Zacks: Brokerages Anticipate Medtronic PLC (MDT) Will Announce Quarterly Sales of $8.11 Billion

Equities research analysts predict that Medtronic PLC (NYSE:MDT) will report sales of $8.11 billion for the current quarter, Zacks reports. Eleven analysts have provided estimates for Medtronic’s earnings, with the highest sales estimate coming in at $8.20 billion and the lowest estimate coming in at $8.08 billion. Medtronic reported sales of $8.14 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 0.4%. The firm is expected to announce its next quarterly earnings report before the market opens on Thursday, May 23rd.

On average, analysts expect that Medtronic will report full year sales of $30.52 billion for the current fiscal year, with estimates ranging from $30.49 billion to $30.61 billion. For the next year, analysts expect that the company will report sales of $31.63 billion, with estimates ranging from $31.35 billion to $32.04 billion. Zacks’ sales calculations are an average based on a survey of research firms that follow Medtronic.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 19th. The medical technology company reported $1.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.05. Medtronic had a return on equity of 13.85% and a net margin of 16.10%. The business had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.53 billion. During the same period in the prior year, the business posted $1.17 earnings per share. The firm’s revenue was up 2.4% on a year-over-year basis.



MDT has been the topic of a number of research analyst reports. Barclays restated a “buy” rating and set a $104.00 price target on shares of Medtronic in a report on Wednesday, February 20th. Oppenheimer set a $104.00 price target on Medtronic and gave the stock a “buy” rating in a report on Wednesday, February 20th. Northland Securities restated a “hold” rating and set a $84.00 price target on shares of Medtronic in a report on Monday, March 18th. Zacks Investment Research upgraded Medtronic from a “sell” rating to a “hold” rating in a report on Monday. Finally, Wells Fargo & Co cut their price target on Medtronic from $101.00 to $100.00 and set a “market perform” rating on the stock in a report on Thursday, April 4th. Ten research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Medtronic presently has an average rating of “Buy” and a consensus price target of $103.39.

Shares of MDT stock opened at $87.77 on Friday. Medtronic has a one year low of $81.66 and a one year high of $100.15. The company has a market capitalization of $117.66 billion, a P/E ratio of 18.40, a P/E/G ratio of 2.18 and a beta of 0.78. The company has a current ratio of 2.36, a quick ratio of 1.92 and a debt-to-equity ratio of 0.47.

Large investors have recently modified their holdings of the company. Mosaic Family Wealth LLC raised its position in Medtronic by 2.2% in the 1st quarter. Mosaic Family Wealth LLC now owns 5,348 shares of the medical technology company’s stock valued at $487,000 after buying an additional 117 shares during the last quarter. Hanson McClain Inc. raised its position in Medtronic by 1.7% in the 4th quarter. Hanson McClain Inc. now owns 7,321 shares of the medical technology company’s stock valued at $666,000 after buying an additional 125 shares during the last quarter. Patriot Financial Group Insurance Agency LLC raised its position in Medtronic by 3.1% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 4,129 shares of the medical technology company’s stock valued at $376,000 after buying an additional 126 shares during the last quarter. IBM Retirement Fund raised its position in Medtronic by 0.5% in the 1st quarter. IBM Retirement Fund now owns 23,187 shares of the medical technology company’s stock valued at $2,112,000 after buying an additional 126 shares during the last quarter. Finally, Abbrea Capital LLC raised its position in Medtronic by 3.0% in the 4th quarter. Abbrea Capital LLC now owns 4,384 shares of the medical technology company’s stock valued at $401,000 after buying an additional 128 shares during the last quarter. 81.52% of the stock is currently 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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