Equities research analysts expect Medtronic plc. (NYSE:MDT) to announce sales of $7.97 billion for the current quarter, Zacks reports. Eleven analysts have provided 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 reported sales of $7.92 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 0.6%. The firm is scheduled to announce its next earnings results on Thursday, May 24th.
According to Zacks, analysts expect that Medtronic will report full year sales of $7.97 billion for the current fiscal year, with estimates ranging from $29.30 billion to $29.86 billion. For the next financial year, analysts anticipate that the business will report sales of $31.01 billion per share, with estimates ranging from $30.27 billion to $31.33 billion. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Medtronic.
Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.01. The business had revenue of $7.37 billion for the quarter, compared to the consensus estimate of $7.20 billion. Medtronic had a net margin of 9.44% and a return on equity of 12.65%. Medtronic’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period last year, the company posted $1.12 EPS.
MDT has been the topic of a number of analyst reports. Bank of America upgraded shares of Medtronic from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 2nd. Argus upgraded shares of Medtronic from a “hold” rating to a “buy” rating and increased their price target for the company from $81.27 to $95.00 in a research report on Tuesday, December 12th. They noted that the move was a valuation call. Oppenheimer reiterated a “buy” rating on shares of Medtronic in a research report on Thursday, December 21st. Stifel Nicolaus increased their price target on shares of Medtronic from $83.00 to $85.00 and gave the company a “hold” rating in a research report on Wednesday, November 22nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 14th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. Medtronic currently has a consensus rating of “Buy” and a consensus price target of $91.50.
In other news, SVP Carol A. Surface sold 24,479 shares of the firm’s stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $78.18, for a total transaction of $1,913,768.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Hooman Hakami sold 26,158 shares of the firm’s stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $85.00, for a total transaction of $2,223,430.00. The disclosure for this sale can be found here. Insiders have sold a total of 130,469 shares of company stock worth $11,016,054 over the last 90 days. Corporate insiders own 0.31% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of MDT. Janus Henderson Group PLC bought a new position in shares of Medtronic in the third quarter valued at $579,952,000. BlackRock Inc. grew its stake in shares of Medtronic by 6.4% in the fourth quarter. BlackRock Inc. now owns 94,595,580 shares of the medical technology company’s stock valued at $7,638,592,000 after buying an additional 5,688,180 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Medtronic by 35.0% in the third quarter. American Century Companies Inc. now owns 9,082,452 shares of the medical technology company’s stock valued at $706,342,000 after buying an additional 2,354,467 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in shares of Medtronic by 3,863.2% in the third quarter. Asset Management One Co. Ltd. now owns 2,064,912 shares of the medical technology company’s stock valued at $160,588,000 after buying an additional 2,012,810 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Medtronic by 20.7% in the third quarter. Ameriprise Financial Inc. now owns 11,388,438 shares of the medical technology company’s stock valued at $885,673,000 after buying an additional 1,954,535 shares in the last quarter. 80.79% of the stock is owned by institutional investors.
Shares of Medtronic (NYSE MDT) traded down $0.74 during trading hours on Tuesday, hitting $81.29. 9,035,948 shares of the company were exchanged, compared to its average volume of 5,711,319. The firm has a market cap of $111,547.20, a P/E ratio of 40.35, a price-to-earnings-growth ratio of 2.33 and a beta of 0.97. The company has a quick ratio of 2.09, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. Medtronic has a 1-year low of $76.51 and a 1-year high of $89.72.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 23rd will be issued a dividend of $0.46 per share. The ex-dividend date is Thursday, March 22nd. This represents a $1.84 annualized dividend and a yield of 2.26%. Medtronic’s dividend payout ratio (DPR) is currently 90.64%.
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Medtronic Company Profile
Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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