Medtronic (NYSE:MDT) Issues FY 2023 Earnings Guidance

Medtronic (NYSE:MDTGet Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided EPS guidance of $5.53-$5.65 for the period, compared to the consensus EPS estimate of $5.56. The company issued revenue guidance of -.

Medtronic Stock Down 1.5 %

Medtronic stock traded down $1.24 during mid-day trading on Friday, hitting $82.32. The company had a trading volume of 162,730 shares, compared to its average volume of 6,340,817. The stock has a market cap of $109.42 billion, a price-to-earnings ratio of 21.20, a PEG ratio of 2.26 and a beta of 0.75. Medtronic has a 1 year low of $83.21 and a 1 year high of $131.31. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.33. The business has a fifty day moving average of $90.89 and a 200 day moving average of $97.66.

Medtronic (NYSE:MDTGet Rating) last announced its earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.01. Medtronic had a net margin of 16.75% and a return on equity of 13.64%. During the same quarter last year, the firm earned $1.41 EPS. On average, sell-side analysts expect that Medtronic will post 5.53 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 23rd will be given a dividend of $0.68 per share. The ex-dividend date of this dividend is Thursday, September 22nd. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.30%. Medtronic’s dividend payout ratio (DPR) is presently 70.28%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. TheStreet lowered shares of Medtronic from a b- rating to a c+ rating in a research report on Monday, August 1st. Needham & Company LLC lowered shares of Medtronic from a buy rating to a hold rating in a research report on Friday, May 27th. Wells Fargo & Company decreased their price target on Medtronic from $104.00 to $96.00 and set an equal weight rating for the company in a report on Wednesday, August 24th. Royal Bank of Canada decreased their price target on Medtronic from $122.00 to $110.00 in a report on Wednesday, September 7th. Finally, Wolfe Research assumed coverage on Medtronic in a report on Tuesday, July 5th. They set an underperform rating and a $85.00 price target for the company. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $111.52.

Hedge Funds Weigh In On Medtronic

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Fairfield Bush & CO. bought a new stake in shares of Medtronic in the 1st quarter valued at approximately $47,000. Worth Asset Management LLC bought a new stake in shares of Medtronic in the 1st quarter valued at approximately $183,000. Journey Strategic Wealth LLC bought a new stake in shares of Medtronic in the 1st quarter valued at approximately $257,000. MAS Advisors LLC increased its holdings in shares of Medtronic by 10.3% in the 1st quarter. MAS Advisors LLC now owns 2,388 shares of the medical technology company’s stock valued at $266,000 after acquiring an additional 223 shares during the last quarter. Finally, Shepherd Financial Partners LLC bought a new stake in shares of Medtronic in the 1st quarter valued at approximately $280,000. 79.81% of the stock is owned by institutional investors and hedge funds.

Medtronic Company Profile

(Get Rating)

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.

See Also

Earnings History and Estimates for Medtronic (NYSE:MDT)

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.