Medtronic plc (MDT) shares are up 2.60% to $77.22 in pre-market trading Tuesday after the company reported fiscal third-quarter earnings results.
The medical device firm reported earnings, adjusted for non-recurring costs, of $1.01 per share on revenues of $4.32 billion, up 3.7% from a year ago. Analysts were expecting EPS of $0.99 on revenues of $4.24 billion. Net earnings came in at $977 million, or $0.98 p/sh, an increase of 28% and 31%, respectively, over the same period in the prior year.
“Q3 was a strong quarter, with revenue growth well above our outlook range for the fiscal year and exceeding our mid-single digit baseline goal. All three legacy Medtronic groups contributed to our robust performance,” said in a statement Omar Ishrak, Medtronic plc chairman and CEO. “Our teams are executing on meaningful product launches around the world, and our customers are responding to our differentiated healthcare solutions that seek to demonstrate both clinical and economic value.”
On valuation measures, Medtronic PLC shares, which currently have an average 3-month trading volume of 8.7 million shares, trade at a trailing-12 P/E of 26.08, a forward P/E of 16.76 and a P/E to growth ratio of 1.59. The median Wall Street price target on the name is $83.00 with a high target of $90.00. Currently ticker boasts just 16 ‘Buy’ endorsements, compared to 6 ’Holds’ and no ‘Sell’.
Profitability-wise, MDT has a t-12 profit and operating margin of 16.86% and 27.99%, respectively. The $74.08B market cap company reported $14.48B in cash vs. $13.71B in debt in its most recent quarter.
MDT currently prints a one year return of about 35.43% and a year-to-date return of around 4.24%.
The chart below shows where the equity has traded over the last 52 weeks.
Medtronic plc, is a healthcare solutions company, providing medical technologies, services, and solutions worldwide. It was founded in 1949 and is headquartered in Dublin, Ireland.