Why Medtronic Stock Was a Winner Today
Tuesday was a fine day to be a (NYSE: MDT) investor. The company's performance in its inaugural quarter of fiscal 2024 was better than expected, and the market rewarded Medtronic shares with a 3% bump in price. That was more than 3 times the percentage increase of the S 500 index.
For its first quarter, Medtronic managed to grow its revenue by nearly 5% on a year-over-year basis to $7.7 billion. Non-GAAP (adjusted) net income rose at a slightly higher rate, advancing by 6% to land at slightly under $1.6 billion, or $1.20 per share.
Analysts tracking the medical device maker were underestimating its potential. On average, they were anticipating Medtronic would earn less than $7.6 billion in revenue and post an adjusted net income figure of $1.11.
Source Fool.com
Medtronic plc Stock
The stock is one of the favorites of our community with 41 Buy predictions and 1 Sell predictions.
With a target price of 97 € there is a positive potential of 25.19% for Medtronic plc compared to the current price of 77.48 €.
