Medtronic (NYSE:MDT) Releases Earnings Results, Beats Estimates By $0.02 EPS

Medtronic (NYSE:MDTGet Rating) issued its quarterly earnings data on Tuesday. The medical technology company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.02, RTT News reports. Medtronic had a net margin of 16.75% and a return on equity of 13.64%. The business had revenue of $7.59 billion during the quarter, compared to analysts’ expectations of $7.70 billion. During the same period last year, the company posted $1.32 EPS. The company’s revenue was down 3.3% on a year-over-year basis. Medtronic updated its FY 2023 guidance to $5.25-$5.30 EPS and its FY23 guidance to $5.25-5.30 EPS.

Medtronic Stock Performance

NYSE:MDT opened at $77.93 on Wednesday. The company has a current ratio of 1.58, a quick ratio of 1.23 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $103.58 billion, a price-to-earnings ratio of 20.14, a PEG ratio of 2.19 and a beta of 0.77. The firm’s fifty day simple moving average is $83.79 and its 200 day simple moving average is $89.87. Medtronic has a twelve month low of $76.60 and a twelve month high of $115.61.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on MDT shares. Raymond James cut shares of Medtronic from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 24th. TheStreet cut shares of Medtronic from a “b-” rating to a “c+” rating in a research note on Monday, August 1st. Mizuho initiated coverage on shares of Medtronic in a research note on Wednesday, October 12th. They issued a “buy” rating and a $100.00 target price for the company. Wells Fargo & Company lowered their target price on shares of Medtronic from $104.00 to $96.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 24th. Finally, StockNews.com initiated coverage on shares of Medtronic in a research note on Wednesday, October 12th. They issued a “buy” rating for the company. One investment 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.com, the company presently has a consensus rating of “Hold” and an average target price of $106.33.

Insider Activity at Medtronic

In related 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 owns 43,483 shares in the company, valued at approximately $3,545,603.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Several hedge funds and other institutional investors have recently made changes to their positions in MDT. Industrial Alliance Investment Management Inc. lifted its holdings in Medtronic by 50.8% in the 3rd quarter. Industrial Alliance Investment Management Inc. now owns 9,447 shares of the medical technology company’s stock worth $763,000 after buying an additional 3,183 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in Medtronic by 1.9% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 52,298 shares of the medical technology company’s stock worth $4,223,000 after buying an additional 955 shares in the last quarter. Captrust Financial Advisors lifted its holdings in Medtronic by 38.2% in the 3rd quarter. Captrust Financial Advisors now owns 167,560 shares of the medical technology company’s stock worth $13,530,000 after buying an additional 46,308 shares in the last quarter. Ascent Group LLC lifted its holdings in Medtronic by 27.4% in the 3rd quarter. Ascent Group LLC now owns 5,414 shares of the medical technology company’s stock worth $473,000 after buying an additional 1,166 shares in the last quarter. Finally, Fred Alger Management LLC lifted its holdings in Medtronic by 15.9% in the 3rd quarter. Fred Alger Management LLC now owns 23,999 shares of the medical technology company’s stock worth $1,938,000 after buying an additional 3,290 shares in the last quarter. Institutional investors and hedge funds own 79.81% of the company’s stock.

About Medtronic

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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 for Medtronic (NYSE:MDT)

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