Medtronic plc (MDT) is set to report second-quarter earnings before the bell on Tuesday, Nov. 18, and Wall Street's sharpest forecasters have been busy adjusting their expectations upward.
The Galway, Ireland-based medical device maker is expected to post earnings of $1.31 per share, a solid bump from the $1.26 per share reported in the same period last year. Analysts are penciling in quarterly revenue of $8.86 billion, compared to $8.4 billion a year ago.
The timing looks interesting. Just last month on Oct. 8, Medtronic announced it was kicking off the Embrace Gynecology investigational device exemption (IDE) U.S. clinical study. The study will evaluate the safety and effectiveness of its Hugo robotic-assisted surgery system for gynecological procedures, potentially opening up a significant market opportunity as robotic surgery continues its expansion across medical specialties.
Shares closed Monday at $96.28, up 0.4% for the session.
What the Experts Are Saying
Here's how the most accurate analysts covering Medtronic have positioned themselves heading into earnings:
- JP Morgan analyst Robbie Marcus maintained a Neutral rating while lifting the price target from $90 to $100 on Nov. 13. Marcus has a 64% accuracy rate.
- Truist Securities analyst Richard Newitter kept a Hold rating but raised the target from $96 to $103 on Oct. 15. Newitter's accuracy rate stands at 71%.
- Stifel analyst Rick Wise stuck with a Hold rating while boosting the target from $90 to $105 on Oct. 9. Wise has a 73% accuracy track record.
- Citigroup analyst Joanne Wuensch maintained a Buy rating and increased the target from $101 to $112 on Oct. 7. Wuensch also carries a 73% accuracy rate.
- Argus Research analyst David Toung held onto a Buy rating and raised the target from $105 to $115 on Aug. 26. Toung's accuracy rate is 68%.
The pattern is clear: even analysts maintaining Hold ratings see upside from current levels, with the most bullish targets suggesting another 20% potential appreciation from Monday's close. That's notable consensus building ahead of what could be a pivotal quarter for the medical device giant.
