Medtronic (NYSE:MDT) Announces Earnings Results, Beats Estimates By $0.03 EPS

Medtronic (NYSE:MDT) released its earnings results on Tuesday. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03, Briefing.com reports. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the previous year, the business earned $1.20 earnings per share. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. Medtronic updated its FY25 guidance to $5.42-5.50 EPS.

Medtronic Stock Performance

Medtronic stock traded up $0.32 during mid-day trading on Thursday, reaching $87.86. 8,429,553 shares of the company’s stock were exchanged, compared to its average volume of 6,316,911. The business’s fifty day simple moving average is $80.21 and its 200 day simple moving average is $82.30. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. Medtronic has a one year low of $68.84 and a one year high of $89.24. The firm has a market capitalization of $112.66 billion, a PE ratio of 32.06, a P/E/G ratio of 2.35 and a beta of 0.82.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is presently 101.82%.

Insider Buying and Selling at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on MDT shares. Truist Financial reduced their price objective on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, July 16th. Barclays upped their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday. Oppenheimer raised their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday. Stifel Nicolaus upped their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Wells Fargo & Company raised their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus price target of $92.54.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.