Leerink Swann Analysts Increase Earnings Estimates for Medtronic PLC (MDT)

Medtronic PLC (NYSE:MDT) – Stock analysts at Leerink Swann lifted their Q4 2018 earnings per share (EPS) estimates for shares of Medtronic PLC in a research report issued to clients and investors on Monday. Leerink Swann analyst D. Antalffy now forecasts that the medical technology company will post earnings of $1.43 per share for the quarter, up from their previous forecast of $1.42. Leerink Swann has a “Market Perform” rating and a $85.00 price target on the stock. Leerink Swann also issued estimates for Medtronic PLC’s Q1 2019 earnings at $1.16 EPS and Q4 2019 earnings at $1.53 EPS.

Medtronic PLC (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.04. The firm had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.44 billion. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The business’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.03 EPS. TRADEMARK VIOLATION WARNING: This story was first posted by TrueBlueTribune and is the sole property of of TrueBlueTribune. If you are reading this story on another site, it was stolen and reposted in violation of United States and international trademark & copyright law. The original version of this story can be viewed at https://www.truebluetribune.com/2017/10/13/leerink-swann-analysts-increase-earnings-estimates-for-medtronic-plc-mdt.html.

Other analysts also recently issued reports about the company. Oppenheimer Holdings, Inc. reissued a “buy” rating and issued a $92.00 price objective on shares of Medtronic PLC in a research note on Tuesday, August 22nd. Jefferies Group LLC reissued a “buy” rating and issued a $103.00 price objective on shares of Medtronic PLC in a research note on Thursday, August 3rd. BMO Capital Markets reissued a “buy” rating and issued a $89.00 price objective (down from $92.00) on shares of Medtronic PLC in a research note on Tuesday. BidaskClub downgraded Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Finally, Wells Fargo & Company downgraded Medtronic PLC from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $93.00 to $83.00 in a research note on Monday. Three analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. Medtronic PLC presently has a consensus rating of “Hold” and an average price target of $87.88.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, September 29th will be paid a $0.46 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.84 annualized dividend and a dividend yield of 2.36%. Medtronic PLC’s dividend payout ratio (DPR) is 61.95%.

Medtronic PLC declared that its Board of Directors has authorized a stock repurchase program on Friday, June 23rd that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the medical technology company to buy up to 49% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

In other news, CEO Omar Ishrak sold 140,407 shares of the company’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $81.63, for a total value of $11,461,423.41. Following the completion of the sale, the chief executive officer now directly owns 668,503 shares in the company, valued at approximately $54,569,899.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bryan C. Hanson sold 12,000 shares of the company’s stock in a transaction on Monday, July 17th. The stock was sold at an average price of $88.57, for a total value of $1,062,840.00. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Large investors have recently bought and sold shares of the company. Parkside Financial Bank & Trust boosted its holdings in Medtronic PLC by 22.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock worth $102,000 after buying an additional 210 shares during the period. BDO Wealth Advisors LLC bought a new position in Medtronic PLC in the 2nd quarter worth $103,000. Motco boosted its holdings in Medtronic PLC by 8.7% in the 2nd quarter. Motco now owns 1,239 shares of the medical technology company’s stock worth $110,000 after buying an additional 99 shares during the period. Quadrant Capital Group LLC boosted its holdings in Medtronic PLC by 21.5% in the 2nd quarter. Quadrant Capital Group LLC now owns 1,639 shares of the medical technology company’s stock worth $114,000 after buying an additional 290 shares during the period. Finally, Israel Discount Bank of New York bought a new position in Medtronic PLC in the 1st quarter worth $117,000. Hedge funds and other institutional investors own 80.63% of the company’s stock.

About Medtronic PLC

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.

Earnings History and Estimates for Medtronic PLC (NYSE:MDT)

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