Brokerages Expect Medtronic plc. (MDT) Will Announce Quarterly Sales of $7.97 Billion

Brokerages expect Medtronic plc. (NYSE:MDT) to post sales of $7.97 billion for the current quarter, according to Zacks. Eleven analysts have issued estimates for Medtronic’s earnings. The lowest sales estimate is $7.74 billion and the highest is $8.04 billion. Medtronic posted sales of $7.92 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 0.6%. The company is scheduled to issue its next earnings report on Thursday, May 24th.

According to Zacks, analysts expect that Medtronic will report full-year sales of $7.97 billion for the current financial year, with estimates ranging from $29.30 billion to $29.86 billion. For the next fiscal year, analysts expect that the firm will post sales of $31.03 billion per share, with estimates ranging from $30.27 billion to $31.43 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Medtronic.

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Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 20th. The medical technology company reported $1.17 EPS for the quarter, topping the consensus estimate of $1.16 by $0.01. Medtronic had a net margin of 9.44% and a return on equity of 12.65%. The company had revenue of $7.37 billion for the quarter, compared to the consensus estimate of $7.20 billion. During the same period in the previous year, the firm earned $1.12 earnings per share. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis.

Several research analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of Medtronic from $91.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Monday, February 5th. Oppenheimer reaffirmed a “buy” rating and issued a $94.00 target price on shares of Medtronic in a research note on Tuesday, February 20th. TheStreet cut shares of Medtronic from a “b” rating to a “c+” rating in a report on Tuesday, February 20th. Bank of America upgraded shares of Medtronic from a “neutral” rating to a “buy” rating in a report on Tuesday, January 2nd. Finally, Argus upgraded shares of Medtronic from a “hold” rating to a “buy” rating and lifted their price target for the company from $81.27 to $95.00 in a report on Tuesday, December 12th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $91.24.

Shares of NYSE MDT traded down $2.06 during mid-day trading on Friday, hitting $77.64. The stock had a trading volume of 5,185,961 shares, compared to its average volume of 5,601,275. The company has a quick ratio of 2.09, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. Medtronic has a 1 year low of $76.41 and a 1 year high of $89.72. The company has a market cap of $106,694.97, a price-to-earnings ratio of 16.88, a PEG ratio of 2.21 and a beta of 0.94.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Friday, March 23rd will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Thursday, March 22nd. Medtronic’s dividend payout ratio (DPR) is presently 40.00%.

In other news, Director James T. Lenehan sold 1,306 shares of the business’s stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $83.56, for a total transaction of $109,129.36. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Richard Kuntz sold 78,526 shares of the business’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $86.21, for a total transaction of $6,769,726.46. Following the sale, the vice president now owns 149,761 shares in the company, valued at approximately $12,910,895.81. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 104,311 shares of company stock worth $8,792,624. Company insiders own 0.31% of the company’s stock.

Several hedge funds have recently made changes to their positions in MDT. BlackRock Inc. boosted its stake in Medtronic by 6.4% in the 4th quarter. BlackRock Inc. now owns 94,595,580 shares of the medical technology company’s stock worth $7,638,592,000 after purchasing an additional 5,688,180 shares in the last quarter. Artisan Partners Limited Partnership boosted its stake in Medtronic by 1.1% in the 3rd quarter. Artisan Partners Limited Partnership now owns 23,853,034 shares of the medical technology company’s stock worth $1,855,050,000 after purchasing an additional 269,814 shares in the last quarter. Geode Capital Management LLC boosted its stake in Medtronic by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 14,191,675 shares of the medical technology company’s stock worth $1,143,549,000 after purchasing an additional 351,256 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Medtronic by 6.3% in the 4th quarter. Wells Fargo & Company MN now owns 13,159,777 shares of the medical technology company’s stock worth $1,062,652,000 after purchasing an additional 781,446 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Medtronic by 20.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 11,388,438 shares of the medical technology company’s stock worth $885,673,000 after purchasing an additional 1,954,535 shares in the last quarter. Hedge funds and other institutional investors own 81.22% of the company’s stock.

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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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