Both profit and revenue are projected to grow year-over-year.
For the recent quarter, Wall Street is looking for earnings of $1.26 a share on revenue of $7.49 billion.
A year ago, the company earned $1.16 a share on revenue of $7.3 billion.
Last January, the company completed the $42.9 billion takeover of its Irish counterpart Covidien. The combined company should generate significant free cash flow, which will likely lift results for the latest period.
"This cash flow will ensure better investment in U.S. healthcare technologies as well as enhanced shareholder returns," Zacks analysts noted.
Based in Ireland, Medtronic manufactures and sells device-based medical therapies worldwide.
Separately, TheStreet Ratings currently has a "Buy" rating on the stock with a letter grade of A-.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, reasonable valuation levels, increase in net income, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
You can view the full analysis from the report here: MDT