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Thursday, 13 November 2003
November 13, 2002 Medtronic (MDT)
Thanks again for stopping by! Each time I write, I want to again ask you to please check with your own investment advisor before making any decisions based on information on this site. I am an amateur and NOT an investment advisor.

Today, an old growth stock favorite of mine hit the best percentage gainers on the NYSE: Medtronic (MDT). I do not own any shares at this time but would love to have some in my portfolio eventually. MDT closed today at $46.39, up $2.02 or 4.55% on the day. Their business overlaps with St. Jude Medical, that I recently purchased in my trading account and that we listed here elsewhere on this website.

According to money.cnn.com, Medtronic "...is a medical technology company engaged in manufacturing and selling device-based medical therapies. The Company's product lines include cardiac rhythm management, vascular, cardiac surgery, neurological & diabetes & spinal and ENT."

Yesterday (11/12/03) MDT was reported on the NYTimes on the Web, picked up by BUSINESS WIRE, to release their second quarter results ended October 24, 2003. Quarterly revenues were $2.164 billion, up 14% over the $1.891 billion last year. (currency effects had a positive effect on revenue of $59.1 million) Earnings were $476.1 million or $.39/share an increase of 58% over the $301.7 million in net earnings and 56% above the $.25/share reported last year in the comparable period.

Checking Morningstar.com, we find sequential revenue growth from $4.2 billion in 1999, $5.0 billion in 2000, $5.6 billion in 2001, $6.4 billion in 2002, $7.7 billion in 2003 and $8.0 billion in the trailing twelve months.

Earnings per share have also grown nicely, although not quite as linear between 2000 and 2002, however they were $.39/share in 1999, and by 2002 were up to $1.30/share.

Free cash flow has been significant and growing from $1.39 billion in 2001, $1.2 billion in 2002, $1.7 billion in 2003 and $2.0 billion in the trailing twelve months!

A brief look at the Balance Sheet as reported by Morningstar shows $1.28 billion in cash, $3.09 billion in other current assets vs $1.8 billion in current liabilities and $2.6 billion in long-term debt.

Looking at Yahoo for "key statistics", we find that this is a LARGE company with a market cap of $56.44 billion. The trailing p/e is 34.21, but forward p/e (fye April, 2005), is 23.48. PEG ratio moderate at 1.50, price/sales steep at 6.74.

There are 1.22 billion shares outstanding with 1.21 billion of them that float. Currently there are 9.02 million shares out short (as of 10/8/03) representing 1.803 trading days. The company DOES pay a small dividend of $0.29/share representing a yield of 0.65%. The last stock split was a 2:1 split in September, 1999.

This is a GREAT stock. But no bargain. I do not own any shares but like so many other stocks would LOVE to have it in my portfolio if that could be managed!

Thanks again for stopping by. Please email me at bobsadviceforstocks@lycos.com if you have any comments, questions, or words of encouragement!

Bob


Posted by bobsadviceforstocks at 8:36 PM CST | Post Comment | Permalink

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