Medtronic Shares Surge as Q2 Earnings Beat View (MDT)

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Medical device maker Medtronic, Inc. ( MDT ) on Tuesday said its second quarter profit surged 54% from last year, sending its shares higher in premarket trading Tuesday.

The Minneapolis-based company reported second quarter net income of $871 million, or 82 cents per share, compared with $566 million, or 52 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 84 cents per share.

Net sales rose 6% from last year to $4.13 billion.

On average, Wall Street analysts expected a smaller profit of 82 cents per share, on lower revenue of$4.07 billion.

Looking ahead, MDT backed its forecast for fiscal 2012 earnings of $3.43 to $3.50 per share, while analysts expect $3.44 per share for the year.

Medtronic shares rose $1.33, or +4%, in premarket trading Tuesday.

The Bottom Line
Shares of Medtronic ( MDT ) have a 2.92% dividend yield, based on last night's closing stock price of $33.27. The stock has technical support in the $30 price area. If the shares can firm up, we see overhead resistance around the $36 price level.

Medtronic, Inc. ( MDT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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