Why Medtronic Stock Jumped Today
Shares of Medtronic (NYSE: MDT) climbed as much as 3.3% early Tuesday, and then settled to close up around 1.7%, after the medical-device company announced strong fiscal third-quarter results and impressive forward guidance.
For its fiscal third-quarter 2024, ended Jan. 26, Medtronic's revenue grew 4.7% year over year (4.6% organically) to $8.089 billion, translating to roughly flat adjusted (non-GAAP) earnings of $1.728 billion, or $1.30 per share -- though the latter included a roughly $0.11-per-share negative impact from foreign currency exchange. By comparison, most analysts were modeling lower earnings of $1.26 per share on revenue closer to $7.95 billion.
Within Medtronic's top line, Cardiovascular Portfolio revenue grew 6.1% to $2.929 billion, Neuroscience Portfolio sales were up 4.8% to $2.355 billion, and Medical Surgical Portfolio revenue rose 3.9% to $2.148 billion. The company's diabetes products also saw sales jump 12.3% to $640 million.
Source Fool.com
Medtronic plc Stock
With 10 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
As a result the target price of 94 € shows a positive potential of 23.86% compared to the current price of 75.89 € for Medtronic plc.
