Medtronic (MDT) Issues Earnings Results, Beats Expectations By $0.07 EPS
Medtronic (NYSE:MDT) posted its quarterly earnings data on Tuesday. The medical technology company reported $1.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.07, Morningstar.com reports. Medtronic had a net margin of 10.56% and a return on equity of 12.98%. The company had revenue of $7.48 billion for the quarter, compared to analyst estimates of $7.35 billion. During the same period in the prior year, the company posted $1.07 EPS. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. Medtronic updated its FY 2019 guidance to $5.10-5.15 EPS and its FY19 guidance to $5.10-5.15 EPS.
NYSE MDT opened at $90.37 on Tuesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.06 and a current ratio of 2.46. Medtronic has a 52-week low of $76.41 and a 52-week high of $100.15. The company has a market cap of $126.54 billion, a PE ratio of 18.95, a price-to-earnings-growth ratio of 2.49 and a beta of 0.94.
A number of research firms recently weighed in on MDT. Royal Bank of Canada increased their price objective on shares of Medtronic to $109.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 3rd. Oppenheimer reissued a “buy” rating on shares of Medtronic in a research report on Friday, September 21st. Argus increased their price objective on shares of Medtronic from $108.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 8th. ValuEngine raised shares of Medtronic from a “hold” rating to a “buy” rating in a research report on Friday, September 7th. Finally, Zacks Investment Research raised shares of Medtronic from a “sell” rating to a “hold” rating in a research report on Thursday, August 23rd. Eight analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $102.58.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ballew Advisors Inc bought a new position in shares of Medtronic during the second quarter valued at approximately $100,000. Polaris Greystone Financial Group LLC boosted its stake in shares of Medtronic by 255.1% during the third quarter. Polaris Greystone Financial Group LLC now owns 1,321 shares of the medical technology company’s stock valued at $130,000 after purchasing an additional 949 shares in the last quarter. Fort L.P. bought a new position in shares of Medtronic during the second quarter valued at approximately $121,000. Amussen Hunsaker Associates LLC boosted its stake in shares of Medtronic by 87.4% during the third quarter. Amussen Hunsaker Associates LLC now owns 1,535 shares of the medical technology company’s stock valued at $141,000 after purchasing an additional 716 shares in the last quarter. Finally, Trustcore Financial Services LLC boosted its stake in Medtronic by 97.3% in the second quarter. Trustcore Financial Services LLC now owns 1,760 shares of the medical technology company’s stock valued at $151,000 after acquiring an additional 868 shares in the last quarter. Hedge funds and other institutional investors own 79.56% of the company’s stock.
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Medtronic Company Profile
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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