Medtronic (NYSE:MDT) Updates FY 2022 Earnings Guidance

Medtronic (NYSE:MDT) issued an update on its FY 2022 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $5.650-$5.750 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $5.710. The company issued revenue guidance of -.Medtronic also updated its FY22 guidance to $5.65-5.75 EPS.

Several analysts recently weighed in on the company. Truist dropped their price objective on Medtronic from $148.00 to $142.00 and set a buy rating for the company in a research report on Wednesday. Morgan Stanley lowered their target price on Medtronic from $154.00 to $145.00 and set an overweight rating for the company in a report on Wednesday. Truist Securities decreased their price target on Medtronic from $148.00 to $142.00 and set a buy rating for the company in a research note on Wednesday. Raymond James raised their target price on Medtronic from $135.00 to $142.00 and gave the company an outperform rating in a report on Wednesday, August 25th. Finally, Oppenheimer dropped their price target on Medtronic from $150.00 to $145.00 and set an outperform rating on the stock in a report on Wednesday. Five research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Buy and a consensus price target of $142.50.

Shares of NYSE:MDT traded up $1.06 on Thursday, hitting $114.44. 5,588,711 shares of the company were exchanged, compared to its average volume of 4,477,333. Medtronic has a 1-year low of $110.06 and a 1-year high of $135.89. The stock’s 50 day moving average price is $123.16 and its 200 day moving average price is $126.17. The company has a current ratio of 2.89, a quick ratio of 2.34 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $153.80 billion, a P/E ratio of 40.01, a price-to-earnings-growth ratio of 3.09 and a beta of 0.76.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 23rd. The medical technology company reported $1.32 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.29 by $0.03. Medtronic had a net margin of 12.29% and a return on equity of 13.85%. The business had revenue of $7.85 billion during the quarter, compared to the consensus estimate of $7.98 billion. During the same period in the previous year, the firm posted $1.02 earnings per share. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. On average, equities analysts predict that Medtronic will post 5.69 EPS for the current fiscal year.

In other news, SVP Bradley E. Lerman sold 49,147 shares of the company’s stock in a transaction that occurred on Thursday, September 30th. The shares were sold at an average price of $126.58, for a total value of $6,221,027.26. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Bradley E. Lerman sold 50,775 shares of the company’s stock in a transaction that occurred on Tuesday, August 31st. The stock was sold at an average price of $134.17, for a total transaction of $6,812,481.75. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by corporate insiders.

An institutional investor recently raised its position in Medtronic stock. Morgan Stanley boosted its holdings in shares of Medtronic plc (NYSE:MDT) by 8.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 13,000,437 shares of the medical technology company’s stock after purchasing an additional 981,186 shares during the period. Morgan Stanley owned approximately 0.97% of Medtronic worth $1,613,745,000 as of its most recent filing with the SEC. Institutional investors own 79.58% of the company’s stock.

Medtronic Company Profile

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group.

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Earnings History and Estimates for Medtronic (NYSE:MDT)

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