Catholic/Lutheran dialgue on this subject remains ongoing, but here is one joint statement, from which I have quoted a segment.
The ecumenical discussion has shown that these two positions must no longer be regarded as opposed in a way that leads to separation. The Lutheran tradition agrees with the Catholic tradition that the consecrated elements do not simply remain bread and wine but by the power of the creative Word are bestowed as the body and blood of Christ. In this sense it also could occasionally speak, as does the Greek tradition of a “change”.36 The concept of transsubstantiation for its part is intended as a confession and preservation of the mystery character of the Eucharistic presence; it is not intended as an explanation of how this change occurs37 (see the appendices on “Real Presence” and “Christ’s Presence in the Eucharist”).
Differences related to the duration of the eucharistic presence appear also in liturgical practice. **Catholic and Lutheran Christians together confess that the eucharistic presence of the Lord Jesus Christ is directed towards believing reception, that it nevertheless is not confined only to the moment of reception, and that it does not depend on the faith of the receiver however closely related to this it might be. **
According to Catholic doctrine the Lord grants His presence even beyond the sacramental celebration for as long as the species of bread and wine remain. The faithful are accordingly invited to “give to this holy sacrament in veneration the worship of latria, which is due to the true God”.38
Lutherans have not infrequently taken exception to certain of the forms of eucharistic piety connected with this conviction. They are regarded as inadmissibly separated from the eucharistic meal. On the other hand, Catholic sensibilities are offended by the casual way in which the elements remaining after communion are treated sometimes on the Lutheran side, and this indicates a discrepancy which is not yet overcome (cf. appendix The Presence of Christ in the Eucharist 2).
In order to remedy this situation, it would be good “for Catholics to remember, particularly in catechism and preaching, that the original intention in preserving the eucharistic gifts was to distribute them to the sick and those not present”, and for the Lutherans “the best means should be adopted of showing respect due to the elements that have served for the celebration of the Eucharist, which is to consume them subsequently, without precluding their use for communion of the sick”.39 Regarding eucharistic adoration, Catholics should take care that their practice does not contradict the common conviction of the meal character of the Eucharist. They should also be aware of the fact that in the Orthodox Churches, for example, there exist other forms of Eucharistic piety without Eucharistic faith being questioned for this reason. Lutherans for their part should consider “that adoration of the reserved sacrament” not only “has been very much a part of Catholic life and a meaningful form of devotion to Catholics for many centuries”,40 but that also for them “as long as Christ remains sacramentally present, worship, reverence and adoration are appropriate”.41