Medtronic (MDT) to Release Earnings on Tuesday

Medtronic (NYSE:MDTGet Free Report) is set to announce its earnings results before the market opens on Tuesday, February 20th. Analysts expect Medtronic to post earnings of $1.26 per share for the quarter. Medtronic has set its FY24 guidance at $5.13-5.19 EPS.Persons that wish to register for the company’s earnings conference call can do so using this link.

Medtronic (NYSE:MDTGet Free Report) last announced its earnings results on Tuesday, November 21st. The medical technology company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.07. The company had revenue of $7.98 billion during the quarter, compared to analyst estimates of $7.93 billion. Medtronic had a net margin of 12.83% and a return on equity of 13.73%. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business posted $1.30 earnings per share. On average, analysts expect Medtronic to post $5 EPS for the current fiscal year and $5 EPS for the next fiscal year.

Medtronic Trading Up 0.1 %

MDT opened at $85.07 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.69 and a current ratio of 2.29. The stock’s 50 day moving average price is $84.32 and its 200-day moving average price is $80.35. The stock has a market cap of $113.11 billion, a price-to-earnings ratio of 27.71, a P/E/G ratio of 2.97 and a beta of 0.78. Medtronic has a one year low of $68.84 and a one year high of $92.02.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 12th. Shareholders of record on Wednesday, December 20th were paid a dividend of $0.69 per share. The ex-dividend date of this dividend was Tuesday, December 19th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.24%. Medtronic’s payout ratio is currently 89.90%.

Insiders Place Their Bets

In related news, EVP Brett A. Wall sold 4,997 shares of the company’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $82.17, for a total value of $410,603.49. Following the completion of the sale, the executive vice president now owns 28,910 shares in the company, valued at approximately $2,375,534.70. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Large investors have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its holdings in shares of Medtronic by 33.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock worth $1,564,508,000 after acquiring an additional 4,816,172 shares during the period. Moneta Group Investment Advisors LLC lifted its position in Medtronic by 127,655.1% in the 4th 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 acquiring an additional 14,149,287 shares in the last quarter. Norges Bank bought a new position in shares of Medtronic in the fourth quarter valued at approximately $1,062,316,000. Charles Schwab Investment Management Inc. raised 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 during the last quarter. Finally, Nuveen Asset Management LLC lifted its position in shares of 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 worth $541,253,000 after buying an additional 48,774 shares in the last quarter. 80.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MDT shares. Morgan Stanley reduced their price target on shares of Medtronic from $104.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 22nd. Royal Bank of Canada lifted their target price on Medtronic from $82.00 to $92.00 and gave the company a “sector perform” rating in a research note on Friday, January 12th. Finally, Truist Financial boosted their target price on shares of Medtronic from $84.00 to $87.00 and gave the stock a “hold” rating in a research report on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $93.92.

Read Our Latest Analysis on Medtronic

About Medtronic

(Get Free Report)

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.

Further Reading

Earnings History for Medtronic (NYSE:MDT)

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