Medtronic PLC (MDT) Issues FY17 Earnings Guidance
Medtronic PLC (NYSE:MDT) updated its FY17 earnings guidance on Tuesday. The company provided EPS guidance of $4.55-4.60 for the period, compared to the Thomson Reuters consensus EPS estimate of $4.65.
Several equities analysts have commented on the stock. Vetr lowered shares of Medtronic PLC from a strong-buy rating to a buy rating and set a $91.28 price target on the stock. in a research note on Monday. Needham & Company LLC raised their target price on shares of Medtronic PLC from $93.00 to $95.00 and gave the stock a buy rating in a research report on Thursday, August 25th. Zacks Investment Research upgraded shares of Medtronic PLC from a hold rating to a buy rating and set a $97.00 target price on the stock in a research report on Tuesday, August 9th. Jefferies Group restated a buy rating and set a $93.00 target price on shares of Medtronic PLC in a research report on Thursday, August 25th. Finally, Cowen and Company set a $94.00 target price on shares of Medtronic PLC and gave the stock a buy rating in a research report on Tuesday, August 23rd. Six research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $90.04.
Shares of Medtronic PLC (NYSE:MDT) opened at 80.58 on Tuesday. Medtronic PLC has a 52-week low of $71.03 and a 52-week high of $89.27. The stock has a market cap of $111.36 billion, a PE ratio of 31.35 and a beta of 1.01. The company’s 50-day moving average price is $82.90 and its 200-day moving average price is $84.82.
Medtronic PLC (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 22nd. The medical technology company reported $1.12 EPS for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.01. The firm earned $7.35 billion during the quarter, compared to the consensus estimate of $7.46 billion. Medtronic PLC had a return on equity of 12.06% and a net margin of 12.70%. The firm’s revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.03 EPS. Analysts expect that Medtronic PLC will post $4.66 earnings per share for the current year.
In related news, CEO Omar Ishrak sold 61,925 shares of the company’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $84.93, for a total transaction of $5,259,290.25. Following the completion of the transaction, the chief executive officer now directly owns 565,916 shares in the company, valued at approximately $48,063,245.88. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Bryan C. Hanson sold 15,000 shares of the company’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $87.00, for a total value of $1,305,000.00. Following the transaction, the executive vice president now owns 168,192 shares of the company’s stock, valued at $14,632,704. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its position in Medtronic PLC by 2.0% in the second quarter. Fifth Third Bancorp now owns 725,405 shares of the medical technology company’s stock valued at $62,944,000 after buying an additional 14,158 shares during the last quarter. Cleararc Capital Inc. boosted its position in Medtronic PLC by 43.6% in the second quarter. Cleararc Capital Inc. now owns 62,296 shares of the medical technology company’s stock valued at $5,405,000 after buying an additional 18,925 shares during the last quarter. Lakeview Capital Partners LLC acquired a new position in Medtronic PLC during the second quarter valued at about $727,000. Public Sector Pension Investment Board boosted its position in Medtronic PLC by 17.1% in the second quarter. Public Sector Pension Investment Board now owns 266,513 shares of the medical technology company’s stock valued at $23,125,000 after buying an additional 38,900 shares during the last quarter. Finally, Alerus Financial NA acquired a new position in Medtronic PLC during the second quarter valued at about $5,775,000. 81.25% of the stock is owned by institutional investors.
About Medtronic PLC
Medtronic plc (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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