Medtronic PLC (MDT) Expected to Announce Earnings of $1.24 Per Share

Brokerages forecast that Medtronic PLC (NYSE:MDT) will post earnings of $1.24 per share for the current fiscal quarter, Zacks reports. Eleven analysts have issued estimates for Medtronic’s earnings, with estimates ranging from $1.24 to $1.25. Medtronic reported earnings of $1.17 per share during the same quarter last year, which suggests a positive year over year growth rate of 6%. The business is expected to report its next quarterly earnings report on Tuesday, February 19th.

According to Zacks, analysts expect that Medtronic will report full year earnings of $5.13 per share for the current fiscal year, with EPS estimates ranging from $5.10 to $5.15. For the next fiscal year, analysts forecast that the firm will post earnings of $5.55 per share, with EPS estimates ranging from $5.51 to $5.60. Zacks’ EPS calculations are an average based on a survey of sell-side research analysts that follow Medtronic.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 20th. The medical technology company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.07. The business had revenue of $7.48 billion for the quarter, compared to analyst estimates of $7.35 billion. Medtronic had a return on equity of 13.51% and a net margin of 7.44%. The company’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 earnings per share.

Several research analysts have issued reports on the company. Needham & Company LLC upgraded Medtronic from a “buy” rating to a “strong-buy” rating and increased their price target for the stock from $103.00 to $119.00 in a report on Monday, August 13th. Argus increased their price target on Medtronic from $95.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, August 27th. Wells Fargo & Co increased their price objective on Medtronic from $95.00 to $101.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 22nd. Stifel Nicolaus increased their price objective on Medtronic from $87.00 to $96.00 and gave the stock a “hold” rating in a research note on Wednesday, August 22nd. Finally, Morgan Stanley increased their price objective on Medtronic from $95.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 22nd. Seven analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Medtronic has an average rating of “Buy” and a consensus price target of $104.87.

NYSE:MDT traded down $2.00 on Friday, hitting $94.24. The stock had a trading volume of 5,903,007 shares, compared to its average volume of 5,096,807. The firm has a market cap of $129.59 billion, a P/E ratio of 19.76, a PEG ratio of 2.51 and a beta of 0.96. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.11 and a current ratio of 2.56. Medtronic has a 52 week low of $76.41 and a 52 week high of $100.15.

In other news, EVP Geoffrey Martha sold 49,799 shares of the stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $97.93, for a total value of $4,876,816.07. Following the completion of the sale, the executive vice president now directly owns 87,872 shares of the company’s stock, valued at $8,605,304.96. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.28% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Medtronic by 1.1% during the third quarter. Vanguard Group Inc. now owns 109,447,687 shares of the medical technology company’s stock valued at $10,766,369,000 after acquiring an additional 1,199,118 shares during the last quarter. BlackRock Inc. increased its position in shares of Medtronic by 2.1% during the second quarter. BlackRock Inc. now owns 97,867,667 shares of the medical technology company’s stock valued at $8,378,448,000 after acquiring an additional 1,966,789 shares during the last quarter. Artisan Partners Limited Partnership increased its position in shares of Medtronic by 4.2% during the second quarter. Artisan Partners Limited Partnership now owns 23,443,933 shares of the medical technology company’s stock valued at $2,007,035,000 after acquiring an additional 939,892 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Medtronic by 89,912.5% during the third quarter. Bank of New York Mellon Corp now owns 17,012,355 shares of the medical technology company’s stock valued at $1,673,505,000 after acquiring an additional 16,993,455 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Medtronic by 4.7% during the second quarter. Dimensional Fund Advisors LP now owns 8,884,401 shares of the medical technology company’s stock valued at $760,649,000 after acquiring an additional 394,973 shares during the last quarter. 80.44% of the stock is owned by institutional investors.

About Medtronic

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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