Medtronic (NYSE:MDT) announced its quarterly earnings results on Tuesday. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.06, MarketWatch Earnings reports. Medtronic had a net margin of 10.36% and a return on equity of 12.84%. The firm had revenue of $7.38 billion during the quarter, compared to the consensus estimate of $7.24 billion. During the same period last year, the firm posted $1.12 EPS. The firm’s quarterly revenue was down .1% on a year-over-year basis. Medtronic updated its FY19 guidance to $5.10-5.15 EPS.
Shares of NYSE:MDT traded up $3.94 during trading on Tuesday, hitting $93.97. 444,972 shares of the company’s stock were exchanged, compared to its average volume of 4,190,196. Medtronic has a 1-year low of $76.41 and a 1-year high of $91.50. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.28 and a quick ratio of 1.92. The stock has a market cap of $122.46 billion, a price-to-earnings ratio of 19.55, a P/E/G ratio of 2.46 and a beta of 0.94.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 25th. Stockholders of record on Friday, July 6th were given a dividend of $0.50 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Thursday, July 5th. This represents a $2.00 annualized dividend and a dividend yield of 2.13%. Medtronic’s payout ratio is currently 41.93%.
MDT has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Medtronic from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Needham & Company LLC upgraded shares of Medtronic from a “buy” rating to a “strong-buy” rating and raised their price objective for the company from $103.00 to $119.00 in a research report on Monday, August 13th. Oppenheimer restated a “buy” rating on shares of Medtronic in a research report on Tuesday. Morgan Stanley raised their price objective on shares of Medtronic from $90.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, May 25th. Finally, Piper Jaffray Companies raised their price objective on shares of Medtronic to $96.00 and gave the company an “overweight” rating in a research report on Friday, May 25th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $93.24.
In related news, SVP Richard Kuntz sold 11,500 shares of Medtronic stock in a transaction that occurred on Friday, June 8th. The shares were sold at an average price of $87.13, for a total transaction of $1,001,995.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Bradley E. Lerman sold 8,910 shares of Medtronic stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $86.82, for a total transaction of $773,566.20. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.
Medtronic Company Profile
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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