Medtronic (NYSE:MDT) Posts Earnings Results, Beats Expectations By $0.07 EPS

Medtronic (NYSE:MDT) issued its earnings results on Tuesday. The medical technology company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.07, RTT News reports. Medtronic had a net margin of 11.47% and a return on equity of 13.81%. The firm had revenue of $7.98 billion for the quarter, compared to analysts’ expectations of $7.93 billion. During the same quarter last year, the company earned $1.30 earnings per share. The firm’s revenue was up 5.3% compared to the same quarter last year. Medtronic updated its FY24 guidance to $5.13-5.19 EPS.

Medtronic Price Performance

Medtronic stock opened at $75.16 on Tuesday. The stock has a market capitalization of $100.00 billion, a PE ratio of 27.73, a price-to-earnings-growth ratio of 2.63 and a beta of 0.71. The business has a 50 day simple moving average of $75.08 and a 200-day simple moving average of $81.85. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.42 and a quick ratio of 1.79. Medtronic has a 12 month low of $68.84 and a 12 month high of $92.02.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MDT. Royal Bank of Canada restated a “sector perform” rating and issued a $89.00 price objective on shares of Medtronic in a report on Wednesday, August 23rd. UBS Group increased their target price on Medtronic from $79.00 to $82.00 and gave the company a “sell” rating in a report on Wednesday, August 23rd. Oppenheimer reaffirmed a “market perform” rating and set a $89.00 price target on shares of Medtronic in a report on Wednesday, August 23rd. Stifel Nicolaus increased their price objective on Medtronic from $92.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, August 22nd. Finally, StockNews.com started coverage on Medtronic in a research report on Thursday, October 5th. They set a “buy” rating on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, Medtronic has an average rating of “Hold” and an average price target of $91.94.

Insider Activity at Medtronic

In other news, EVP Gregory L. Smith sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $83.84, for a total value of $838,400.00. Following the completion of the sale, the executive vice president now directly owns 46,723 shares of the company’s stock, valued at approximately $3,917,256.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Medtronic

Institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp increased its position 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 buying an additional 4,816,172 shares in the last quarter. Moneta Group Investment Advisors LLC increased its stake in shares of Medtronic by 127,655.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock worth $1,100,544,000 after purchasing an additional 14,149,287 shares in the last quarter. Norges Bank acquired a new position in shares of Medtronic during the 4th quarter worth approximately $1,062,316,000. Charles Schwab Investment Management Inc. lifted its stake in Medtronic by 1.9% in the 1st 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 buying an additional 128,661 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in Medtronic by 0.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 6,143,623 shares of the medical technology company’s stock valued at $541,253,000 after buying an additional 48,774 shares during the last quarter. Hedge funds and other institutional investors own 80.75% of the company’s stock.

Medtronic Company Profile

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.