Medtronic (NYSE:MDT) Updates FY 2023 Earnings Guidance

Medtronic (NYSE:MDTGet Rating) updated its FY 2023 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $5.25-$5.30 for the period, compared to the consensus estimate of $5.53. The company issued revenue guidance of -.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft downgraded shares of Medtronic from a buy rating to a hold rating and set a $85.00 target price on the stock. in a research note on Wednesday, November 16th. Citigroup cut their target price on shares of Medtronic from $110.00 to $108.00 in a research note on Wednesday, October 5th. Royal Bank of Canada cut their target price on shares of Medtronic from $122.00 to $110.00 in a research note on Wednesday, September 7th. Truist Financial lowered their price target on shares of Medtronic from $97.00 to $89.00 and set a hold rating on the stock in a report on Monday, October 17th. Finally, StockNews.com assumed coverage on shares of Medtronic in a report on Wednesday, October 12th. They set a buy rating on the stock. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $106.75.

Medtronic Stock Performance

NYSE:MDT opened at $82.29 on Tuesday. Medtronic has a 12-month low of $79.19 and a 12-month high of $118.80. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $109.38 billion, a PE ratio of 21.26, a price-to-earnings-growth ratio of 2.17 and a beta of 0.77. The firm has a 50-day moving average price of $84.04 and a 200 day moving average price of $90.04.

Medtronic (NYSE:MDTGet Rating) last released its quarterly earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.12 by $0.01. Medtronic had a net margin of 16.75% and a return on equity of 13.64%. The business had revenue of $7.37 billion for the quarter, compared to analysts’ expectations of $7.20 billion. During the same period in the prior year, the firm earned $1.41 earnings per share. Research analysts anticipate that Medtronic will post 5.52 earnings per share for the current fiscal year.

Insider Transactions at Medtronic

In other news, EVP Hoedt Rob Ten sold 2,404 shares of Medtronic stock in a transaction on Friday, October 14th. The shares were sold at an average price of $81.54, for a total transaction of $196,022.16. Following the transaction, the executive vice president now directly owns 43,483 shares of the company’s stock, valued at $3,545,603.82. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Medtronic

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. PDT Partners LLC bought a new position in shares of Medtronic in the 2nd quarter valued at about $530,000. KC Investment Advisors LLC bought a new position in shares of Medtronic in the 1st quarter valued at about $512,000. Interchange Capital Partners LLC grew its position in shares of Medtronic by 13.3% in the 1st quarter. Interchange Capital Partners LLC now owns 4,381 shares of the medical technology company’s stock valued at $486,000 after acquiring an additional 513 shares during the period. Ascent Group LLC grew its position in shares of Medtronic by 27.4% in the 3rd quarter. Ascent Group LLC now owns 5,414 shares of the medical technology company’s stock valued at $473,000 after acquiring an additional 1,166 shares during the period. Finally, Delphia USA Inc. grew its position in shares of Medtronic by 52.0% in the 1st quarter. Delphia USA Inc. now owns 3,602 shares of the medical technology company’s stock valued at $400,000 after acquiring an additional 1,232 shares during the period. 79.81% of the stock is owned by institutional investors.

Medtronic Company Profile

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Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.

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Earnings History and Estimates for Medtronic (NYSE:MDT)

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