Zacks: Brokerages Expect Medtronic plc. (MDT) Will Announce Earnings of $1.38 Per Share

Equities analysts expect Medtronic plc. (NYSE:MDT) to post earnings of $1.38 per share for the current fiscal quarter, Zacks reports. Eleven analysts have provided estimates for Medtronic’s earnings, with the lowest EPS estimate coming in at $1.37 and the highest estimate coming in at $1.40. Medtronic reported earnings of $1.33 per share during the same quarter last year, which suggests a positive year over year growth rate of 3.8%. The business is scheduled to report its next earnings results on Thursday, May 24th.

On average, analysts expect that Medtronic will report full year earnings of $4.74 per share for the current financial year, with EPS estimates ranging from $4.72 to $4.80. For the next fiscal year, analysts forecast that the company will report earnings of $5.15 per share, with EPS estimates ranging from $5.10 to $5.28. Zacks’ earnings per share calculations are an average based on a survey of research analysts that that provide coverage for Medtronic.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 20th. The medical technology company reported $1.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.01. Medtronic had a return on equity of 12.65% and a net margin of 9.44%. The company had revenue of $7.37 billion during the quarter, compared to analyst estimates of $7.20 billion. During the same period last year, the company posted $1.12 earnings per share. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year.

MDT has been the subject of a number of research reports. Bank of America upgraded Medtronic from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 2nd. Oppenheimer reiterated a “buy” rating on shares of Medtronic in a report on Thursday, December 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, February 14th. Morgan Stanley raised their price target on Medtronic from $91.00 to $95.00 and gave the company an “equal weight” rating in a report on Monday, February 5th. Finally, Evercore ISI assumed coverage on Medtronic in a report on Wednesday, January 3rd. They issued an “outperform” rating and a $92.50 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $91.24.

In other Medtronic news, SVP Carol A. Surface sold 24,479 shares of the firm’s stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $78.18, for a total transaction of $1,913,768.22. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director James T. Lenehan sold 1,306 shares of the firm’s stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $83.56, for a total value of $109,129.36. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of MDT. Janus Henderson Group PLC bought a new position in shares of Medtronic during the 3rd quarter valued at about $579,952,000. BlackRock Inc. lifted its holdings in shares of Medtronic by 6.4% during the 4th quarter. BlackRock Inc. now owns 94,595,580 shares of the medical technology company’s stock valued at $7,638,592,000 after purchasing an additional 5,688,180 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of Medtronic by 3,863.2% during the 3rd quarter. Asset Management One Co. Ltd. now owns 2,064,912 shares of the medical technology company’s stock valued at $160,588,000 after purchasing an additional 2,012,810 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Medtronic by 20.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 11,388,438 shares of the medical technology company’s stock valued at $885,673,000 after purchasing an additional 1,954,535 shares in the last quarter. Finally, HealthCor Management L.P. lifted its holdings in shares of Medtronic by 2,850.1% during the 4th quarter. HealthCor Management L.P. now owns 1,950,000 shares of the medical technology company’s stock valued at $157,463,000 after purchasing an additional 1,883,900 shares in the last quarter. Hedge funds and other institutional investors own 81.20% of the company’s stock.

Shares of NYSE:MDT opened at $80.60 on Friday. Medtronic has a twelve month low of $76.41 and a twelve month high of $89.72. The firm has a market capitalization of $107,847.03, a PE ratio of 17.52, a price-to-earnings-growth ratio of 2.24 and a beta of 0.94. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.43 and a quick ratio of 2.09.

The business also recently announced a quarterly dividend, which was paid on Friday, April 13th. Shareholders of record on Friday, March 23rd were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date was Thursday, March 22nd. Medtronic’s dividend payout ratio (DPR) is currently 40.00%.

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About Medtronic

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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Earnings History and Estimates for Medtronic (NYSE:MDT)

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