Medtronic (NYSE:MDT) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

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

Medtronic Trading Up 0.7 %

NYSE:MDT opened at $85.76 on Thursday. The stock has a market cap of $113.87 billion, a price-to-earnings ratio of 27.31, a PEG ratio of 2.78 and a beta of 0.78. The company’s 50 day moving average price is $82.90 and its 200-day moving average price is $82.62. Medtronic has a 52 week low of $68.84 and a 52 week high of $91.00. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.26%. This is a boost from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is 87.90%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MDT shares. Truist Financial boosted their price objective on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, February 21st. Mizuho upped their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Finally, Oppenheimer upped their price target 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $94.91.

Insiders Place Their Bets

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

Medtronic Company Profile

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.