Analysts Anticipate Medtronic PLC (MDT) Will Post Quarterly Sales of $6.89 Billion
Equities research analysts expect Medtronic PLC (NYSE:MDT) to report sales of $6.89 billion for the current fiscal quarter, according to Zacks Investment Research. Eleven analysts have made estimates for Medtronic PLC’s earnings. The highest sales estimate is $7.10 billion and the lowest is $6.80 billion. Medtronic PLC posted sales of $7.35 billion in the same quarter last year, which suggests a negative year over year growth rate of 6.3%. The firm is expected to issue its next earnings report on Tuesday, November 28th.
According to Zacks, analysts expect that Medtronic PLC will report full-year sales of $6.89 billion for the current year, with estimates ranging from $28.90 billion to $29.72 billion. For the next financial year, analysts expect that the business will report sales of $30.28 billion per share, with estimates ranging from $29.60 billion to $30.96 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Medtronic PLC.
Medtronic PLC (NYSE:MDT) last released its earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The firm had revenue of $7.39 billion for the quarter, compared to analysts’ expectations of $7.44 billion. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The company’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.03 earnings per share.
MDT has been the subject of several research reports. BMO Capital Markets reiterated an “outperform” rating and issued a $89.00 target price (down previously from $92.00) on shares of Medtronic PLC in a report on Tuesday, October 10th. Needham & Company LLC dropped their target price on shares of Medtronic PLC from $95.00 to $94.00 and set a “buy” rating for the company in a report on Tuesday, October 10th. Leerink Swann reiterated a “market perform” rating and issued a $85.00 target price (down previously from $88.00) on shares of Medtronic PLC in a report on Monday, October 9th. Stifel Nicolaus dropped their target price on shares of Medtronic PLC from $91.00 to $83.00 and set a “hold” rating for the company in a report on Monday, October 9th. Finally, Royal Bank Of Canada dropped their target price on shares of Medtronic PLC from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Monday, October 9th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $87.88.
Medtronic PLC (NYSE:MDT) opened at 78.34 on Monday. The company has a market cap of $106.12 billion, a PE ratio of 26.37 and a beta of 1.01. The stock’s 50 day moving average price is $79.37 and its 200-day moving average price is $83.11. Medtronic PLC has a 1-year low of $69.35 and a 1-year high of $89.72.
The company also recently announced a quarterly dividend, which was paid on Friday, October 20th. Investors of record on Friday, September 29th were paid a dividend of $0.46 per share. The ex-dividend date was Thursday, September 28th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.35%. Medtronic PLC’s payout ratio is currently 61.95%.
In related news, CEO Omar Ishrak sold 140,407 shares of the business’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $81.63, for a total value of $11,461,423.41. Following the completion of the sale, the chief executive officer now directly owns 668,503 shares of the company’s stock, valued at $54,569,899.89. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Bryan C. Hanson sold 16,000 shares of the business’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $78.03, for a total transaction of $1,248,480.00. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Parkside Financial Bank & Trust lifted its position in Medtronic PLC by 22.4% in the second quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock valued at $102,000 after acquiring an additional 210 shares during the last quarter. BDO Wealth Advisors LLC purchased a new stake in Medtronic PLC in the second quarter valued at $103,000. Motco lifted its position in Medtronic PLC by 8.7% in the second quarter. Motco now owns 1,239 shares of the medical technology company’s stock valued at $110,000 after acquiring an additional 99 shares during the last quarter. Quadrant Capital Group LLC lifted its position in Medtronic PLC by 21.5% in the second quarter. Quadrant Capital Group LLC now owns 1,639 shares of the medical technology company’s stock valued at $114,000 after acquiring an additional 290 shares during the last quarter. Finally, Israel Discount Bank of New York purchased a new stake in Medtronic PLC in the first quarter valued at $117,000. 80.60% of the stock is 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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