Medtronic plc. (NYSE:MDT) – Investment analysts at Leerink Swann cut their Q1 2019 earnings estimates for shares of Medtronic in a research report issued on Wednesday. Leerink Swann analyst D. Antalffy now forecasts that the medical technology company will post earnings per share of $1.11 for the quarter, down from their previous forecast of $1.19. Leerink Swann also issued estimates for Medtronic’s Q4 2019 earnings at $1.54 EPS, FY2020 earnings at $5.72 EPS and FY2021 earnings at $6.17 EPS.
A number of other brokerages have also recently commented on MDT. Needham & Company LLC reiterated a “buy” rating and issued a $94.00 price target on shares of Medtronic in a research note on Thursday, November 9th. SunTrust Banks set a $92.00 price target on shares of Medtronic and gave the company a “buy” rating in a research note on Sunday, November 19th. Evercore ISI initiated coverage on shares of Medtronic in a research note on Wednesday, January 3rd. They issued an “outperform” rating and a $92.50 price target for the company. Citigroup reiterated a “buy” rating and issued a $93.00 price target (down previously from $100.00) on shares of Medtronic in a research note on Thursday. Finally, Oppenheimer restated a “buy” rating on shares of Medtronic in a research note on Thursday, December 21st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have assigned a buy rating to the company. Medtronic presently has a consensus rating of “Buy” and an average target price of $90.57.
Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.01. The firm had revenue of $7.37 billion during the quarter, compared to analysts’ expectations of $7.20 billion. Medtronic had a net margin of 9.44% and a return on equity of 12.62%. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.12 earnings per share.
A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Medtronic by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 104,776,036 shares of the medical technology company’s stock valued at $9,298,872,000 after buying an additional 2,454,380 shares during the period. BlackRock Inc. increased its stake in shares of Medtronic by 6.4% in the 4th quarter. BlackRock Inc. now owns 94,595,580 shares of the medical technology company’s stock valued at $7,638,592,000 after acquiring an additional 5,688,180 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in shares of Medtronic by 1.1% in the 3rd quarter. Artisan Partners Limited Partnership now owns 23,853,034 shares of the medical technology company’s stock valued at $1,855,050,000 after acquiring an additional 269,814 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of Medtronic by 43.8% in the 2nd quarter. Lazard Asset Management LLC now owns 19,669,866 shares of the medical technology company’s stock valued at $1,745,699,000 after acquiring an additional 5,991,094 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Medtronic by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 14,191,675 shares of the medical technology company’s stock valued at $1,143,549,000 after acquiring an additional 351,256 shares in the last quarter. 79.83% of the stock is currently owned by hedge funds and other institutional investors.
In other Medtronic news, VP Richard Kuntz sold 78,526 shares of the firm’s stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $86.21, for a total value of $6,769,726.46. Following the transaction, the vice president now directly owns 149,761 shares of the company’s stock, valued at approximately $12,910,895.81. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Hooman Hakami sold 26,158 shares of the firm’s stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $85.00, for a total transaction of $2,223,430.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 120,684 shares of company stock worth $10,318,276. 0.31% of the stock is owned by insiders.
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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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