Q3 2023 EPS Estimates for Medtronic plc Decreased by William Blair (NYSE:MDT)

Medtronic plc (NYSE:MDTGet Rating) – Stock analysts at William Blair decreased their Q3 2023 earnings per share (EPS) estimates for shares of Medtronic in a note issued to investors on Tuesday, November 22nd. William Blair analyst M. Kaczor now forecasts that the medical technology company will earn $1.27 per share for the quarter, down from their previous forecast of $1.40. The consensus estimate for Medtronic’s current full-year earnings is $5.28 per share. William Blair also issued estimates for Medtronic’s Q4 2023 earnings at $1.56 EPS and FY2023 earnings at $5.25 EPS.

A number of other analysts have also issued reports on MDT. Cowen cut their price target on shares of Medtronic from $117.00 to $90.00 in a research note on Wednesday. Truist Financial cut their price target on Medtronic from $89.00 to $84.00 in a report on Wednesday. Morgan Stanley decreased their price objective on Medtronic from $97.00 to $88.00 and set an “equal weight” rating for the company in a research note on Wednesday. Raymond James downgraded shares of Medtronic from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 24th. Finally, Mizuho assumed coverage on shares of Medtronic in a research report on Wednesday, October 12th. They issued a “buy” rating and a $100.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $98.00.

Medtronic Price Performance

MDT stock opened at $79.02 on Thursday. The business’s fifty day moving average price is $83.56 and its 200 day moving average price is $89.79. Medtronic has a 12-month low of $76.60 and a 12-month high of $115.28. The company has a current ratio of 1.76, a quick ratio of 1.23 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $105.03 billion, a PE ratio of 24.54, a P/E/G ratio of 2.17 and a beta of 0.77.

Medtronic (NYSE:MDTGet Rating) last released its quarterly earnings results on Tuesday, November 22nd. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.02. Medtronic had a net margin of 14.03% and a return on equity of 13.52%. The business had revenue of $7.59 billion for the quarter, compared to the consensus estimate of $7.70 billion. During the same period in the previous year, the firm earned $1.32 EPS. The business’s revenue was down 3.3% on a year-over-year basis.

Hedge Funds Weigh In On Medtronic

Several institutional investors and hedge funds have recently bought and sold shares of the business. Castle Wealth Management LLC purchased a new stake in shares of Medtronic during the 2nd quarter worth about $28,000. IAG Wealth Partners LLC boosted its holdings in shares of Medtronic by 58.1% during the 3rd quarter. IAG Wealth Partners LLC now owns 351 shares of the medical technology company’s stock worth $28,000 after buying an additional 129 shares during the period. Tortoise Investment Management LLC grew its stake in Medtronic by 53.2% in the 2nd quarter. Tortoise Investment Management LLC now owns 357 shares of the medical technology company’s stock valued at $32,000 after buying an additional 124 shares during the last quarter. West Branch Capital LLC raised its holdings in Medtronic by 84.8% in the 2nd quarter. West Branch Capital LLC now owns 377 shares of the medical technology company’s stock worth $34,000 after acquiring an additional 173 shares during the period. Finally, Fairfield Bush & CO. acquired a new position in Medtronic during the 1st quarter worth $47,000. Hedge funds and other institutional investors own 79.81% of the company’s stock.

Insider Buying and Selling at Medtronic

In related news, EVP Hoedt Rob Ten sold 2,404 shares of the firm’s stock in a transaction that occurred 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 $3,545,603.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by company insiders.

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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