FY2018 Earnings Estimate for Medtronic PLC Issued By Wedbush (MDT)
Medtronic PLC (NYSE:MDT) – Investment analysts at Wedbush dropped their FY2018 earnings per share (EPS) estimates for shares of Medtronic PLC in a research report issued to clients and investors on Tuesday. Wedbush analyst Levy. T now expects that the medical technology company will earn $4.57 per share for the year, down from their prior estimate of $4.73.
Medtronic PLC (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.04. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The company had revenue of $7.39 billion during the quarter, compared to analyst estimates of $7.44 billion. During the same quarter last year, the firm posted $1.03 EPS. The business’s revenue for the quarter was up 3.1% on a year-over-year basis.
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A number of other analysts have also commented on the company. BMO Capital Markets reiterated a “buy” rating and issued a $89.00 price objective (down from $92.00) on shares of Medtronic PLC in a research report on Tuesday. Needham & Company LLC lowered their price objective on Medtronic PLC from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Tuesday. Leerink Swann reiterated a “market perform” rating and issued a $85.00 price objective (down from $88.00) on shares of Medtronic PLC in a research report on Monday. Stifel Nicolaus lowered their price objective on Medtronic PLC from $91.00 to $83.00 and set a “hold” rating for the company in a research report on Monday. Finally, Royal Bank Of Canada lowered their price objective on Medtronic PLC from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Monday. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $87.88.
Medtronic PLC (NYSE MDT) traded down 1.02% during trading on Thursday, hitting $77.44. 5,519,814 shares of the stock traded hands. The firm’s 50-day moving average is $79.68 and its 200 day moving average is $83.27. The stock has a market cap of $104.90 billion, a P/E ratio of 26.07 and a beta of 1.01. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dupont Capital Management Corp lifted its stake in Medtronic PLC by 28.8% in the 2nd quarter. Dupont Capital Management Corp now owns 74,052 shares of the medical technology company’s stock valued at $6,572,000 after acquiring an additional 16,562 shares in the last quarter. RMB Capital Management LLC bought a new stake in Medtronic PLC in the 1st quarter valued at approximately $4,576,000. Lazard Asset Management LLC lifted its stake in Medtronic PLC by 1,061.4% in the 1st quarter. Lazard Asset Management LLC now owns 13,678,772 shares of the medical technology company’s stock valued at $1,101,960,000 after acquiring an additional 12,500,992 shares in the last quarter. WealthTrust Arizona LLC lifted its stake in Medtronic PLC by 9.7% in the 2nd quarter. WealthTrust Arizona LLC now owns 4,994 shares of the medical technology company’s stock valued at $443,000 after acquiring an additional 441 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Medtronic PLC by 7.3% in the 1st quarter. Geode Capital Management LLC now owns 13,308,812 shares of the medical technology company’s stock valued at $1,070,622,000 after acquiring an additional 906,581 shares in the last quarter. Hedge funds and other institutional investors own 80.63% of the company’s stock.
In other Medtronic PLC news, CEO Omar Ishrak sold 140,407 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $81.63, for a total value of $11,461,423.41. Following the sale, the chief executive officer now owns 668,503 shares in the company, valued at approximately $54,569,899.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Bryan C. Hanson sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The shares were 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.
Medtronic PLC announced that its Board of Directors has initiated a share repurchase program 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 stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The company 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 $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 2.35%. The ex-dividend date is Thursday, September 28th. Medtronic PLC’s payout ratio is 61.95%.
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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