Medtronic (NYSE:MDT – Get Rating) posted its earnings results on Tuesday. The medical technology company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.28 by $0.02, RTT News reports. The firm had revenue of $7.59 billion for the quarter, compared to analyst estimates of $7.70 billion. Medtronic had a return on equity of 13.64% and a net margin of 16.75%. Medtronic’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.32 earnings per share. Medtronic updated its FY 2023 guidance to $5.25-$5.30 EPS and its FY23 guidance to $5.25-5.30 EPS.
Medtronic Price Performance
Shares of NYSE:MDT opened at $77.93 on Wednesday. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.33. The company has a market cap of $103.58 billion, a P/E ratio of 20.14, a PEG ratio of 2.19 and a beta of 0.77. Medtronic has a 52 week low of $76.60 and a 52 week high of $115.61. The company has a 50-day moving average price of $83.79 and a 200 day moving average price of $89.87.
Analyst Ratings Changes
Several equities analysts recently commented on the company. Barclays assumed coverage on Medtronic in a report on Monday, October 17th. They issued an “equal weight” rating and a $90.00 target price on the stock. Deutsche Bank Aktiengesellschaft lowered Medtronic from a “buy” rating to a “hold” rating and set a $85.00 price objective on the stock. in a report on Wednesday, November 16th. TheStreet lowered Medtronic from a “b-” rating to a “c+” rating in a report on Monday, August 1st. Truist Financial dropped their price objective on Medtronic from $97.00 to $89.00 and set a “hold” rating on the stock in a report on Monday, October 17th. Finally, Raymond James lowered Medtronic from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 24th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $106.33.
Insider Activity at Medtronic
Institutional Investors Weigh In On Medtronic
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Industrial Alliance Investment Management Inc. lifted its position in shares of Medtronic by 50.8% during the 3rd quarter. Industrial Alliance Investment Management Inc. now owns 9,447 shares of the medical technology company’s stock valued at $763,000 after acquiring an additional 3,183 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of Medtronic by 1.9% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 52,298 shares of the medical technology company’s stock valued at $4,223,000 after acquiring an additional 955 shares during the period. Captrust Financial Advisors lifted its position in shares of Medtronic by 38.2% during the 3rd quarter. Captrust Financial Advisors now owns 167,560 shares of the medical technology company’s stock valued at $13,530,000 after acquiring an additional 46,308 shares during the period. Ascent Group LLC lifted its position in shares of Medtronic by 27.4% during the 3rd quarter. Ascent Group LLC now owns 5,414 shares of the medical technology company’s stock valued at $473,000 after acquiring an additional 1,166 shares during the period. Finally, Fred Alger Management LLC lifted its position in shares of Medtronic by 15.9% during the 3rd quarter. Fred Alger Management LLC now owns 23,999 shares of the medical technology company’s stock valued at $1,938,000 after acquiring an additional 3,290 shares during the period. 79.81% of the stock is currently owned by institutional investors and hedge funds.
Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.
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