On September 14, Medtronic PLC rose 3.23% in pre-market trading, trading at $93.75 USD/share, with turnover of $368,800.
On the news front, Bernstein raised its price target on Medtronic PLC from $105 to $112, maintaining an Outperform rating. The analyst consensus now stands at an average Overweight rating with a mean price target of $104.05. This marks the latest in a series of upward revisions following the company's strong fiscal Q1 results, with UBS previously lifting its target to $110 from $100, BTIG to $100 from $91, and Needham to $114 from $101.
Separately, Medtronic PLC announced an exchange offer to acquire MiniMed shares at up to a 7% discount, capped at 4.5939 MiniMed shares per Medtronic share, signaling continued capital management activity following the diabetes business separation. Fundamentally, the company reported FY27 Q1 revenue of $9.76 billion, up 13.8% year-over-year, with cardiovascular sales surging 18.9%. Management raised full-year adjusted EPS guidance to $5.94-$6.00, with the lower bound already exceeding the prior Wall Street consensus of $5.95.
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