Leerink Swann Brokers Decrease Earnings Estimates for Medtronic PLC (MDT)
Medtronic PLC (NYSE:MDT) – Research analysts at Leerink Swann cut their Q3 2017 earnings per share (EPS) estimates for shares of Medtronic PLC in a report released on Tuesday. Leerink Swann analyst D. Antalffy now forecasts that the firm will earn $1.15 per share for the quarter, down from their previous estimate of $1.20. Leerink Swann also issued estimates for Medtronic PLC’s Q4 2017 earnings at $1.27 EPS, FY2017 earnings at $4.57 EPS, Q1 2018 earnings at $1.09 EPS, Q3 2018 earnings at $1.22 EPS, Q4 2018 earnings at $1.34 EPS, FY2018 earnings at $4.85 EPS, FY2019 earnings at $5.23 EPS and FY2020 earnings at $5.63 EPS.
Medtronic PLC (NYSE:MDT) last issued its earnings results on Tuesday, November 22nd. The medical technology company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 14.63% and a return on equity of 12.30%. The company’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.03 earnings per share.
A number of other research firms also recently weighed in on MDT. Zacks Investment Research raised shares of Medtronic PLC from a “hold” rating to a “buy” rating and set a $97.00 price target on the stock in a research note on Tuesday, August 9th. BMO Capital Markets cut their price target on shares of Medtronic PLC from $94.00 to $87.00 and set an “outperform” rating on the stock in a research note on Wednesday. Deutsche Bank AG reaffirmed a “buy” rating on shares of Medtronic PLC in a research note on Monday, October 31st. Vetr raised shares of Medtronic PLC from a “buy” rating to a “strong-buy” rating and set a $90.83 price target on the stock in a research note on Tuesday, November 1st. Finally, Jefferies Group cut their target price on shares of Medtronic PLC from $100.00 to $88.00 and set a “buy” rating on the stock in a research note on Wednesday. Seven analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Medtronic PLC has an average rating of “Buy” and a consensus price target of $88.47.
Shares of Medtronic PLC (NYSE:MDT) opened at 75.78 on Thursday. The stock has a market capitalization of $104.72 billion, a PE ratio of 29.49 and a beta of 1.01. Medtronic PLC has a 12 month low of $71.03 and a 12 month high of $89.27. The company has a 50-day moving average of $82.26 and a 200-day moving average of $84.71.
In other news, CEO Omar Ishrak sold 61,925 shares of Medtronic PLC stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $84.93, for a total value of $5,259,290.25. Following the transaction, the chief executive officer now owns 565,916 shares of the company’s stock, valued at approximately $48,063,245.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Bryan C. Hanson sold 15,000 shares of Medtronic PLC stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $87.00, for a total transaction of $1,305,000.00. Following the completion of the transaction, the executive vice president now directly owns 168,192 shares in the company, valued at $14,632,704. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company purchased a new position in Medtronic PLC during the third quarter valued at $429,674,000. Emerald Acquisition Ltd. purchased a new position in Medtronic PLC during the second quarter valued at $363,065,000. Janus Capital Management LLC increased its position 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 during the period. Standard Life Investments LTD increased its position 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 during the period. Finally, Tesco Pension Investment Ltd purchased a new position in Medtronic PLC during the third quarter valued at $198,656,000. 81.25% of the stock is currently owned by institutional investors and hedge funds.
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About Medtronic PLC
Medtronic Public Limited Company (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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