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Medtronic Earnings: Strong Finish to Fiscal 2023, but Tempered Outlook Weighs on Shares

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Securities In This Article
Medtronic PLC
(MDT)

Wide-moat Medtronic MDT posted solid fiscal fourth-quarter results that hinted at how management’s efforts over the last few years to reshape the organization and shift its portfolio toward faster growth are beginning to bear fruit. However, management’s tempered outlook for fiscal 2024 seems to have weighed on the shares. Considering that the firm finished the year very close to our expectations, we’re leaving our $112 fair value estimate unchanged.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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About the Author

Debbie Wang

Senior Equity Analyst
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Debbie Wang is a senior equity analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. She covers the medical-device, diagnostics, and animal health industries. Previously, she was an associate director of equity analysis for Morningstar, leading the healthcare team.

Before joining Morningstar in 2002, Wang was a vice president and senior brand strategist for Leo Burnett. During her tenure at Leo Burnett, she led brand strategy on a variety of accounts, including Allstate, Amoco, McDonald's, Heinz, Smucker’s, Pepto-Bismol, and Celebrex.

Wang holds a bachelor’s degree in anthropology from Colgate University and a master’s degree in business administration from the University of Chicago Booth School of Business.

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