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Medtronic Stock Inches Higher On Quarterly Beat, Raised 2021 Earnings Outlook

Early Tuesday, Medtronic (MDT) reported adjusted income of $1.41 per share on $7.99 billion in sales for its fiscal first quarter. In response, MDT stock inched higher.




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On average, analysts polled by FactSet expected Medtronic to earn $1.32 per share, minus items, on $7.87 billion in sales.

In the year-earlier period, Medtronic earned 62 cents per share and reported $6.51 billion in sales.

For the year, Medtronic raised the low end of its earnings outlook by a nickel. Now, it expects to earn $5.65-$5.75 per share. The company also forecasts 9% organic sales growth. Analysts called for adjusted profit of $5.69 a share and $33.14 billion in sales.

In premarket trading on the stock market today, MDT stock rose 1.4% near 130.20.

More to follow.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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