Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Medtronic PLC 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.