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Medtronic (MDT) Gains But Lags Market: What You Should Know
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Medtronic (MDT - Free Report) closed the most recent trading day at $107.15, moving +0.49% from the previous trading session. This change lagged the S&P 500's 2.48% gain on the day. Meanwhile, the Dow gained 1.85%, and the Nasdaq, a tech-heavy index, lost 0.18%.
Coming into today, shares of the medical device company had lost 4.42% in the past month. In that same time, the Medical sector lost 4.76%, while the S&P 500 lost 7.81%.
Wall Street will be looking for positivity from Medtronic as it approaches its next earnings report date. This is expected to be May 26, 2022. On that day, Medtronic is projected to report earnings of $1.57 per share, which would represent year-over-year growth of 4.67%. 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. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
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. Within the past 30 days, our consensus EPS projection has moved 0.04% lower. Medtronic is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Medtronic has a Forward P/E ratio of 18.83 right now. Its industry sports an average Forward P/E of 22.05, so we one might conclude that Medtronic is trading at a discount comparatively.
Meanwhile, MDT's PEG ratio is currently 2.49. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. MDT's industry had an average PEG ratio of 1.61 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 177, which puts it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow MDT in the coming trading sessions, be sure to utilize Zacks.com.
View the Zacks #1 Rank List
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Medtronic (MDT) Gains But Lags Market: What You Should Know
Medtronic (MDT - Free Report) closed the most recent trading day at $107.15, moving +0.49% from the previous trading session. This change lagged the S&P 500's 2.48% gain on the day. Meanwhile, the Dow gained 1.85%, and the Nasdaq, a tech-heavy index, lost 0.18%.
Coming into today, shares of the medical device company had lost 4.42% in the past month. In that same time, the Medical sector lost 4.76%, while the S&P 500 lost 7.81%.
Wall Street will be looking for positivity from Medtronic as it approaches its next earnings report date. This is expected to be May 26, 2022. On that day, Medtronic is projected to report earnings of $1.57 per share, which would represent year-over-year growth of 4.67%. 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. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
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. Within the past 30 days, our consensus EPS projection has moved 0.04% lower. Medtronic is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Medtronic has a Forward P/E ratio of 18.83 right now. Its industry sports an average Forward P/E of 22.05, so we one might conclude that Medtronic is trading at a discount comparatively.
Meanwhile, MDT's PEG ratio is currently 2.49. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. MDT's industry had an average PEG ratio of 1.61 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 177, which puts it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow MDT in the coming trading sessions, be sure to utilize Zacks.com.