$7.09 Billion in Sales Expected for Medtronic PLC (MDT) This Quarter
Equities research analysts expect that Medtronic PLC (NYSE:MDT) will announce $7.09 billion in sales for the current quarter, according to Zacks Investment Research. Ten analysts have provided estimates for Medtronic PLC’s earnings, with the lowest sales estimate coming in at $7.05 billion and the highest estimate coming in at $7.12 billion. Medtronic PLC reported sales of $7.35 billion during the same quarter last year, which would suggest a negative year over year growth rate of 3.5%. The firm is expected to announce its next earnings results on Tuesday, November 28th.
According to Zacks, analysts expect that Medtronic PLC will report full-year sales of $7.09 billion for the current financial year, with estimates ranging from $29.15 billion to $29.72 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $30.38 billion per share, with estimates ranging from $29.87 billion to $31.16 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Medtronic PLC.
Medtronic PLC (NYSE:MDT) last released its earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.04. The company had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The business’s revenue was up 3.1% on a year-over-year basis. During the same quarter last year, the business earned $1.03 EPS.
A number of research firms recently issued reports on MDT. SunTrust Banks, Inc. restated a “buy” rating and set a $96.00 price objective on shares of Medtronic PLC in a research report on Monday. BidaskClub upgraded Medtronic PLC from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $96.00 target price on shares of Medtronic PLC in a research report on Thursday, September 28th. Zacks Investment Research lowered Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, UBS AG reiterated an “overweight” rating on shares of Medtronic PLC in a research note on Thursday, August 24th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $89.12.
Medtronic PLC (MDT) opened at 78.11 on Wednesday. The firm has a market capitalization of $105.81 billion, a price-to-earnings ratio of 26.29 and a beta of 1.01. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72. The stock’s 50 day moving average is $80.57 and its 200-day moving average is $83.40.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, September 29th will be paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Thursday, September 28th. Medtronic PLC’s dividend payout ratio is presently 61.95%.
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In other news, EVP Bryan C. Hanson sold 12,000 shares of the stock in a transaction on Monday, July 17th. The stock was sold at an average price of $88.57, for a total transaction of $1,062,840.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Omar Ishrak sold 140,407 shares of the stock in a transaction on Friday, September 15th. The shares were sold at an average price of $81.63, for a total value of $11,461,423.41. Following the sale, the chief executive officer now owns 668,503 shares of the company’s stock, valued at approximately $54,569,899.89. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Perpetual Ltd grew its holdings in shares of Medtronic PLC by 7.7% in the 2nd quarter. Perpetual Ltd now owns 11,245 shares of the medical technology company’s stock worth $998,000 after acquiring an additional 800 shares during the last quarter. Ardsley Advisory Partners raised its position in shares of Medtronic PLC by 100.0% during the second quarter. Ardsley Advisory Partners now owns 5,000 shares of the medical technology company’s stock worth $444,000 after purchasing an additional 2,500 shares during the period. Frontier Investment Mgmt Co. raised its position in shares of Medtronic PLC by 1.5% during the second quarter. Frontier Investment Mgmt Co. now owns 192,410 shares of the medical technology company’s stock worth $17,076,000 after purchasing an additional 2,844 shares during the period. Perigon Wealth Management LLC raised its position in shares of Medtronic PLC by 194.3% during the second quarter. Perigon Wealth Management LLC now owns 2,840 shares of the medical technology company’s stock worth $252,000 after purchasing an additional 1,875 shares during the period. Finally, Intl Fcstone Inc. acquired a new stake in shares of Medtronic PLC during the second quarter worth $935,000. 80.63% of the stock is owned by institutional investors and hedge funds.
Medtronic PLC Company Profile
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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