Top 5 Losers on Tuesday

4. Medtronic plc (NYSE:MDT)

Number of Hedge Fund Holders: 54

Shares of Medtronic plc (NYSE:MDT) fell nearly three percent this morning after releasing its fiscal first-quarter results. The medical device company reported adjusted earnings of $1.13 per share, marginally above the consensus of $1.12 per share.

Revenue for the quarter decreased 7.7 percent on a year-over-year basis to $7.4 billion but surpassed the expectations of $7.22 billion. Medtronic plc (NYSE:MDT) also disclosed its segment-wise sales results.

Revenue from the Cardiovascular segment slipped 6 percent to $2.713 billion, Medical Surgical revenue fell 14 percent to $2.001 billion and Neuroscience revenue decreased 4 percent to $2.115 billion in the quarter.

For its fiscal year 2023, Medtronic plc (NYSE:MDT) continues to expect adjusted earnings in the range of $5.53 – $5.65 per share and organic sales growth between 4 – 5 percent.