Medtronic (NYSE:MDT) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Medtronic (NYSE:MDT) released its quarterly earnings data on Thursday. The medical technology company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01, RTT News reports. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The company had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. During the same quarter last year, the company earned $1.57 earnings per share. The firm’s revenue for the quarter was up .5% on a year-over-year basis. Medtronic updated its FY25 guidance to $5.40-$5.50 EPS.

Medtronic Price Performance

Shares of NYSE MDT opened at $85.76 on Thursday. The firm has a market capitalization of $113.87 billion, a P/E ratio of 27.31, a PEG ratio of 2.78 and a beta of 0.78. Medtronic has a one year low of $68.84 and a one year high of $91.00. The company’s fifty day moving average is $82.90 and its two-hundred day moving average is $82.62. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a dividend of $0.70 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a dividend yield of 3.26%. Medtronic’s payout ratio is presently 87.90%.

Insiders Place Their Bets

In related news, EVP Michael Marinaro sold 854 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

MDT has been the topic of a number of research analyst reports. Mizuho raised their price objective on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Truist Financial lifted their price objective on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Oppenheimer lifted their price objective on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $94.91.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.