Zacks: Brokerages Expect Medtronic plc (NYSE:MDT) Will Post Quarterly Sales of $8.15 Billion


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Brokerages forecast that Medtronic plc (NYSE:MDT) will post sales of $8.15 billion for the current quarter, Zacks reports. Nine analysts have provided estimates for Medtronic’s earnings. The highest sales estimate is $8.20 billion and the lowest is $8.10 billion. Medtronic posted sales of $6.00 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 35.8%. The firm is scheduled to issue its next earnings report before the market opens on Thursday, May 27th.

On average, analysts expect that Medtronic will report full-year sales of $30.07 billion for the current financial year, with estimates ranging from $30.01 billion to $30.13 billion. For the next fiscal year, analysts anticipate that the company will post sales of $32.64 billion, with estimates ranging from $32.26 billion to $33.50 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Medtronic.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 23rd. The medical technology company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.14. The firm had revenue of $7.78 billion for the quarter, compared to analysts’ expectations of $7.77 billion. Medtronic had a return on equity of 9.71% and a net margin of 12.69%. The company’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter last year, the business earned $1.44 EPS.

Several research analysts have weighed in on the company. Stifel Nicolaus increased their price objective on Medtronic from $132.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, March 2nd. Cowen raised their price target on Medtronic from $120.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 24th. SVB Leerink raised their price target on Medtronic from $123.00 to $129.00 and gave the stock a “market perform” rating in a research report on Tuesday, March 2nd. Credit Suisse Group raised their price target on Medtronic from $126.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 3rd. Finally, Raymond James raised their price target on Medtronic from $122.00 to $128.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. Medtronic has an average rating of “Buy” and a consensus target price of $124.30.

MDT stock traded down $2.70 during trading hours on Thursday, hitting $128.50. 6,627,959 shares of the stock were exchanged, compared to its average volume of 4,654,707. The company has a current ratio of 2.16, a quick ratio of 1.79 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $173.23 billion, a P/E ratio of 49.05, a P/E/G ratio of 3.65 and a beta of 0.70. The company has a 50-day simple moving average of $123.02 and a two-hundred day simple moving average of $116.27. Medtronic has a 12 month low of $87.68 and a 12 month high of $132.30.

The company also recently declared a quarterly dividend, which was paid on Friday, April 16th. Stockholders of record on Friday, March 26th were paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend was Thursday, March 25th. Medtronic’s payout ratio is 50.54%.

Several hedge funds have recently made changes to their positions in MDT. Norges Bank acquired a new position in shares of Medtronic in the fourth quarter worth approximately $1,733,123,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Medtronic by 16.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 20,540,276 shares of the medical technology company’s stock worth $2,406,046,000 after acquiring an additional 2,880,467 shares during the period. Nuveen Asset Management LLC lifted its stake in shares of Medtronic by 25.0% in the fourth quarter. Nuveen Asset Management LLC now owns 9,536,420 shares of the medical technology company’s stock worth $1,117,096,000 after acquiring an additional 1,909,418 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Medtronic by 8.4% in the fourth quarter. Bank of New York Mellon Corp now owns 19,625,466 shares of the medical technology company’s stock worth $2,298,927,000 after acquiring an additional 1,527,582 shares during the period. Finally, Morgan Stanley lifted its stake in shares of Medtronic by 11.8% in the fourth quarter. Morgan Stanley now owns 11,560,485 shares of the medical technology company’s stock worth $1,354,194,000 after acquiring an additional 1,221,333 shares during the period. 79.17% of the stock is currently owned by hedge funds and other institutional investors.

About Medtronic

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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