Before Tuesday’s opening bell, Medtronic (MDT ) reported higher third quarter results, which came in above analysts’ estimates.
MDT's Earnings in Brief
- MDT reported earnings of $977 million, or 98 cents per share, up from $762 million, or 75 cents per share, last year.
- Excluding special items, earnings were $1.01 per share, above analysts’ view of 97 cents per share.
- Revenue rose to $4.318 billion from $4.163 billion last year. Analysts expected to see revenue of $4.25 billion.
CEO Commentary
Omar Ishrak, MDT’s chairman and CEO, commented: “Q3 was a strong quarter, with revenue growth well above our outlook range for the fiscal year and exceeding our mid-single digit baseline goal. All three legacy Medtronic groups contributed to our robust performance.”
MDT's Dividend
The company will pay its next 30.5 cent dividend on April 17. The stock will go ex-dividend on March 26.
Stock Performance
Shares of MDT were up $2.24, or 2.98%, during pre-market trading Tuesday. The stock is up 4.24% YTD.
The Bottom Line
Medtronic (MDT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
