Oppenheimer Analysts Cut Earnings Estimates for Medtronic PLC (MDT)

Medtronic PLC (NYSE:MDT) – Equities research analysts at Oppenheimer dropped their Q3 2019 EPS estimates for shares of Medtronic in a report issued on Wednesday, November 21st. Oppenheimer analyst S. Lichtman now forecasts that the medical technology company will post earnings of $1.24 per share for the quarter, down from their prior forecast of $1.25. Oppenheimer has a “Buy” rating and a $104.00 price objective on the stock. Oppenheimer also issued estimates for Medtronic’s Q4 2019 earnings at $1.50 EPS, FY2019 earnings at $5.13 EPS and FY2020 earnings at $5.54 EPS.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 20th. The medical technology company reported $1.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.07. Medtronic had a net margin of 7.44% and a return on equity of 13.51%. The firm had revenue of $7.48 billion for the quarter, compared to analyst estimates of $7.35 billion. During the same quarter in the prior year, the business posted $1.07 EPS. The business’s revenue was up 6.1% compared to the same quarter last year.

MDT has been the subject of a number of other research reports. BMO Capital Markets upped their price target on shares of Medtronic from $94.00 to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, August 22nd. Royal Bank of Canada upped their price target on shares of Medtronic to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, August 22nd. Argus upped their price target on shares of Medtronic from $108.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, October 8th. Zacks Investment Research raised shares of Medtronic from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a report on Tuesday, October 23rd. Finally, SunTrust Banks upped their price target on shares of Medtronic to $110.00 and gave the stock a “buy” rating in a report on Friday, August 24th. Seven equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $104.18.

Shares of NYSE:MDT opened at $92.97 on Thursday. Medtronic has a 12-month low of $76.41 and a 12-month high of $100.15. The company has a market cap of $124.46 billion, a price-to-earnings ratio of 19.49, a price-to-earnings-growth ratio of 2.45 and a beta of 0.94. The company has a current ratio of 2.56, a quick ratio of 2.06 and a debt-to-equity ratio of 0.48.

A number of large investors have recently modified their holdings of MDT. Chicago Partners Investment Group LLC raised its stake in shares of Medtronic by 24.4% during the second quarter. Chicago Partners Investment Group LLC now owns 2,699 shares of the medical technology company’s stock valued at $231,000 after acquiring an additional 530 shares during the last quarter. Wesbanco Bank Inc. raised its stake in shares of Medtronic by 0.5% during the third quarter. Wesbanco Bank Inc. now owns 106,601 shares of the medical technology company’s stock valued at $10,486,000 after acquiring an additional 538 shares during the last quarter. Duncker Streett & Co. Inc. raised its stake in shares of Medtronic by 3.0% during the third quarter. Duncker Streett & Co. Inc. now owns 18,383 shares of the medical technology company’s stock valued at $1,808,000 after acquiring an additional 544 shares during the last quarter. Telemus Capital LLC raised its stake in shares of Medtronic by 4.9% during the third quarter. Telemus Capital LLC now owns 11,590 shares of the medical technology company’s stock valued at $1,140,000 after acquiring an additional 544 shares during the last quarter. Finally, Strategic Financial Services Inc raised its stake in shares of Medtronic by 1.0% during the second quarter. Strategic Financial Services Inc now owns 57,707 shares of the medical technology company’s stock valued at $4,940,000 after acquiring an additional 554 shares during the last quarter. 79.56% of the stock is owned by institutional investors and hedge funds.

In related news, SVP Richard Kuntz sold 47,176 shares of the stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $95.88, for a total value of $4,523,234.88. Following the completion of the transaction, the senior vice president now owns 152,579 shares of the company’s stock, valued at approximately $14,629,274.52. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Hooman Hakami sold 26,159 shares of the stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $96.29, for a total transaction of $2,518,850.11. Following the completion of the transaction, the executive vice president now directly owns 63,046 shares of the company’s stock, valued at approximately $6,070,699.34. The disclosure for this sale can be found here. In the last three months, insiders sold 123,134 shares of company stock valued at $11,918,901. 0.28% of the stock is owned by insiders.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Earnings History and Estimates for Medtronic (NYSE:MDT)

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