Medtronic (NYSE:MDT) PLC
Medtronic Earnings & Technicals
On Tuesday before the market opened, shares of Medtronic (MDT) jumped higher in the premarket session after the company announced fourth quarter earnings that topped analyst expectations. The company announced adjusted fourth quarter earnings of $1.27 per share on $7.57 billion in revenues while analyst were looking for $1.26 earnings per share on $7.49 billion in revenues. The company also announced full year guidance for 2017 that ranged between $4.60 and $4.70 while analysts were expecting $4.69. Analyst currently have an average price target of $86.38
Looking at the chart you will see that shares have been on a nice up trend recently after breaking out of this consolidation pattern between $74 and $78. Shares hit premarket highs of $84.83 after closing Friday at $81.69, a 3.8% jump in price. Look for support to come in at $82 with key pivot levels at $80 and $79.50. If shares open above $82 they will be at new highs which will make things interesting as it will be in uncharted territory so we should expect whole dollar values to play an importance. There should be increased volatility as is normal with shares after an earnings release so expect some larger moves on this name.
CEO Comments
“Our organization once again successfully delivered strong, balanced revenue growth across our groups and geographic regions – growing above the market and exceeding our revenue growth projections,” said Omar Ishrak, Medtronic chairman and chief executive officer. “This quarter caps a transformative year for Medtronic, our first full year after closing the largest ever MedTech acquisition. I am pleased with the execution and focus of our teams around the world who delivered sustained revenue growth and exceeded our Covidien cost synergy commitments.”
MDT Profile
Medtronic plc manufactures and sells device-based medical therapies worldwide. The company’s Cardiac and Vascular Group segment offers pacemakers, implantable cardioverter defibrillators, implantable cardiac resynchronization therapy devices, AF products, diagnostics and monitoring devices, and remote monitoring and patient-centered software; and heart valves, percutaneous coronary intervention stent products, surgical valve replacement and repair products, endovascular stent grafts, and peripheral vascular intervention products. Its Minimally Invasive Therapies Group segment provides gastrointestinal diagnostics, ablation, and interventional lung solutions; stapling, vessel sealing, and other surgical instruments; sutures; electrosurgery products; hernia mechanical devices; mesh implants; products for patient monitoring and recovery, such as ventilators, capnography, and other airway products; sensors; monitors; compression and dialysis products; enteral feeding; wound care; and medical surgical products comprising operating room supply products, electrodes, needles, syringes, and sharps disposals.
The company’s Restorative Therapies Group segment offers products for various areas of the spine; bone graft substitutes; biologic products; trauma, implantable neurostimulation therapies, and drug delivery systems for the treatment of chronic pain, movement disorders, obsessive-compulsive disorder, overactive bladder, urinary retention, fecal incontinence, and gastroparesis; products to treat conditions of the ear, nose, and throat; systems that incorporate advanced energy surgical instruments; and image-guided surgery and intra-operative imaging systems. Its Diabetes Group segment provides insulin pumps; continuous glucose monitoring systems; insulin pump consumables; and Web-based therapy management software solutions. It serves hospitals, physicians, clinicians, and patients. Medtronic plc was founded in 1949 and is headquartered in Dublin, Ireland.
By Sean V