Medtronic (NYSE:MDT) Announces Earnings Results

Medtronic (NYSE:MDT) announced its quarterly earnings results on Tuesday. The medical technology company reported $1.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.14, RTT News reports. The company had revenue of $7.78 billion during the quarter, compared to the consensus estimate of $7.77 billion. Medtronic had a return on equity of 9.71% and a net margin of 12.69%. Medtronic’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the previous year, the business earned $1.44 EPS.

Shares of Medtronic stock traded up $2.55 during trading hours on Tuesday, hitting $118.30. 125,466 shares of the company’s stock traded hands, compared to its average volume of 4,571,249. The company has a quick ratio of 1.79, a current ratio of 2.16 and a debt-to-equity ratio of 0.52. Medtronic has a twelve month low of $72.13 and a twelve month high of $120.53. The stock has a 50 day simple moving average of $116.82 and a 200-day simple moving average of $110.18. The company has a market cap of $159.23 billion, a PE ratio of 44.18, a PEG ratio of 3.65 and a beta of 0.70.

Several analysts have recently weighed in on MDT shares. Oppenheimer boosted their target price on Medtronic from $122.00 to $128.00 and gave the company an “outperform” rating in a report on Wednesday, November 25th. Piper Sandler boosted their target price on Medtronic from $120.00 to $130.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 24th. Wells Fargo & Company boosted their target price on Medtronic from $118.00 to $127.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 18th. Truist boosted their target price on Medtronic to $128.00 and gave the stock a “buy” rating in a research report on Wednesday, November 25th. Finally, Credit Suisse Group boosted their price target on Medtronic from $118.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $120.93.

In other Medtronic news, SVP Carol A. Surface sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, December 28th. The shares were sold at an average price of $114.90, for a total value of $1,723,500.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Robert John White sold 10,930 shares of the firm’s stock in a transaction that occurred on Friday, December 18th. The shares were sold at an average price of $115.46, for a total transaction of $1,261,977.80. Following the completion of the sale, the executive vice president now owns 55,852 shares in the company, valued at approximately $6,448,671.92. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.

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 for Medtronic (NYSE:MDT)

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