Medtronic PLC (MDT) Announces Quarterly Earnings Results
Medtronic PLC (NYSE:MDT) announced its quarterly earnings results on Tuesday. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.01. The firm had revenue of $7.35 billion for the quarter, compared to analyst estimates of $7.46 billion. Medtronic PLC had a net margin of 12.70% and a return on equity of 12.06%. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.03 EPS. Medtronic PLC updated its FY17 guidance to $4.55-4.60 EPS.
Medtronic PLC (NYSE:MDT) opened at 73.60 on Wednesday. Medtronic PLC has a 52-week low of $71.03 and a 52-week high of $89.27. The firm’s 50-day moving average price is $82.54 and its 200-day moving average price is $84.78. The firm has a market cap of $101.71 billion, a P/E ratio of 28.64 and a beta of 1.01.
In other Medtronic PLC news, Director Kendall J. Powell sold 7,907 shares of the business’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $85.45, for a total transaction of $675,653.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Bryan C. Hanson sold 15,000 shares of the business’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $87.00, for a total value of $1,305,000.00. Following the sale, the executive vice president now directly owns 168,192 shares of the company’s stock, valued at approximately $14,632,704. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in MDT. The Manufacturers Life Insurance Company bought a new stake in Medtronic PLC during the third quarter valued at about $429,674,000. Emerald Acquisition Ltd. bought a new stake in Medtronic PLC during the second quarter valued at about $363,065,000. Janus Capital Management LLC raised its stake in Medtronic PLC by 356.8% in the second quarter. Janus Capital Management LLC now owns 4,004,962 shares of the medical technology company’s stock valued at $347,508,000 after buying an additional 3,128,250 shares in the last quarter. Standard Life Investments LTD raised its stake in Medtronic PLC by 4,597.8% in the second quarter. Standard Life Investments LTD now owns 2,419,371 shares of the medical technology company’s stock valued at $209,954,000 after buying an additional 2,367,871 shares in the last quarter. Finally, Tesco Pension Investment Ltd bought a new stake in Medtronic PLC during the third quarter valued at about $198,656,000. 81.25% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently commented on MDT shares. Needham & Company LLC restated a “buy” rating and issued a $84.00 target price on shares of Medtronic PLC in a research note on Tuesday. Vetr downgraded shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating and set a $91.28 target price on the stock. in a research note on Monday. 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 note on Tuesday, August 9th. Jefferies Group restated a “buy” rating and issued a $93.00 target price on shares of Medtronic PLC in a research note on Thursday, August 25th. Finally, Cowen and Company set a $94.00 target price on shares of Medtronic PLC and gave the company a “buy” rating in a research note on Tuesday, August 23rd. Six research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Medtronic PLC has a consensus rating of “Buy” and a consensus price target of $89.49.
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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