Medtronic Hits New All-Time High
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Medtronic PLC (NYSE: MDT) shares are trading higher by $2.79 at $78.05 in Tuesday's session.
Better than expected Q4 earnings and revenues ($1.01 v. Est. $0.97 and $4.32B vs. $4.25B) have propelled the issue to new all-time highs. This makes the fifth quarter in a row that the company has met or beat Wall Street's estimates for EPS.
After a higher opening by over $1.00 at $76.54, it retreated only $0.21 to $76.33, before continuing higher. After eclipsing its former all-time high ($77.39), it has rallied to $78.30 and is trading at its high for the session.
So far this month, Medtronic plc has added over $7.00 to its share price after bottoming on February 2 at $70.91.
This matches a similar run it had off its October 15 low ($59.83) to October 31 high ($68.41), before a brief consolidation and another rally into the mid $70.00 handle.
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