Brokerages expect Medtronic PLC (NYSE:MDT) to announce sales of $7.99 billion for the current fiscal quarter, according to Zacks. Eleven analysts have made estimates for Medtronic’s earnings, with the lowest sales estimate coming in at $7.74 billion and the highest estimate coming in at $8.04 billion. Medtronic posted sales of $7.92 billion in the same quarter last year, which would indicate a positive year over year growth rate of 0.9%. The company is scheduled to report its next quarterly earnings report before the market opens on Thursday, May 24th.
According to Zacks, analysts expect that Medtronic will report full-year sales of $29.76 billion for the current financial year, with estimates ranging from $29.30 billion to $29.86 billion. For the next fiscal year, analysts expect that the business will report sales of $31.04 billion per share, with estimates ranging from $30.27 billion to $31.43 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Medtronic.
Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.01. The firm had revenue of $7.37 billion for the quarter, compared to analyst estimates of $7.20 billion. Medtronic had a net margin of 9.44% and a return on equity of 12.65%. Medtronic’s revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.12 EPS.
Several analysts recently issued reports on MDT shares. Morgan Stanley boosted their price objective on shares of Medtronic from $91.00 to $95.00 and gave the company an “equal weight” rating in a report on Monday, February 5th. Royal Bank of Canada restated an “outperform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, February 14th. Oppenheimer restated a “buy” rating and issued a $94.00 price objective on shares of Medtronic in a report on Tuesday, February 20th. TheStreet lowered shares of Medtronic from a “b” rating to a “c+” rating in a report on Tuesday, February 20th. Finally, Citigroup restated a “buy” rating and issued a $93.00 price objective (down from $100.00) on shares of Medtronic in a report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have given a buy rating to the company. Medtronic has an average rating of “Buy” and a consensus price target of $91.39.
Shares of MDT opened at $84.64 on Monday. The stock has a market capitalization of $114.72 billion, a P/E ratio of 18.40, a P/E/G ratio of 2.32 and a beta of 0.94. Medtronic has a 12-month low of $76.41 and a 12-month high of $89.72. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.09 and a current ratio of 2.43.
In other news, Director James T. Lenehan sold 1,306 shares of the business’s stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $83.56, for a total transaction of $109,129.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Carol A. Surface sold 24,479 shares of the business’s stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $78.18, for a total value of $1,913,768.22. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its position in shares of Medtronic by 1.4% during the first quarter. BlackRock Inc. now owns 95,900,878 shares of the medical technology company’s stock worth $7,693,168,000 after buying an additional 1,305,298 shares in the last quarter. Artisan Partners Limited Partnership grew its position in shares of Medtronic by 1.8% during the first quarter. Artisan Partners Limited Partnership now owns 22,504,041 shares of the medical technology company’s stock worth $1,805,274,000 after buying an additional 392,687 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Medtronic by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 14,191,675 shares of the medical technology company’s stock valued at $1,143,549,000 after purchasing an additional 351,256 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Medtronic by 5.9% in the first quarter. Wells Fargo & Company MN now owns 13,941,900 shares of the medical technology company’s stock valued at $1,118,419,000 after purchasing an additional 782,123 shares in the last quarter. Finally, Sanders Capital LLC boosted its holdings in Medtronic by 2.0% in the fourth quarter. Sanders Capital LLC now owns 7,526,583 shares of the medical technology company’s stock valued at $667,410,000 after purchasing an additional 144,100 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.
Medtronic Company Profile
Medtronic plc manufactures and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. The company's Cardiac and Vascular Group segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; diagnostics and monitoring devices; mechanical circulatory support, TYRX, and AF products; and remote monitoring and patient-centered software.
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