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BUZZ-Medtronic falls after 'relatively small' annual profit forecast raise

Reuters
Nov 19, 2024
BUZZ-Medtronic falls after 'relatively small' annual profit forecast raise

** Shares of medical device maker Medtronic MDT.N fall 3.4% to $84.59

** Co lifts lower end of annual adjusted profit per share forecast to $5.44 from $5.42 previously, while maintaining the upper end at $5.50

** Analysts were expecting annual profit of $5.45 per share - LSEG data

** "The guidance increase for the year was still relatively small ... So it's possible people were looking for more," said Jeff Jonas, portfolio manager at Gabelli Funds

** Co posts Q2 adjusted profit of $1.26 per share vs estimates of $1.25

** The beat was not as substantial on profit, which is what investors were looking for Medtronic to deliver on, said RBC Capital Markets analyst Shagun Singh Chadha

** Including session moves, stock up ~3% YTD

(Reporting by Sriparna Roy and Mariam Sunny in Bengaluru)

((Sriparna.Roy@thomsonreuters.com;))

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