Zacks: Analysts Expect Medtronic PLC (MDT) Will Announce Quarterly Sales of $7.51 Billion

Wall Street brokerages expect Medtronic PLC (NYSE:MDT) to post sales of $7.51 billion for the current fiscal quarter, Zacks reports. Eleven analysts have made estimates for Medtronic’s earnings. The lowest sales estimate is $7.43 billion and the highest is $7.76 billion. Medtronic reported sales of $7.37 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 1.9%. The firm is expected to report its next quarterly earnings results on Tuesday, February 19th.

According to Zacks, analysts expect that Medtronic will report full-year sales of $30.42 billion for the current year, with estimates ranging from $30.32 billion to $30.52 billion. For the next year, analysts anticipate that the company will post sales of $31.84 billion, with estimates ranging from $31.69 billion to $32.01 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Medtronic.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 20th. The medical technology company reported $1.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.07. Medtronic had a return on equity of 13.51% and a net margin of 7.44%. The business had revenue of $7.48 billion for the quarter, compared to the consensus estimate of $7.35 billion. During the same period in the prior year, the business earned $1.07 earnings per share. The business’s revenue was up 6.1% on a year-over-year basis.

MDT has been the topic of several recent research reports. Zacks Investment Research downgraded Medtronic from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Needham & Company LLC upgraded Medtronic from a “buy” rating to a “strong-buy” rating and upped their target price for the company from $103.00 to $119.00 in a research note on Monday, August 13th. Oppenheimer reiterated a “buy” rating and issued a $104.00 target price on shares of Medtronic in a research note on Tuesday, August 21st. Stifel Nicolaus upped their target price on Medtronic from $87.00 to $96.00 and gave the company a “hold” rating in a research note on Wednesday, August 22nd. Finally, Morgan Stanley upped their target price on Medtronic from $95.00 to $105.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 22nd. Eight analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $102.98.

Shares of NYSE:MDT traded up $0.81 on Friday, hitting $92.97. The company had a trading volume of 6,829,350 shares, compared to its average volume of 5,647,759. The company has a quick ratio of 2.06, a current ratio of 2.56 and a debt-to-equity ratio of 0.48. Medtronic has a 52-week low of $76.41 and a 52-week high of $100.15. The company has a market capitalization of $124.46 billion, a P/E ratio of 19.49, a P/E/G ratio of 2.45 and a beta of 0.94.

In related news, EVP Geoffrey Martha sold 49,799 shares of the company’s stock in a transaction on Monday, September 24th. The stock was sold at an average price of $97.93, for a total value of $4,876,816.07. Following the completion of the transaction, the executive vice president now directly owns 87,872 shares in the company, valued at $8,605,304.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Richard Kuntz sold 47,176 shares of the company’s stock in a transaction 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 $14,629,274.52. The disclosure for this sale can be found here. Insiders sold 123,134 shares of company stock valued at $11,918,901 over the last quarter. Insiders own 0.28% of the company’s stock.

Large investors have recently made changes to their positions in the business. Point72 Asset Management L.P. increased its stake in Medtronic by 11.1% during the second quarter. Point72 Asset Management L.P. now owns 823,622 shares of the medical technology company’s stock worth $70,510,000 after acquiring an additional 82,423 shares during the last quarter. Alley Co LLC increased its stake in Medtronic by 2.9% during the third quarter. Alley Co LLC now owns 56,902 shares of the medical technology company’s stock worth $5,597,000 after acquiring an additional 1,627 shares during the last quarter. WINTON GROUP Ltd increased its stake in Medtronic by 60.2% during the second quarter. WINTON GROUP Ltd now owns 99,746 shares of the medical technology company’s stock worth $8,539,000 after acquiring an additional 37,482 shares during the last quarter. Royal London Asset Management Ltd. acquired a new stake in Medtronic during the second quarter worth about $49,276,000. Finally, First Hawaiian Bank acquired a new stake in Medtronic during the third quarter worth about $3,143,000. Institutional investors own 79.56% of the company’s stock.

About Medtronic

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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