Medtronic PLC (MDT) Expected to Announce Quarterly Sales of $7.09 Billion
Equities analysts expect Medtronic PLC (NYSE:MDT) to announce $7.09 billion in sales for the current fiscal quarter, according to Zacks. Ten analysts have issued estimates for Medtronic PLC’s earnings, with estimates ranging from $7.05 billion to $7.12 billion. Medtronic PLC posted sales of $7.35 billion in the same quarter last year, which would indicate a negative year over year growth rate of 3.5%. The firm is expected to report its next quarterly earnings results on Tuesday, November 28th.
On average, analysts expect that Medtronic PLC will report full year sales of $7.09 billion for the current fiscal year, with estimates ranging from $29.15 billion to $29.72 billion. For the next year, analysts anticipate that the firm will report sales of $30.38 billion per share, with estimates ranging from $29.87 billion to $31.16 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Medtronic PLC.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.04. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The business had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.44 billion. During the same period in the previous year, the business posted $1.03 earnings per share. The firm’s revenue for the quarter was up 3.1% compared to the same quarter last year.
Several research firms recently weighed in on MDT. UBS AG reaffirmed a “buy” rating and issued a $95.00 price objective (up from $94.00) on shares of Medtronic PLC in a research note on Tuesday, May 30th. BidaskClub upgraded Medtronic PLC from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Zacks Investment Research downgraded Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Tuesday. Oppenheimer Holdings, Inc. reiterated a “buy” rating and issued a $92.00 target price on shares of Medtronic PLC in a research report on Tuesday, August 22nd. Finally, CIBC reiterated a “buy” rating on shares of Medtronic PLC in a research report on Friday, May 26th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $88.78.
In other Medtronic PLC news, Director Richard H. Anderson bought 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 completion of the acquisition, the director now owns 71,910 shares in the company, valued at approximately $6,392,799. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Bryan C. Hanson sold 12,000 shares of Medtronic PLC stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $88.57, for a total value of $1,062,840.00. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.
A number of hedge funds have recently modified their holdings of MDT. Waldron LP bought a new stake in Medtronic PLC in the first quarter worth approximately $512,000. Leavell Investment Management Inc. increased its holdings in Medtronic PLC by 10.5% in the first quarter. Leavell Investment Management Inc. now owns 5,641 shares of the medical technology company’s stock worth $454,000 after purchasing an additional 536 shares in the last quarter. Valicenti Advisory Services Inc. increased its holdings in Medtronic PLC by 4.2% in the first quarter. Valicenti Advisory Services Inc. now owns 11,656 shares of the medical technology company’s stock worth $939,000 after purchasing an additional 475 shares in the last quarter. Schmidt P J Investment Management Inc. increased its holdings in Medtronic PLC by 1.9% in the first quarter. Schmidt P J Investment Management Inc. now owns 20,942 shares of the medical technology company’s stock worth $1,687,000 after purchasing an additional 390 shares in the last quarter. Finally, Meyer Handelman Co. increased its holdings in Medtronic PLC by 1.9% in the first quarter. Meyer Handelman Co. now owns 316,386 shares of the medical technology company’s stock worth $25,487,000 after purchasing an additional 5,990 shares in the last quarter. Institutional investors and hedge funds own 80.75% of the company’s stock.
Medtronic PLC (MDT) traded up 0.39% on Friday, hitting $82.12. The company had a trading volume of 9,563,374 shares. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72. The firm has a market capitalization of $111.24 billion, a PE ratio of 27.64 and a beta of 1.03. The firm has a 50-day moving average price of $82.18 and a 200-day moving average price of $83.65.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, September 29th will be issued a $0.46 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.84 dividend on an annualized basis and a yield of 2.24%. Medtronic PLC’s payout ratio is currently 61.95%.
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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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