Medtronic (MDT - Free Report) closed at $103.95 in the latest trading session, marking a -0.55% move from the prior day. This move lagged the S&P 500's daily gain of 0.14%. Meanwhile, the Dow gained 0.25%, and the Nasdaq, a tech-heavy index, lost 0.34%.
Coming into today, shares of the medical device company had lost 2.03% in the past month. In that same time, the Medical sector gained 3.52%, while the S&P 500 gained 4.32%.
Investors will be hoping for strength from Medtronic as it approaches its next earnings release. The company is expected to report EPS of $1.38, up 6.98% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $7.97 billion, up 2.46% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Medtronic. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 0.08% lower. Medtronic is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Medtronic is currently trading at a Forward P/E ratio of 18.36. For comparison, its industry has an average Forward P/E of 25.75, which means Medtronic is trading at a discount to the group.
It is also worth noting that MDT currently has a PEG ratio of 2.75. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Medical - Products industry currently had an average PEG ratio of 2 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 182, which puts it in the bottom 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Medtronic (MDT - Free Report) closed at $103.95 in the latest trading session, marking a -0.55% move from the prior day. This move lagged the S&P 500's daily gain of 0.14%. Meanwhile, the Dow gained 0.25%, and the Nasdaq, a tech-heavy index, lost 0.34%.
Coming into today, shares of the medical device company had lost 2.03% in the past month. In that same time, the Medical sector gained 3.52%, while the S&P 500 gained 4.32%.
Investors will be hoping for strength from Medtronic as it approaches its next earnings release. The company is expected to report EPS of $1.38, up 6.98% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $7.97 billion, up 2.46% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Medtronic. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 0.08% lower. Medtronic is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Medtronic is currently trading at a Forward P/E ratio of 18.36. For comparison, its industry has an average Forward P/E of 25.75, which means Medtronic is trading at a discount to the group.
It is also worth noting that MDT currently has a PEG ratio of 2.75. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Medical - Products industry currently had an average PEG ratio of 2 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 182, which puts it in the bottom 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
Only $1 to See All Zacks' Buys and Sells
We're not kidding.
Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.
Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 228 positions with double- and triple-digit gains in 2023 alone.
See Stocks Now >>
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