Medtronic (NYSE:MDT) Issues Earnings Results

Medtronic (NYSE:MDT – Get Rating) released its earnings results on Thursday. The medical technology company reported $1.52 EPS for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.04), RTT News reports. Medtronic had a return on equity of 14.57% and a net margin of 15.46%. The firm had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $8.43 billion. During the same quarter in the previous year, the business posted $1.50 EPS. Medtronic’s revenue was down 1.2% on a year-over-year basis. Medtronic updated its FY 2023 guidance to $5.53-$5.65 EPS.

Shares of MDT opened at $105.54 on Thursday. The firm has a market capitalization of $141.59 billion, a P/E ratio of 29.07, a P/E/G ratio of 2.34 and a beta of 0.74. Medtronic has a 12-month low of $98.38 and a 12-month high of $135.89. The company has a current ratio of 2.61, a quick ratio of 2.10 and a debt-to-equity ratio of 0.46. The firm has a fifty day moving average price of $107.40 and a 200-day moving average price of $107.36.

The business also recently announced a quarterly dividend, which was paid on Friday, April 22nd. Stockholders of record on Friday, March 25th were paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Thursday, March 24th. Medtronic’s dividend payout ratio is currently 69.42%.

In related news, CFO Karen L. Parkhill sold 682 shares of Medtronic stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $110.00, for a total value of $75,020.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Carol A. Surface sold 6,000 shares of Medtronic stock in a transaction dated Friday, March 11th. The shares were sold at an average price of $105.30, for a total value of $631,800.00. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in MDT. Morgan Stanley raised its holdings in shares of Medtronic by 8.2% in the second quarter. Morgan Stanley now owns 13,000,437 shares of the medical technology company’s stock valued at $1,613,745,000 after acquiring an additional 981,186 shares in the last quarter. Royal London Asset Management Ltd. bought a new position in Medtronic in the first quarter worth about $54,471,000. Eaton Vance Management raised its holdings in Medtronic by 38.6% in the first quarter. Eaton Vance Management now owns 1,452,169 shares of the medical technology company’s stock worth $161,117,000 after purchasing an additional 404,137 shares in the last quarter. Avalon Investment & Advisory raised its holdings in Medtronic by 229.4% in the first quarter. Avalon Investment & Advisory now owns 347,498 shares of the medical technology company’s stock worth $38,555,000 after purchasing an additional 241,991 shares in the last quarter. Finally, Edgar Lomax Co. VA bought a new position in Medtronic in the first quarter worth about $20,953,000. Hedge funds and other institutional investors own 80.23% of the company’s stock.

Several equities research analysts have recently issued reports on the stock. Raymond James reduced their price objective on shares of Medtronic from $127.00 to $116.00 and set an “outperform” rating on the stock in a research report on Friday, February 18th. StockNews.com assumed coverage on shares of Medtronic in a research report on Thursday, March 31st. They set a “buy” rating on the stock. Piper Sandler reduced their price objective on shares of Medtronic from $110.00 to $105.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 16th. Needham & Company LLC cut their target price on shares of Medtronic from $128.00 to $124.00 and set a “buy” rating for the company in a report on Wednesday, February 23rd. Finally, Truist Financial lowered shares of Medtronic from a “buy” rating to a “hold” rating and cut their target price for the company from $124.00 to $121.00 in a report on Wednesday, April 13th. Ten analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of “Buy” and a consensus target price of $126.52.

Medtronic Company Profile (Get Rating)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.

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