Medtronic (NYSE:MDT) Issues FY 2023 Earnings Guidance

Medtronic (NYSE:MDTGet Rating) updated its FY 2023 earnings guidance on Tuesday. The company provided EPS guidance of $5.25-$5.30 for the period, compared to the consensus EPS estimate of $5.53. The company issued revenue guidance of -. Medtronic also updated its FY23 guidance to $5.25-5.30 EPS.

Analyst Ratings Changes

A number of research analysts have commented on the company. Citigroup downgraded Medtronic from a buy rating to a neutral rating and lowered their target price for the company from $108.00 to $85.00 in a research note on Wednesday. Oppenheimer downgraded Medtronic from an outperform rating to a market perform rating and lowered their target price for the company from $106.00 to $85.00 in a research note on Wednesday. StockNews.com assumed coverage on Medtronic in a research note on Wednesday, October 12th. They issued a buy rating on the stock. Piper Sandler lowered their target price on Medtronic from $90.00 to $80.00 in a research note on Tuesday. Finally, Mizuho assumed coverage on Medtronic in a research note on Wednesday, October 12th. They issued a buy rating and a $100.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $98.00.

Medtronic Price Performance

NYSE MDT opened at $79.02 on Thursday. Medtronic has a twelve month low of $76.60 and a twelve month high of $115.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.23 and a current ratio of 1.76. The stock has a market capitalization of $105.03 billion, a PE ratio of 24.54, a P/E/G ratio of 2.17 and a beta of 0.77. The stock has a 50-day simple moving average of $83.79 and a 200 day simple moving average of $89.87.

Medtronic (NYSE:MDTGet Rating) last posted its quarterly earnings data on Tuesday, November 22nd. The medical technology company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.02. Medtronic had a return on equity of 13.52% and a net margin of 14.03%. The business had revenue of $7.59 billion during the quarter, compared to analysts’ expectations of $7.70 billion. During the same quarter in the previous year, the firm earned $1.32 EPS. The firm’s revenue was down 3.3% compared to the same quarter last year. Research analysts anticipate that Medtronic will post 5.28 EPS for the current year.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Hoedt Rob Ten sold 2,404 shares of the company’s stock in a transaction that occurred on Friday, October 14th. The stock was sold at an average price of $81.54, for a total value of $196,022.16. Following the completion of the transaction, the executive vice president now owns 43,483 shares of the company’s stock, valued at approximately $3,545,603.82. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Several large investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its stake in shares of Medtronic by 1.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,801,196 shares of the medical technology company’s stock valued at $754,593,000 after purchasing an additional 128,661 shares during the period. Eaton Vance Management grew its stake in shares of Medtronic by 38.6% in the 1st quarter. Eaton Vance Management now owns 1,452,169 shares of the medical technology company’s stock valued at $161,117,000 after purchasing an additional 404,137 shares during the period. First Trust Advisors LP grew its stake in shares of Medtronic by 18.0% in the 1st quarter. First Trust Advisors LP now owns 809,075 shares of the medical technology company’s stock valued at $89,767,000 after purchasing an additional 123,642 shares during the period. Royal London Asset Management Ltd. bought a new stake in shares of Medtronic in the 1st quarter valued at approximately $54,471,000. Finally, Mariner LLC grew its position in Medtronic by 15.0% during the 1st quarter. Mariner LLC now owns 478,353 shares of the medical technology company’s stock worth $53,073,000 after acquiring an additional 62,322 shares during the last quarter. Institutional investors and hedge funds own 79.81% of the company’s stock.

Medtronic Company Profile

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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.

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Earnings History and Estimates for Medtronic (NYSE:MDT)

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