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Medtronic (MDT) Stock Sinks As Market Gains: What You Should Know
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Medtronic (MDT - Free Report) closed at $106.63 in the latest trading session, marking a -0.14% move from the prior day. This change lagged the S&P 500's 0.21% gain on the day. At the same time, the Dow added 0.19%, and the tech-heavy Nasdaq gained 0.11%.
Coming into today, shares of the medical device company had lost 4.98% in the past month. In that same time, the Medical sector lost 4.72%, while the S&P 500 lost 8.08%.
Investors will be hoping for strength from Medtronic as it approaches its next earnings release, which is expected to be May 26, 2022. The company is expected to report EPS of $1.57, up 4.67% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $8.44 billion, up 3.02% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Medtronic. These revisions typically reflect the latest short-term business trends, which can change frequently. 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.04% lower within the past month. Medtronic is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Medtronic's current valuation metrics, including its Forward P/E ratio of 18.85. This valuation marks a discount compared to its industry's average Forward P/E of 22.03.
Also, we should mention that MDT has a PEG ratio of 2.49. 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 industry currently had an average PEG ratio of 1.65 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 182, putting it in the bottom 29% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
View the Zacks #1 Rank List
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Medtronic (MDT) Stock Sinks As Market Gains: What You Should Know
Medtronic (MDT - Free Report) closed at $106.63 in the latest trading session, marking a -0.14% move from the prior day. This change lagged the S&P 500's 0.21% gain on the day. At the same time, the Dow added 0.19%, and the tech-heavy Nasdaq gained 0.11%.
Coming into today, shares of the medical device company had lost 4.98% in the past month. In that same time, the Medical sector lost 4.72%, while the S&P 500 lost 8.08%.
Investors will be hoping for strength from Medtronic as it approaches its next earnings release, which is expected to be May 26, 2022. The company is expected to report EPS of $1.57, up 4.67% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $8.44 billion, up 3.02% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Medtronic. These revisions typically reflect the latest short-term business trends, which can change frequently. 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.04% lower within the past month. Medtronic is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Medtronic's current valuation metrics, including its Forward P/E ratio of 18.85. This valuation marks a discount compared to its industry's average Forward P/E of 22.03.
Also, we should mention that MDT has a PEG ratio of 2.49. 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 industry currently had an average PEG ratio of 1.65 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 182, putting it in the bottom 29% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.