The accords underscore Medtronic’s push to broaden its offerings in the minimally invasive surgical products market, which it entered with its acquisition of Covidien Plc previous year. Norges Bank bought a new position in Medtronic during the fourth quarter worth $841,063,000.
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Medtronic’s bottom line was helped by a lower income-tax provision and effective tax rate in the quarter, while its net interest expense fell 6.2%.
Medtronic, Inc. had its “buy” rating reiterated by analysts at Jefferies. 2 analysts have rated the company as a strong “Hold”. (NYSE:MDT) giving the company a “Buy” rating. Wellington Management Group LLP now owns 73,895,527 shares of the medical technology company’s stock worth $5,542,166,000 after buying an additional 2,176,380 shares during the period. LLC increased its position in shares of Medtronic by 0.4% in the first quarter. The extra week occurs every six years as a result of the company’s 52-53 week fiscal year calendar. Trust Co. of Toledo NA OH increased its position in shares of Medtronic by 0.4% in the second quarter.
Excluding items, Medtronic earned $1.03 per share, ahead of the average analyst estimate of $1.01 per share, according to Thomson Reuters I/B/E/S.
Medtronic plc (NYSE:MDT) traded 7.29 Million shares on last trading day with closing price of $85.39. The forecast of 17 polled investment analysts covering the stock advises investors to Buy stake in the company. Shares of Medtronic PLC (NYSE:MDT) now have an ABR of 1.82, derived from a total of 19 opinions. F market capitalization is 49.55B with 199000 employees. Revenue for the quarter came in at $7.2 billion versus the consensus estimate of $7.17 billion.Medtronic reaffirmed FY2016 guidance. The 50 day moving average of NYSE:MDT is 87.62 and the 200 day moving average is 81.29. During the same quarter past year, the firm earned $1.02 EPS. The company’s price to sales ratio for trailing twelve months is 4.13 and price to book ratio for most recent quarter is 2.30, whereas price to cash per share for the most recent quarter is 9.42. Analysts were looking for revenues of $7.17 billion for the quarter.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 27th. Shareholders of record on Friday, July 8th were issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 2.01%.
Gross margin during the reported quarter expanded 221 basis points (bps) to 68.4% on a 1.8% increase in gross profit to $4.905 billion. Hanson Bryan C retains 93,717 shares in the stock after this transaction. The ex-dividend date of this dividend was Wednesday, July 6th.
Want the latest recommendations from Zacks Investment Research? The stock now has an average rating of Buy and an average price target of $89.52.
Medical technology and services company Medtronic plc.
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Medical-device makers are operating in an increasingly competitive market, with hospital customers that have grown in size and are pushing back on the prices they are willing to pay. Last year, more than 10 million people benefited from Medtronic’s medical therapies, which treat cardiac and vascular diseases, diabetes, and neurological and musculoskeletal conditions.
