Medtronic (NYSE:MDT) Releases FY23 Earnings Guidance

Medtronic (NYSE:MDT – Get Rating) updated its FY23 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $5.00-5.10 for the period, compared to the consensus estimate of $5.27.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MDT. Wells Fargo & Company upgraded Medtronic from an equal weight rating to an overweight rating and upped their target price for the company from $77.00 to $100.00 in a report on Monday, April 24th. Stifel Nicolaus upped their target price on Medtronic from $90.00 to $92.00 in a report on Friday. Truist Financial dropped their target price on Medtronic from $93.00 to $90.00 in a report on Friday. Sanford C. Bernstein lowered their price target on Medtronic from $100.00 to $99.00 in a report on Friday. Finally, UBS Group cut Medtronic from a buy rating to a sell rating and lowered their price target for the stock from $127.00 to $79.00 in a report on Wednesday, March 29th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $90.53.

Medtronic Stock Down 2.2 %

MDT stock traded down $1.83 during mid-day trading on Friday, reaching $81.71. The company had a trading volume of 3,003,689 shares, compared to its average volume of 6,133,188. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.39 and a current ratio of 1.76. The company has a market capitalization of $108.71 billion, a price-to-earnings ratio of 27.48, a price-to-earnings-growth ratio of 2.11 and a beta of 0.71. The firm has a fifty day simple moving average of $84.78 and a 200 day simple moving average of $82.11. Medtronic has a fifty-two week low of $75.76 and a fifty-two week high of $100.61.

Medtronic (NYSE:MDT – Get Rating) last posted its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.01. Medtronic had a return on equity of 13.37% and a net margin of 13.20%. The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.25 billion. During the same quarter last year, the company earned $1.52 EPS. Medtronic’s revenue for the quarter was up 5.6% compared to the same quarter last year. Analysts forecast that Medtronic will post 5.28 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 23rd will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend is Thursday, June 22nd. This is a positive change from Medtronic’s previous quarterly dividend of $0.68. Medtronic’s dividend payout ratio (DPR) is 89.47%.

Institutional Investors Weigh In On Medtronic

Several hedge funds and other institutional investors have recently made changes to their positions in MDT. KLR Investment Advisors LLC purchased a new position in Medtronic during the 1st quarter worth approximately $229,000. Empirical Finance LLC grew its stake in Medtronic by 14.4% during the 4th quarter. Empirical Finance LLC now owns 2,873 shares of the medical technology company’s stock worth $223,000 after buying an additional 361 shares during the last quarter. Hoxton Planning & Management LLC purchased a new position in Medtronic during the 1st quarter worth approximately $215,000. Baron Wealth Management LLC purchased a new position in Medtronic during the 1st quarter worth approximately $203,000. Finally, Milestone Investment Advisors LLC purchased a new position in shares of Medtronic in the 1st quarter valued at approximately $188,000. Institutional investors and hedge funds own 80.37% of the company’s stock.

Medtronic Company Profile

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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: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.