Medtronic PLC (NYSE:MDT) to Post Q3 2020 Earnings of $1.38 Per Share, Oppenheimer Forecasts

Medtronic PLC (NYSE:MDT) – Analysts at Oppenheimer increased their Q3 2020 earnings per share estimates for Medtronic in a research note issued on Wednesday, November 20th. Oppenheimer analyst S. Lichtman now forecasts that the medical technology company will post earnings of $1.38 per share for the quarter, up from their prior estimate of $1.37. Oppenheimer has a “Outperform” rating and a $123.00 price objective on the stock.

A number of other equities analysts also recently issued reports on MDT. Royal Bank of Canada raised their price target on Medtronic from $118.00 to $122.00 and gave the stock an “outperform” rating in a research note on Wednesday. Cowen reiterated an “outperform” rating and set a $111.00 target price (up from $99.00) on shares of Medtronic in a research report on Wednesday, August 14th. Morgan Stanley lifted their target price on Medtronic from $105.00 to $111.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 21st. Stifel Nicolaus lifted their target price on Medtronic from $95.00 to $112.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Finally, BTIG Research lifted their target price on Medtronic to $120.00 and gave the company a “buy” rating in a research report on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $116.58.

MDT stock opened at $110.49 on Friday. The company has a market cap of $149.02 billion, a P/E ratio of 21.17, a price-to-earnings-growth ratio of 2.71 and a beta of 0.62. Medtronic has a 1 year low of $81.66 and a 1 year high of $114.46. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.77 and a quick ratio of 2.20. The stock’s fifty day moving average price is $107.93 and its 200-day moving average price is $102.09.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.28 by $0.03. The firm had revenue of $7.71 billion for the quarter, compared to the consensus estimate of $7.66 billion. Medtronic had a return on equity of 14.52% and a net margin of 15.11%. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period last year, the business posted $1.22 EPS.

A number of large investors have recently bought and sold shares of the business. Krane Funds Advisors LLC bought a new stake in shares of Medtronic in the second quarter worth about $25,000. Private Ocean LLC increased its holdings in shares of Medtronic by 188.5% in the third quarter. Private Ocean LLC now owns 225 shares of the medical technology company’s stock worth $25,000 after purchasing an additional 147 shares during the last quarter. River & Mercantile Asset Management LLP bought a new stake in shares of Medtronic in the second quarter worth about $26,000. Lenox Wealth Advisors LLC increased its holdings in shares of Medtronic by 393.3% in the third quarter. Lenox Wealth Advisors LLC now owns 296 shares of the medical technology company’s stock worth $32,000 after purchasing an additional 236 shares during the last quarter. Finally, Redhawk Wealth Advisors Inc. bought a new stake in shares of Medtronic in the second quarter worth about $34,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

In other Medtronic news, EVP Robert John White sold 52,165 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $109.33, for a total transaction of $5,703,199.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael J. Coyle sold 2,102 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $109.77, for a total value of $230,736.54. Following the sale, the executive vice president now directly owns 189,162 shares in the company, valued at $20,764,312.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 158,569 shares of company stock worth $17,130,869. Insiders own 0.28% of the company’s stock.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

Further Reading: What are the components of an earnings report?

Earnings History and Estimates for Medtronic (NYSE:MDT)

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