Medtronic (NYSE:MDT) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Medtronic (NYSE:MDT) released its earnings results on Tuesday. The medical technology company reported $1.32 earnings per share 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 company had revenue of $7.85 billion for the quarter, compared to the consensus estimate of $7.98 billion. During the same period in the previous year, the business earned $1.02 earnings per share. Medtronic’s quarterly revenue was up 3.2% compared to the same quarter last year. Medtronic updated its FY 2022 guidance to $5.650-$5.750 EPS and its FY22 guidance to $5.65-5.75 EPS.

NYSE MDT opened at $114.44 on Thursday. The stock’s fifty day moving average price is $123.16 and its 200 day moving average price is $126.17. The company has a market cap of $153.80 billion, a price-to-earnings ratio of 40.01, a PEG ratio of 3.09 and a beta of 0.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.89 and a quick ratio of 2.34. Medtronic has a 1 year low of $110.06 and a 1 year high of $135.89.

MDT has been the topic of several research reports. Citigroup reduced their target price on Medtronic from $153.00 to $146.00 and set a “buy” rating on the stock in a report on Wednesday. Oppenheimer reduced their price objective on Medtronic from $150.00 to $145.00 and set an “outperform” rating on the stock in a research note on Wednesday. Needham & Company LLC cut their target price on Medtronic from $152.00 to $145.00 and set a “buy” rating on the stock in a research note on Tuesday. Truist cut their target price on Medtronic from $148.00 to $142.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Morgan Stanley cut their target price on Medtronic from $154.00 to $145.00 and set an “overweight” rating on the stock in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $142.50.

In other Medtronic news, SVP Bradley E. Lerman sold 49,147 shares of the firm’s stock in a transaction that occurred on Thursday, September 30th. The shares were sold at an average price of $126.58, for a total value of $6,221,027.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Bradley E. Lerman sold 50,775 shares of the firm’s stock in a transaction that occurred 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 disclosure for this sale can be found here. 0.47% of the stock is currently owned by company insiders.

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

About Medtronic

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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