Medtronic Outlook: Positive Growth Ahead
Sales in most businesses improved for medical devices manufacturer Medtronic Inc (NYSE:MDT), as per its results for the second quarter which ended October 28.
Revenues climbed to $4.13 billion, up from $3.90 billion last year despite weak sales for implantable heart defibrillators and spine biologics. Earnings were $871 million (82 cents a share) as compared to $566 million (52 cents a share) last year. These reported earnings bettered analysts’ estimates.
The forecast for the remaining half of the year was positive with growth of revenues between 1 and 3 percent. For the full fiscal year, the company expects to improve on earnings per share between 6 and 9 percent.
Here’s how shares of Medtronic are trading on the news:
- Medtronic, Inc. (NYSE:MDT): MDT shares recently traded at $34.47, up $1.2, or 3.61%. Its market capitalization is $36.40 billion. They have traded in a 52-week range of $30.18 to $43.33. Volume today was 3,954,278 shares versus a 3-month average volume of 6,373,280 shares. The company’s trailing P/E is 12.01, while trailing earnings are $2.87 per share. The company pays a dividend of $0.97 per share for a dividend yield of 2.90%. About the company: Medtronic, Inc. develops therapeutic and diagnostic medical products. The Company’s principal products include those for bradycardia pacing, tachyarrhythmia management, atrial fibrillation management, heart failure management, heart valve replacement, malignant and non-malignant pain, and movement disorders. Medtronic’s products are sold worldwide. Get the most recent company news and stock data here >>