Medtronic plc (NYSE:MDT) – Jefferies Financial Group cut their Q2 2022 earnings per share estimates for shares of Medtronic in a report issued on Friday, September 10th. Jefferies Financial Group analyst A. Petrone now anticipates that the medical technology company will post earnings per share of $1.27 for the quarter, down from their previous forecast of $1.28. Jefferies Financial Group also issued estimates for Medtronic’s FY2023 earnings at $6.44 EPS.
A number of other equities research analysts have also recently issued reports on MDT. Morgan Stanley boosted their target price on shares of Medtronic from $140.00 to $154.00 and gave the company an “overweight” rating in a research report on Wednesday, August 25th. Oppenheimer increased their target price on shares of Medtronic from $134.00 to $147.00 and gave the stock an “outperform” rating in a report on Friday, May 28th. Wells Fargo & Company increased their target price on shares of Medtronic from $140.00 to $151.00 and gave the stock an “overweight” rating in a report on Wednesday, August 25th. Citigroup reaffirmed a “focus list” rating and issued a $153.00 price objective (up previously from $143.00) on shares of Medtronic in a research note on Wednesday, August 25th. Finally, Raymond James upped their price objective on Medtronic from $135.00 to $142.00 and gave the company an “outperform” rating in a research note on Wednesday, August 25th. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $144.18.
Medtronic (NYSE:MDT) last issued its earnings results on Monday, August 23rd. The medical technology company reported $1.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.32 by $0.09. Medtronic had a net margin of 12.29% and a return on equity of 13.85%. The business had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $7.88 billion. During the same period in the previous year, the company earned $0.62 earnings per share. The firm’s revenue for the quarter was up 22.7% on a year-over-year basis.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Friday, September 24th will be given a $0.63 dividend. The ex-dividend date of this dividend is Thursday, September 23rd. This represents a $2.52 dividend on an annualized basis and a yield of 1.93%.
In other news, SVP Bradley E. Lerman sold 50,775 shares of the business’s stock in a transaction that occurred on Tuesday, August 31st. The stock was sold at an average price of $134.17, for a total transaction of $6,812,481.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Bradley E. Lerman sold 4,000 shares of the company’s stock in a transaction on Monday, August 2nd. The stock was sold at an average price of $131.52, for a total value of $526,080.00. The disclosure for this sale can be found here. Insiders sold a total of 106,390 shares of company stock valued at $14,140,470 in the last 90 days. 0.47% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Medtronic by 0.6% in the second quarter. Vanguard Group Inc. now owns 111,779,290 shares of the medical technology company’s stock valued at $13,875,162,000 after acquiring an additional 717,126 shares during the period. State Street Corp grew its position in shares of Medtronic by 2.1% during the second quarter. State Street Corp now owns 55,848,049 shares of the medical technology company’s stock worth $6,967,102,000 after purchasing an additional 1,128,738 shares in the last quarter. Lazard Asset Management LLC boosted its stake in Medtronic by 1.7% during the second quarter. Lazard Asset Management LLC now owns 24,598,840 shares of the medical technology company’s stock valued at $3,053,451,000 after buying an additional 410,663 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Medtronic by 3.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 22,692,418 shares of the medical technology company’s stock valued at $2,816,810,000 after buying an additional 735,134 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Medtronic by 1.8% during the second quarter. Geode Capital Management LLC now owns 21,813,130 shares of the medical technology company’s stock valued at $2,699,706,000 after buying an additional 381,458 shares during the last quarter. 79.59% of the stock is currently owned by hedge funds and other institutional investors.
Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group.
Further Reading: Trading Ex-Dividend Strategy
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.