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Medtronic (MDT) Gains As Market Dips: What You Should Know
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Medtronic (MDT - Free Report) closed at $93.08 in the latest trading session, marking a +0.61% move from the prior day. This move outpaced the S&P 500's daily loss of 0.28%. Elsewhere, the Dow lost 0.14%, while the tech-heavy Nasdaq lost 0.14%.
Prior to today's trading, shares of the medical device company had gained 1.25% over the past month. This has outpaced the Medical sector's gain of 1.05% and lagged the S&P 500's gain of 8.35% in that time.
Medtronic will be looking to display strength as it nears its next earnings release, which is expected to be August 23, 2022. The company is expected to report EPS of $1.12, down 20.57% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.32 billion, down 8.29% from the year-ago period.
MDT's full-year Zacks Consensus Estimates are calling for earnings of $5.56 per share and revenue of $32.02 billion. These results would represent year-over-year changes of +0.18% and +1.06%, respectively.
Investors should also note any recent changes to analyst estimates for Medtronic. These recent revisions tend to reflect the evolving nature of short-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. 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.
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. Within the past 30 days, our consensus EPS projection has moved 0.08% lower. Medtronic currently has a Zacks Rank of #3 (Hold).
Investors should also note Medtronic's current valuation metrics, including its Forward P/E ratio of 16.65. Its industry sports an average Forward P/E of 22.06, so we one might conclude that Medtronic is trading at a discount comparatively.
It is also worth noting that MDT currently has a PEG ratio of 2.37. 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. The Medical - Products industry currently had an average PEG ratio of 1.88 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 94, putting it in the top 38% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Medtronic (MDT) Gains As Market Dips: What You Should Know
Medtronic (MDT - Free Report) closed at $93.08 in the latest trading session, marking a +0.61% move from the prior day. This move outpaced the S&P 500's daily loss of 0.28%. Elsewhere, the Dow lost 0.14%, while the tech-heavy Nasdaq lost 0.14%.
Prior to today's trading, shares of the medical device company had gained 1.25% over the past month. This has outpaced the Medical sector's gain of 1.05% and lagged the S&P 500's gain of 8.35% in that time.
Medtronic will be looking to display strength as it nears its next earnings release, which is expected to be August 23, 2022. The company is expected to report EPS of $1.12, down 20.57% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.32 billion, down 8.29% from the year-ago period.
MDT's full-year Zacks Consensus Estimates are calling for earnings of $5.56 per share and revenue of $32.02 billion. These results would represent year-over-year changes of +0.18% and +1.06%, respectively.
Investors should also note any recent changes to analyst estimates for Medtronic. These recent revisions tend to reflect the evolving nature of short-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. 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.
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. Within the past 30 days, our consensus EPS projection has moved 0.08% lower. Medtronic currently has a Zacks Rank of #3 (Hold).
Investors should also note Medtronic's current valuation metrics, including its Forward P/E ratio of 16.65. Its industry sports an average Forward P/E of 22.06, so we one might conclude that Medtronic is trading at a discount comparatively.
It is also worth noting that MDT currently has a PEG ratio of 2.37. 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. The Medical - Products industry currently had an average PEG ratio of 1.88 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 94, putting it in the top 38% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.