Why Medtronic Stock Trounced the Market on Tuesday
Medical-devices company 's (NYSE: MDT) stock was in good health on Tuesday. Following the company's release of its latest set of quarterly figures, investors traded it up by nearly 5%. That was far more than good enough to top the S 500 index's performance -- the bellwether index sank by 0.2% on the day.
For its second quarter of fiscal 2024, Medtronic managed to grow its revenue by more than 5% year over year to $8 billion. Profitability went in the opposite direction, but the decline wasn't severe. Non-GAAP (adjusted) net income dipped by 3% to just under $1.67 billion, or $1.25 per share.
Nevertheless, both headline figures beat analyst projections. On average, prognosticators tracking the medical-device company's stock were anticipating $7.93 billion on the top line and $1.18 per share for adjusted net income.
Source Fool.com
Medtronic plc Stock
We see a rather positive sentiment for Medtronic plc with 6 Buy predictions and 2 Sell predictions.
With a target price of 91 € there is a positive potential of 22.89% for Medtronic plc compared to the current price of 74.05 €.
