies Group LLC restated a “buy” rating and issued a $103.00 price objective on shares of Medtronic PLC in a research note on Thursday, August 3rd. Zacks Investment Research downgraded Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Deutsche Bank AG set a $96.00 price objective on Medtronic PLC and gave the company a “buy” rating in a research note on Monday, July 31st. Finally, Oppenheimer Holdings, Inc. restated a “buy” rating on shares of Medtronic PLC in a research note on Tuesday, July 18th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $89.84.
Medtronic PLC (NYSE MDT) traded down 0.05% during trading on Tuesday, reaching $84.33. 323,476 shares of the company’s stock were exchanged. The firm’s 50-day moving average price is $87.24 and its 200-day moving average price is $82.55. The firm has a market cap of $114.61 billion, a price-to-earnings ratio of 29.18 and a beta of 1.02. Medtronic PLC has a 12 month low of $69.35 and a 12 month high of $89.72.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were issued a $0.46 dividend. The ex-dividend date of this dividend was Wednesday, July 5th. This represents a $1.84 annualized dividend and a dividend yield of 2.18%. This is a boost from Medtronic PLC’s previous quarterly dividend of $0.43. Medtronic PLC’s dividend payout ratio (DPR) is presently 63.67%.
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In other Medtronic PLC news, EVP Bryan C. Hanson sold 12,000 shares of the firm’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $88.57, for a total value of $1,062,840.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Richard H. Anderson purchased 5,600 shares of the stock in a transaction on Wednesday, June 21st. The stock was acquired at an average cost of $88.90 per share, for a total transaction of $497,840.00. Following the acquisition, the director now owns 71,910 shares in the company, valued at $6,392,799. The disclosure for this purchase can be found here. Company insiders own 0.25% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in MDT. Jackson Grant Investment Advisers Inc. boosted its stake in Medtronic PLC by 0.3% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 2,920 shares of the medical technology company’s stock valued at $235,000 after buying an additional 9 shares during the last quarter. Hudock Capital Group LLC boosted its stake in Medtronic PLC by 0.6% in the first quarter. Hudock Capital Group LLC now owns 2,184 shares of the medical technology company’s stock valued at $175,000 after buying an additional 12 shares during the last quarter. Delta Asset Management LLC TN boosted its stake in Medtronic PLC by 0.4% in the first quarter. Delta Asset Management LLC TN now owns 3,713 shares of the medical technology company’s stock valued at $299,000 after buying an additional 13 shares during the last quarter. Bollard Group LLC boosted its stake in Medtronic PLC by 0.4% in the first quarter. Bollard Group LLC now owns 3,637 shares of the medical technology company’s stock valued at $293,000 after buying an additional 14 shares during the last quarter. Finally, Triangle Securities Wealth Management boosted its stake in Medtronic PLC by 0.3% in the second quarter. Triangle Securities Wealth Management now owns 4,396 shares of the medical technology company’s stock valued at $390,000 after buying an additional 15 shares during the last quarter. 83.36% of the stock is currently owned by hedge funds and other institutional investors.
Medtronic PLC Company Profile
Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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