Brokers Issue Forecasts for Medtronic PLC’s Q3 2018 Earnings (MDT)
Medtronic PLC (NYSE:MDT) – Stock analysts at SunTrust Banks dropped their Q3 2018 earnings per share estimates for shares of Medtronic PLC in a research report issued to clients and investors on Tuesday. SunTrust Banks analyst B. Nudell now forecasts that the medical technology company will post earnings per share of $1.17 for the quarter, down from their previous estimate of $1.21. SunTrust Banks also issued estimates for Medtronic PLC’s Q3 2019 earnings at $1.29 EPS, FY2020 earnings at $5.69 EPS and FY2021 earnings at $6.17 EPS.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The company had revenue of $7.39 billion during the quarter, compared to the consensus estimate of $7.44 billion. During the same period in the previous year, the business earned $1.03 earnings per share. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. COPYRIGHT VIOLATION WARNING: This report was reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this report on another website, it was illegally copied and reposted in violation of US & international trademark and copyright laws. The original version of this report can be accessed at https://www.thecerbatgem.com/2017/08/25/brokers-issue-forecasts-for-medtronic-plcs-q3-2018-earnings-mdt.html.
Other equities research analysts also recently issued research reports about the stock. UBS AG reaffirmed a “buy” rating and set a $95.00 price target (up previously from $94.00) on shares of Medtronic PLC in a research note on Tuesday, May 30th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and set a $92.00 price target on shares of Medtronic PLC in a research note on Tuesday. Zacks Investment Research downgraded shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Friday. Jefferies Group LLC reaffirmed a “buy” rating and set a $103.00 price target on shares of Medtronic PLC in a research note on Thursday, August 3rd. Finally, BMO Capital Markets upped their price target on shares of Medtronic PLC from $87.00 to $94.00 and gave the company an “outperform” rating in a research note on Tuesday, May 30th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $88.93.
Medtronic PLC (NYSE MDT) traded up 0.32% during midday trading on Thursday, hitting $79.49. 1,515,531 shares of the stock were exchanged. Medtronic PLC has a 1-year low of $69.35 and a 1-year high of $89.72. The firm has a market capitalization of $108.26 billion, a P/E ratio of 26.76 and a beta of 1.02. The firm’s 50-day moving average price is $84.71 and its 200 day moving average price is $83.36.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 2.32%. This is a boost from Medtronic PLC’s previous quarterly dividend of $0.43. The ex-dividend date was Wednesday, July 5th. Medtronic PLC’s dividend payout ratio is presently 61.95%.
In other Medtronic PLC news, EVP Bryan C. Hanson sold 12,000 shares of the stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Richard H. Anderson bought 5,600 shares of the company’s stock in a transaction on Wednesday, June 21st. The shares were acquired at an average price of $88.90 per share, for a total transaction of $497,840.00. Following the completion of the acquisition, the director now owns 71,910 shares in the company, valued at $6,392,799. The disclosure for this purchase can be found here. 0.25% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Farmers & Merchants Investments Inc. boosted its position in shares of Medtronic PLC by 0.6% in the first quarter. Farmers & Merchants Investments Inc. now owns 162,775 shares of the medical technology company’s stock valued at $13,113,000 after buying an additional 1,007 shares during the last quarter. Benson Investment Management Company Inc. boosted its position in shares of Medtronic PLC by 2.2% in the first quarter. Benson Investment Management Company Inc. now owns 28,210 shares of the medical technology company’s stock valued at $2,273,000 after buying an additional 605 shares during the last quarter. Somerset Trust Co boosted its position in shares of Medtronic PLC by 32.3% in the first quarter. Somerset Trust Co now owns 57,322 shares of the medical technology company’s stock valued at $4,618,000 after buying an additional 14,001 shares during the last quarter. Private Wealth Partners LLC boosted its position in shares of Medtronic PLC by 10.6% in the first quarter. Private Wealth Partners LLC now owns 18,250 shares of the medical technology company’s stock valued at $1,470,000 after buying an additional 1,750 shares during the last quarter. Finally, Coastline Trust Co boosted its position in shares of Medtronic PLC by 8.1% in the first quarter. Coastline Trust Co now owns 11,065 shares of the medical technology company’s stock valued at $891,000 after buying an additional 825 shares during the last quarter. Institutional investors own 83.54% of the company’s stock.
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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