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Medtronic (MDT) Stock Moves -0.78%: What You Should Know
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Medtronic (MDT - Free Report) closed the most recent trading day at $82.90, moving -0.78% from the previous trading session. This change was narrower than the S&P 500's 0.89% loss on the day. Meanwhile, the Dow lost 0.63%, and the Nasdaq, a tech-heavy index, lost 0.26%.
Prior to today's trading, shares of the medical device company had gained 2.38% over the past month. This has lagged the Medical sector's gain of 8.35% and the S&P 500's gain of 11.42% in that time.
Investors will be hoping for strength from Medtronic as it approaches its next earnings release, which is expected to be November 22, 2022. The company is expected to report EPS of $1.28, down 3.03% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.72 billion, down 1.67% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $5.52 per share and revenue of $31.55 billion. These totals would mark changes of -0.54% and -0.43%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Medtronic. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.04% lower. Medtronic is holding a Zacks Rank of #4 (Sell) right now.
Digging into valuation, Medtronic currently has a Forward P/E ratio of 15.13. Its industry sports an average Forward P/E of 19.5, so we one might conclude that Medtronic is trading at a discount comparatively.
We can also see that MDT currently has a PEG ratio of 2.23. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Medical - Products was holding an average PEG ratio of 2.2 at yesterday's closing price.
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 166, which puts it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Medtronic (MDT) Stock Moves -0.78%: What You Should Know
Medtronic (MDT - Free Report) closed the most recent trading day at $82.90, moving -0.78% from the previous trading session. This change was narrower than the S&P 500's 0.89% loss on the day. Meanwhile, the Dow lost 0.63%, and the Nasdaq, a tech-heavy index, lost 0.26%.
Prior to today's trading, shares of the medical device company had gained 2.38% over the past month. This has lagged the Medical sector's gain of 8.35% and the S&P 500's gain of 11.42% in that time.
Investors will be hoping for strength from Medtronic as it approaches its next earnings release, which is expected to be November 22, 2022. The company is expected to report EPS of $1.28, down 3.03% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.72 billion, down 1.67% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $5.52 per share and revenue of $31.55 billion. These totals would mark changes of -0.54% and -0.43%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Medtronic. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.04% lower. Medtronic is holding a Zacks Rank of #4 (Sell) right now.
Digging into valuation, Medtronic currently has a Forward P/E ratio of 15.13. Its industry sports an average Forward P/E of 19.5, so we one might conclude that Medtronic is trading at a discount comparatively.
We can also see that MDT currently has a PEG ratio of 2.23. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Medical - Products was holding an average PEG ratio of 2.2 at yesterday's closing price.
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 166, which puts it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.