$7.98 Billion in Sales Expected for Medtronic plc (NYSE:MDT) This Quarter

Brokerages forecast that Medtronic plc (NYSE:MDT) will post sales of $7.98 billion for the current quarter, Zacks reports. Nine analysts have issued estimates for Medtronic’s earnings, with estimates ranging from $7.94 billion to $8.01 billion. Medtronic reported sales of $7.65 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.3%. The business is scheduled to report its next quarterly earnings results on Tuesday, November 23rd.

According to Zacks, analysts expect that Medtronic will report full-year sales of $33.00 billion for the current year, with estimates ranging from $32.91 billion to $33.16 billion. For the next financial year, analysts expect that the company will report sales of $34.79 billion, with estimates ranging from $34.35 billion to $35.24 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Medtronic.

Medtronic (NYSE:MDT) last issued its earnings results on Monday, August 23rd. The medical technology company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.09. Medtronic had a return on equity of 13.85% and a net margin of 12.29%. The business had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.88 billion. During the same period last year, the company posted $0.62 EPS. The business’s quarterly revenue was up 22.7% on a year-over-year basis.

A number of analysts recently issued reports on MDT shares. Credit Suisse Group increased their target price on shares of Medtronic from $137.00 to $146.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 25th. Barclays initiated coverage on shares of Medtronic in a research report on Monday, May 24th. They issued an “equal weight” rating and a $145.00 price objective for the company. SVB Leerink lifted their target price on shares of Medtronic from $129.00 to $138.00 and gave the company a “market perform” rating in a report on Friday, May 28th. Oppenheimer increased their price target on Medtronic from $134.00 to $147.00 and gave the company an “outperform” rating in a report on Friday, May 28th. Finally, Truist Securities raised their price objective on Medtronic from $138.00 to $148.00 and gave the company a “buy” rating in a research report on Wednesday, August 25th. Five equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic has a consensus rating of “Buy” and a consensus price target of $144.18.

In other Medtronic news, EVP Sean Salmon sold 28,419 shares of Medtronic stock in a transaction that occurred on Wednesday, August 25th. The stock was sold at an average price of $134.08, for a total value of $3,810,419.52. Following the completion of the transaction, the executive vice president now directly owns 54,458 shares in the company, valued at $7,301,728.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Bradley E. Lerman sold 50,775 shares of the firm’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 value of $6,812,481.75. The disclosure for this sale can be found here. Insiders sold 106,390 shares of company stock valued at $14,140,470 over the last quarter. Insiders own 0.47% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Grandview Asset Management LLC acquired a new stake in shares of Medtronic in the 1st quarter worth about $25,000. Solstein Capital LLC bought a new position in Medtronic in the 1st quarter worth about $33,000. Altshuler Shaham Ltd bought a new position in Medtronic in the 1st quarter worth about $34,000. Corbenic Partners LLC increased its stake in shares of Medtronic by 264.2% in the second quarter. Corbenic Partners LLC now owns 295 shares of the medical technology company’s stock valued at $37,000 after purchasing an additional 214 shares during the period. Finally, Itau Unibanco Holding S.A. bought a new stake in shares of Medtronic during the second quarter valued at approximately $39,000. 79.59% of the stock is owned by institutional investors.

Shares of Medtronic stock traded down $0.73 during trading hours on Friday, reaching $130.92. The stock had a trading volume of 2,991,478 shares, compared to its average volume of 4,364,466. The firm has a market capitalization of $175.94 billion, a price-to-earnings ratio of 45.78, a P/E/G ratio of 2.62 and a beta of 0.80. Medtronic has a 1 year low of $98.94 and a 1 year high of $135.89. 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 50 day simple moving average of $130.01 and a two-hundred day simple moving average of $125.87.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Friday, September 24th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Thursday, September 23rd. This represents a $2.52 annualized dividend and a dividend yield of 1.92%.

About Medtronic

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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