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Based in Dublin, Ireland, Medtronic plc (MDT) is a global leader in medical technology, services, and solutions. With a market cap of $100.91 billion, Medtronic is committed to transforming healthcare by providing advanced, life-saving medical technologies and improving patient outcomes. MDT is scheduled to announce its fiscal Q1 earnings results before the market opens on Tuesday, Aug. 20.
Ahead of the event, analysts expect MDT to report a profit of $1.20 per share, unchanged compared to the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
Medtronic's adjusted earnings of $1.46 per share for the last reported quarter surpassed the consensus estimate by 0.69%. Strong segment revenue growth, despite macroeconomic challenges, aided the quarter results.
For fiscal 2024, analysts expect MDT to report EPS of $5.44, up 4.6% from $5.20 in fiscal 2023.
MDT stock is down 4.5% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 14.5% gains and the iShares U.S. Medical Devices ETF’s (IHI) marginal returns over the same time frame.
On May 23, Medtronic’s shares declined more than 5% following the release of its Q4 earnings report despite the company surpassing earnings forecasts.
The consensus opinion on MDT stock is optimistic, with an overall “Moderate Buy” rating. Out of 27 analysts covering the stock, 10 advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, 13 recommend a “Hold,” and three advise a “Strong Sell.” MDT's average analyst price target is $91.78, indicating a potential upside of 16.6% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
