Medtronic (NYSE:MDT) Releases Earnings Results, Beats Expectations By $0.01 EPS

Medtronic (NYSE:MDT – Get Rating) released its quarterly earnings data on Thursday. The medical technology company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.01, RTT News reports. Medtronic had a net margin of 13.20% and a return on equity of 13.37%. The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.25 billion. During the same quarter in the prior year, the firm posted $1.52 earnings per share. Medtronic’s revenue for the quarter was up 5.6% on a year-over-year basis. Medtronic updated its FY23 guidance to $5.00-5.10 EPS.

Medtronic Stock Performance

MDT stock opened at $87.49 on Thursday. The business’s 50-day moving average price is $84.69 and its two-hundred day moving average price is $82.10. The company has a current ratio of 1.76, a quick ratio of 1.39 and a debt-to-equity ratio of 0.43. The firm has a market cap of $116.40 billion, a PE ratio of 28.78, a P/E/G ratio of 2.10 and a beta of 0.71. Medtronic has a 1-year low of $75.76 and a 1-year high of $106.06.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 23rd will be issued a dividend of $0.69 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a yield of 3.15%. Medtronic’s payout ratio is currently 89.47%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MDT. Barclays raised shares of Medtronic from an “equal weight” rating to an “overweight” rating in a research note on Monday, April 24th. Wells Fargo & Company upgraded shares of Medtronic from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $77.00 to $100.00 in a report on Monday, April 24th. UBS Group downgraded shares of Medtronic from a “buy” rating to a “sell” rating and dropped their price target for the stock from $127.00 to $79.00 in a research note on Wednesday, March 29th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Medtronic from $80.00 to $87.00 in a research note on Wednesday, February 22nd. Finally, Truist Financial boosted their target price on shares of Medtronic from $88.00 to $93.00 in a research report on Monday, April 24th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average target price of $90.11.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its holdings in shares of Medtronic by 33.1% in the third quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock valued at $1,564,508,000 after purchasing an additional 4,816,172 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its holdings in shares of Medtronic by 127,655.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock valued at $1,100,544,000 after purchasing an additional 14,149,287 shares in the last quarter. Norges Bank bought a new stake in shares of Medtronic in the fourth quarter valued at about $1,062,316,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Medtronic by 1.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,801,196 shares of the medical technology company’s stock valued at $754,593,000 after purchasing an additional 128,661 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of Medtronic by 95.3% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,836,806 shares of the medical technology company’s stock valued at $220,471,000 after purchasing an additional 1,384,136 shares in the last quarter. 80.37% of the stock is currently owned by institutional investors.

About Medtronic

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Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.