Medtronic PLC (NYSE:MDT) Expected to Announce Quarterly Sales of $6.39 Billion

Equities research analysts predict that Medtronic PLC (NYSE:MDT) will announce $6.39 billion in sales for the current quarter, Zacks Investment Research reports. Seven analysts have made estimates for Medtronic’s earnings. The highest sales estimate is $7.81 billion and the lowest is $3.49 billion. Medtronic posted sales of $7.49 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 14.7%. The business is expected to report its next quarterly earnings results on Tuesday, August 18th.

On average, analysts expect that Medtronic will report full year sales of $29.22 billion for the current fiscal year, with estimates ranging from $26.44 billion to $32.69 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $32.18 billion, with estimates ranging from $30.55 billion to $34.26 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Medtronic.

Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 21st. The medical technology company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($0.70). The firm had revenue of $6 billion during the quarter, compared to analyst estimates of $6.10 billion. Medtronic had a net margin of 16.56% and a return on equity of 12.17%. The business’s revenue for the quarter was down 26.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.54 earnings per share.

MDT has been the subject of a number of research analyst reports. DZ Bank cut shares of Medtronic from a “buy” rating to a “hold” rating and set a $92.00 price objective for the company. in a research report on Thursday, May 14th. Sanford C. Bernstein restated a “hold” rating and set a $112.00 price objective on shares of Medtronic in a research report on Thursday, April 23rd. Wells Fargo & Co reduced their price objective on shares of Medtronic from $130.00 to $108.00 and set an “overweight” rating for the company in a research report on Wednesday, April 22nd. BTIG Research reduced their price objective on shares of Medtronic from $124.00 to $102.00 and set a “buy” rating for the company in a research report on Monday, March 30th. Finally, Bank of America reaffirmed a “buy” rating and set a $130.00 target price on shares of Medtronic in a report on Friday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $115.37.

NYSE:MDT traded down $0.69 during trading hours on Wednesday, reaching $94.72. 6,501,853 shares of the company were exchanged, compared to its average volume of 5,176,174. The company has a current ratio of 2.13, a quick ratio of 2.28 and a debt-to-equity ratio of 0.43. The stock’s 50-day moving average is $96.70 and its 200-day moving average is $105.81. The firm has a market cap of $127.87 billion, a PE ratio of 26.68, a price-to-earnings-growth ratio of 2.57 and a beta of 0.69. Medtronic has a twelve month low of $72.13 and a twelve month high of $122.15.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be issued a $0.58 dividend. The ex-dividend date is Thursday, June 25th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.45%. This is a positive change from Medtronic’s previous quarterly dividend of $0.54. Medtronic’s dividend payout ratio is currently 47.06%.

A number of hedge funds have recently made changes to their positions in the business. FDx Advisors Inc. boosted its stake in Medtronic by 8.1% during the first quarter. FDx Advisors Inc. now owns 52,034 shares of the medical technology company’s stock worth $4,692,000 after buying an additional 3,894 shares during the period. Equitable Trust Co. boosted its stake in Medtronic by 24.2% during the first quarter. Equitable Trust Co. now owns 336,486 shares of the medical technology company’s stock worth $30,344,000 after buying an additional 65,478 shares during the period. Lowe Brockenbrough & Co. Inc. boosted its stake in Medtronic by 1.9% during the first quarter. Lowe Brockenbrough & Co. Inc. now owns 28,346 shares of the medical technology company’s stock worth $2,556,000 after buying an additional 521 shares during the period. HighTower Advisors LLC boosted its stake in Medtronic by 14.6% during the first quarter. HighTower Advisors LLC now owns 272,743 shares of the medical technology company’s stock worth $24,619,000 after buying an additional 34,658 shares during the period. Finally, Phoenix Holdings Ltd. purchased a new position in Medtronic during the first quarter worth about $1,764,000. 81.74% of the stock is owned by institutional investors.

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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Earnings History and Estimates for Medtronic (NYSE:MDT)

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