Medtronic (NYSE:MDT) Posts Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Medtronic (NYSE:MDTGet Rating) released its quarterly earnings data on Thursday. The medical technology company reported $1.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.56 by ($0.04), RTT News reports. Medtronic had a return on equity of 14.57% and a net margin of 15.46%. The business had revenue of $8.09 billion during the quarter, compared to analyst estimates of $8.43 billion. During the same period in the previous year, the company earned $1.50 EPS. Medtronic’s revenue was down 1.2% on a year-over-year basis. Medtronic updated its FY 2023 guidance to $5.53-$5.65 EPS.

Medtronic stock opened at $105.54 on Thursday. The firm’s 50-day moving average is $107.40 and its 200-day moving average is $107.36. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.10 and a current ratio of 2.61. Medtronic has a 1 year low of $98.38 and a 1 year high of $135.89. The company has a market cap of $141.59 billion, a P/E ratio of 29.07, a PEG ratio of 2.34 and a beta of 0.74.

The firm also recently declared a quarterly dividend, which was paid on Friday, April 22nd. Stockholders of record on Friday, March 25th were given a $0.63 dividend. The ex-dividend date of this dividend was Thursday, March 24th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.39%. Medtronic’s payout ratio is currently 69.42%.

In related news, CFO Karen L. Parkhill sold 682 shares of Medtronic stock in a transaction dated Friday, March 18th. The shares were sold at an average price of $110.00, for a total value of $75,020.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Carol A. Surface sold 6,000 shares of Medtronic stock in a transaction dated Friday, March 11th. The shares were sold at an average price of $105.30, for a total transaction of $631,800.00. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.

Large investors have recently modified their holdings of the stock. Morgan Stanley raised its position in shares of Medtronic by 8.2% during the 2nd quarter. Morgan Stanley now owns 13,000,437 shares of the medical technology company’s stock worth $1,613,745,000 after buying an additional 981,186 shares in the last quarter. Royal London Asset Management Ltd. bought a new stake in shares of Medtronic during the 1st quarter worth about $54,471,000. Eaton Vance Management grew its stake in shares of Medtronic by 38.6% in the 1st quarter. Eaton Vance Management now owns 1,452,169 shares of the medical technology company’s stock worth $161,117,000 after purchasing an additional 404,137 shares during the last quarter. Avalon Investment & Advisory grew its stake in shares of Medtronic by 229.4% in the 1st quarter. Avalon Investment & Advisory now owns 347,498 shares of the medical technology company’s stock worth $38,555,000 after purchasing an additional 241,991 shares during the last quarter. Finally, Edgar Lomax Co. VA acquired a new position in shares of Medtronic in the 1st quarter worth approximately $20,953,000. Hedge funds and other institutional investors own 80.23% of the company’s stock.

MDT has been the subject of several recent research reports. Cowen set a $125.00 price objective on shares of Medtronic and gave the stock an “outperform” rating in a research report on Monday. Cowen increased their price objective on shares of Medtronic to $125.00 in a research report on Monday. Bank of America assumed coverage on shares of Medtronic in a research report on Tuesday, March 1st. They issued a “buy” rating for the company. SVB Leerink reaffirmed a “market perform” rating on shares of Medtronic in a report on Wednesday, April 13th. Finally, Needham & Company LLC lowered their price target on shares of Medtronic from $128.00 to $124.00 and set a “buy” rating for the company in a report on Wednesday, February 23rd. Ten investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $126.52.

About Medtronic (Get Rating)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.

See Also

Earnings History for Medtronic (NYSE:MDT)

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