Medtronic PLC Forecasted to Post Q2 2018 Earnings of $0.89 Per Share (MDT)
Medtronic PLC (NYSE:MDT) – Research analysts at Wedbush decreased their Q2 2018 earnings per share estimates for shares of Medtronic PLC in a research note issued on Tuesday. Wedbush analyst Levy. T now forecasts that the medical technology company will earn $0.89 per share for the quarter, down from their previous estimate of $1.05.
Medtronic PLC (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The firm 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 company earned $1.03 earnings per share. Medtronic PLC’s quarterly revenue was up 3.1% compared to the same quarter last year.
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MDT has been the topic of a number of other reports. Deutsche Bank AG set a $96.00 price target on shares of Medtronic PLC and gave the stock a “buy” rating in a research report on Monday, July 31st. BidaskClub downgraded shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Saturday, August 26th. BMO Capital Markets restated an “outperform” rating and issued a $92.00 price target (down from $94.00) on shares of Medtronic PLC in a research report on Wednesday, August 23rd. Zacks Investment Research upgraded shares of Medtronic PLC from a “sell” rating to a “hold” rating in a research report on Wednesday, September 6th. Finally, Wells Fargo & Company restated an “outperform” rating on shares of Medtronic PLC in a research report on Wednesday, July 12th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $87.79.
Shares of Medtronic PLC (NYSE MDT) traded up 0.78% during midday trading on Wednesday, reaching $77.89. 1,608,115 shares of the company were exchanged. Medtronic PLC has a 52-week low of $69.35 and a 52-week high of $89.72. The stock’s 50-day moving average price is $79.78 and its 200-day moving average price is $83.30. The company has a market capitalization of $105.51 billion, a PE ratio of 26.23 and a beta of 1.01.
A number of institutional investors have recently added to or reduced their stakes in MDT. Waldron LP acquired a new position in Medtronic PLC during the 1st quarter valued at about $512,000. Boston Partners increased its stake in Medtronic PLC by 2.9% during the 1st quarter. Boston Partners now owns 1,327,553 shares of the medical technology company’s stock valued at $106,947,000 after buying an additional 37,028 shares during the period. HPM Partners LLC acquired a new position in Medtronic PLC during the 1st quarter valued at about $1,352,000. Princeton Alpha Management LP acquired a new position in Medtronic PLC during the 1st quarter valued at about $557,000. Finally, Pinnacle Financial Partners Inc. increased its stake in Medtronic PLC by 7.4% during the 1st quarter. Pinnacle Financial Partners Inc. now owns 35,915 shares of the medical technology company’s stock valued at $2,893,000 after buying an additional 2,476 shares during the period. 80.63% of the stock is currently owned by hedge funds and other institutional investors.
In other Medtronic PLC news, CEO Omar Ishrak sold 140,407 shares of the firm’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the transaction, the chief executive officer now owns 668,503 shares of the company’s stock, valued at approximately $54,569,899.89. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Bryan C. Hanson sold 12,000 shares of the firm’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.84 annualized dividend and a yield of 2.38%. Medtronic PLC’s payout ratio is 61.95%.
Medtronic PLC declared that its board has approved a stock buyback plan on Friday, June 23rd that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the medical technology company to reacquire up to 49% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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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