Reported 6 months ago
Medtronic (NYSE: MDT) stock dropped 2.8% despite beating earnings expectations in its fiscal Q4 2024 report. While the company surpassed profit forecasts, the stock fell as sales only grew 0.5% year over year and non-GAAP earnings were down 44% compared to last year. Medtronic's full-year results were more positive, with sales increasing by 4% to $32.4 billion. However, with the company forecasting modest growth for fiscal 2025 in line with expectations, investors may be concerned about the stock's high valuation of 27 times earnings. Consequently, the article suggests that Medtronic stock may currently be overpriced, leading to the slump.
Source: YAHOO