Medtronic PLC (NYSE:MDT) – Analysts at Oppenheimer Holdings decreased their Q2 2018 earnings per share estimates for Medtronic PLC in a research report issued on Wednesday. Oppenheimer Holdings analyst S. Lichtman now forecasts that the medical technology company will post earnings per share of $1.06 for the quarter, down from their prior forecast of $1.19. Oppenheimer Holdings currently has a “Buy” rating and a $92.00 target price on the stock. Oppenheimer Holdings also issued estimates for Medtronic PLC’s Q3 2018 earnings at $1.16 EPS, Q4 2018 earnings at $1.43 EPS, FY2018 earnings at $4.77 EPS and FY2019 earnings at $5.17 EPS.
Medtronic PLC (NYSE:MDT) last announced its earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.04. The firm had revenue of $7.39 billion during the quarter, compared to analyst estimates of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. Medtronic PLC’s revenue was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 EPS.
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Several other research firms also recently commented on MDT. William Blair reiterated an “outperform” rating on shares of Medtronic PLC in a research report on Thursday, July 6th. BidaskClub upgraded Medtronic PLC from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Wells Fargo & Company restated an “outperform” rating on shares of Medtronic PLC in a research report on Wednesday, July 12th. Needham & Company LLC restated a “buy” rating and set a $95.00 price objective (up from $91.00) on shares of Medtronic PLC in a research report on Thursday, May 25th. Finally, BMO Capital Markets raised their price objective on Medtronic PLC from $87.00 to $94.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 30th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $88.93.
Shares of Medtronic PLC (NYSE MDT) traded up 0.39% during trading on Thursday, reaching $79.55. 992,632 shares of the company were exchanged. The stock has a market capitalization of $108.34 billion, a P/E ratio of 26.78 and a beta of 1.02. The stock has a 50-day moving average of $84.71 and a 200 day moving average of $83.36. Medtronic PLC has a 52-week low of $69.35 and a 52-week high of $89.72.
A number of large investors have recently made changes to their positions in MDT. Vanguard Group Inc. boosted its stake in shares of Medtronic PLC by 2.4% in the second quarter. Vanguard Group Inc. now owns 104,776,036 shares of the medical technology company’s stock worth $9,298,872,000 after buying an additional 2,454,380 shares during the period. BlackRock Inc. boosted its stake in shares of Medtronic PLC by 2.8% in the second quarter. BlackRock Inc. now owns 89,512,229 shares of the medical technology company’s stock worth $7,944,210,000 after buying an additional 2,476,853 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Medtronic PLC by 3.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 58,646,070 shares of the medical technology company’s stock worth $4,724,526,000 after buying an additional 1,729,715 shares during the period. Lazard Asset Management LLC boosted its stake in shares of Medtronic PLC by 43.8% in the second quarter. Lazard Asset Management LLC now owns 19,669,866 shares of the medical technology company’s stock worth $1,745,699,000 after buying an additional 5,991,094 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Medtronic PLC by 7.3% in the first quarter. Geode Capital Management LLC now owns 13,308,812 shares of the medical technology company’s stock worth $1,070,622,000 after buying an additional 906,581 shares during the period. 83.54% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Richard H. Anderson acquired 5,600 shares of Medtronic PLC stock in a transaction on Wednesday, June 21st. The stock was purchased at an average price of $88.90 per share, with a total value of $497,840.00. Following the completion of the purchase, the director now owns 71,910 shares of the company’s stock, valued at approximately $6,392,799. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Bryan C. Hanson sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $88.57, for a total value of $1,062,840.00. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date was Wednesday, July 5th. This is a boost from Medtronic PLC’s previous quarterly dividend of $0.43. Medtronic PLC’s dividend payout ratio (DPR) is 61.95%.
About Medtronic PLC
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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