Medtronic (NYSE:MDT) Issues FY 2023 Earnings Guidance

Medtronic (NYSE:MDTGet Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $5.53-$5.65 for the period, compared to the consensus estimate of $5.82. The company issued revenue guidance of -.

Shares of NYSE:MDT opened at $105.54 on Thursday. Medtronic has a 12 month low of $98.38 and a 12 month high of $135.89. The company has a quick ratio of 2.10, a current ratio of 2.61 and a debt-to-equity ratio of 0.46. The company’s fifty day simple moving average is $107.40 and its 200 day simple moving average is $107.36. The firm has a market cap of $141.59 billion, a price-to-earnings ratio of 29.07, a PEG ratio of 2.34 and a beta of 0.74.

Medtronic (NYSE:MDTGet Rating) last issued its quarterly earnings data on Thursday, May 26th. The medical technology company reported $1.52 EPS for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.04). Medtronic had a return on equity of 14.57% and a net margin of 15.46%. The company had revenue of $8.09 billion for the quarter, compared to analyst estimates of $8.43 billion. During the same quarter in the previous year, the business earned $1.50 earnings per share. The company’s revenue was down 1.2% on a year-over-year basis. Research analysts expect that Medtronic will post 5.66 earnings per share for the current fiscal year.

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

MDT has been the topic of a number of research analyst reports. Sanford C. Bernstein restated a buy rating and set a $122.00 price objective on shares of Medtronic in a report on Friday, May 20th. Credit Suisse Group lowered their price target on shares of Medtronic from $142.00 to $135.00 and set an outperform rating on the stock in a research note on Wednesday, February 23rd. Cowen set a $125.00 price target on shares of Medtronic and gave the company an outperform rating in a research note on Monday. Cowen lifted their price target on shares of Medtronic to $125.00 in a research note on Monday. Finally, StockNews.com began coverage on shares of Medtronic in a research note on Thursday, March 31st. They issued a buy rating on the stock. Ten investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Buy and a consensus target price of $126.52.

In other Medtronic news, CFO Karen L. Parkhill sold 682 shares of the business’s stock in a transaction dated Friday, March 18th. The shares were 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 at this link. Also, SVP Carol A. Surface sold 6,000 shares of the business’s stock in a transaction dated Friday, March 11th. The shares were sold at an average price of $105.30, for a total transaction of $631,800.00. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Continuum Advisory LLC bought a new stake in shares of Medtronic during the 1st quarter worth approximately $324,000. SS&H Financial Advisors Inc. bought a new stake in shares of Medtronic during the 1st quarter worth approximately $300,000. Shepherd Financial Partners LLC bought a new stake in shares of Medtronic during the 1st quarter worth approximately $280,000. Journey Strategic Wealth LLC bought a new stake in shares of Medtronic during the 1st quarter worth approximately $257,000. Finally, Titleist Asset Management LTD. bought a new stake in shares of Medtronic during the 4th quarter worth approximately $254,000. 80.23% of the stock is owned by hedge funds and other institutional investors.

About Medtronic (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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Earnings History and Estimates for Medtronic (NYSE:MDT)

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