Medtronic (NYSE:MDT) Issues Earnings Results

Medtronic (NYSE:MDT – Get Rating) issued its earnings results on Thursday. The medical technology company reported $1.52 EPS for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.04), MarketWatch Earnings reports. Medtronic had a net margin of 15.46% and a return on equity of 14.57%. The firm had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $8.43 billion. During the same quarter in the prior year, the company earned $1.50 EPS. Medtronic’s quarterly revenue was down 1.2% on a year-over-year basis. Medtronic updated its FY 2023 guidance to $5.53-$5.65 EPS.

Medtronic stock opened at $99.44 on Friday. The company has a fifty day simple moving average of $107.19 and a 200-day simple moving average of $107.19. The firm has a market capitalization of $133.40 billion, a price-to-earnings ratio of 27.39, a PEG ratio of 2.34 and a beta of 0.74. The company has a quick ratio of 2.10, a current ratio of 2.61 and a debt-to-equity ratio of 0.46. Medtronic has a 52-week low of $98.18 and a 52-week high of $135.89.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 22nd. Shareholders of record on Friday, March 25th were issued a $0.63 dividend. The ex-dividend date was Thursday, March 24th. This represents a $2.52 dividend on an annualized basis and a yield of 2.53%. Medtronic’s payout ratio is currently 69.42%.

Several brokerages recently issued reports on MDT. Sanford C. Bernstein reissued a “buy” rating and set a $122.00 target price on shares of Medtronic in a report on Friday, May 20th. Piper Sandler reduced their price objective on Medtronic from $105.00 to $100.00 in a research note on Thursday. Credit Suisse Group lowered their target price on Medtronic from $142.00 to $135.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 23rd. Citigroup reduced their price target on Medtronic from $120.00 to $117.00 in a research report on Friday. Finally, Needham & Company LLC lowered Medtronic from a “buy” rating to a “hold” rating in a research report on Friday. Eleven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $124.96.

In related news, SVP Carol A. Surface sold 6,000 shares of Medtronic stock in a transaction that occurred on Friday, March 11th. The stock was sold at an average price of $105.30, for a total transaction of $631,800.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Karen L. Parkhill sold 682 shares of the company’s stock in a transaction on Friday, March 18th. The shares were sold at an average price of $110.00, for a total value of $75,020.00. The disclosure for this sale can be found here. 0.47% of the stock is owned by corporate insiders.

A number of institutional investors have recently modified their holdings of the stock. Morgan Stanley boosted its stake in Medtronic by 8.2% during the second quarter. Morgan Stanley now owns 13,000,437 shares of the medical technology company’s stock worth $1,613,745,000 after buying an additional 981,186 shares during the period. Center for Financial Planning Inc. boosted its position in shares of Medtronic by 5.1% during the 3rd quarter. Center for Financial Planning Inc. now owns 3,013 shares of the medical technology company’s stock worth $378,000 after purchasing an additional 146 shares during the period. Heritage Wealth Advisors increased its holdings in Medtronic by 11.4% in the 4th quarter. Heritage Wealth Advisors now owns 148,333 shares of the medical technology company’s stock valued at $15,345,000 after purchasing an additional 15,159 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new stake in Medtronic in the fourth quarter valued at approximately $662,000. Finally, Flagship Harbor Advisors LLC lifted its stake in Medtronic by 4.3% during the fourth quarter. Flagship Harbor Advisors LLC now owns 11,935 shares of the medical technology company’s stock worth $1,235,000 after purchasing an additional 488 shares in the last quarter. Institutional investors own 80.23% of the company’s stock.

About Medtronic (Get Rating)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.

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