Medtronic (NYSE:MDT) Issues Quarterly Earnings Results

Medtronic (NYSE:MDT) issued its quarterly earnings results on Monday. The medical technology company reported $1.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.29 by $0.03, MarketWatch Earnings reports. Medtronic had a return on equity of 13.85% and a net margin of 12.29%. The firm had revenue of $7.85 billion for the quarter, compared to analyst estimates of $7.98 billion. During the same period in the previous year, the firm earned $1.02 earnings per share. The company’s revenue was up 3.2% compared to the same quarter last year.

Shares of Medtronic stock opened at $114.44 on Thursday. The stock has a fifty day simple moving average of $123.16 and a 200 day simple moving average of $126.17. Medtronic has a 12-month low of $110.06 and a 12-month high of $135.89. The company has a market capitalization of $153.80 billion, a P/E ratio of 40.01, a price-to-earnings-growth ratio of 3.09 and a beta of 0.76. The company has a current ratio of 2.89, a quick ratio of 2.34 and a debt-to-equity ratio of 0.50.

In other news, SVP Bradley E. Lerman sold 50,775 shares of the company’s stock in a transaction on Tuesday, August 31st. The stock was sold at an average price of $134.17, for a total transaction of $6,812,481.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Bradley E. Lerman sold 49,147 shares of the stock in a transaction dated Thursday, September 30th. The stock was sold at an average price of $126.58, for a total value of $6,221,027.26. The disclosure for this sale can be found here. 0.47% of the stock is owned by corporate insiders.

An institutional investor recently raised its position in Medtronic stock. Morgan Stanley boosted its holdings in Medtronic plc (NYSE:MDT) by 8.2% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,000,437 shares of the medical technology company’s stock after acquiring an additional 981,186 shares during the quarter. Morgan Stanley owned 0.97% of Medtronic worth $1,613,745,000 at the end of the most recent reporting period. 79.58% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have issued reports on MDT. Truist dropped their price target on Medtronic from $148.00 to $142.00 and set a “buy” rating on the stock in a research note on Wednesday. Wells Fargo & Company dropped their price target on Medtronic from $144.00 to $137.00 and set an “overweight” rating on the stock in a research note on Wednesday. UBS Group boosted their price target on Medtronic from $145.00 to $149.00 and gave the company a “buy” rating in a research note on Wednesday, August 25th. Stifel Nicolaus boosted their price target on Medtronic from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, August 25th. Finally, Credit Suisse Group boosted their price objective on Medtronic from $137.00 to $146.00 and gave the company an “outperform” rating in a report on Wednesday, August 25th. Five research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of “Buy” and a consensus price target of $142.50.

Medtronic Company Profile

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group.

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Earnings History for Medtronic (NYSE:MDT)

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