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Medtronic (MDT) Outpaces Stock Market Gains: What You Should Know
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In the latest trading session, Medtronic (MDT - Free Report) closed at $85.54, marking a +1.05% move from the previous day. This change outpaced the S&P 500's 0.96% gain on the day. Meanwhile, the Dow gained 1.31%, and the Nasdaq, a tech-heavy index, lost 0.14%.
Prior to today's trading, shares of the medical device company had gained 2.71% over the past month. This has lagged the Medical sector's gain of 2.97% and outpaced the S&P 500's loss of 0.41% 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, our latest consensus estimate is calling for revenue of $7.72 billion, down 1.67% from the prior-year quarter.
MDT's full-year Zacks Consensus Estimates are calling for earnings of $5.53 per share and revenue of $31.55 billion. These results would represent year-over-year changes of -0.36% and -0.43%, respectively.
Investors might also notice recent changes to analyst estimates for Medtronic. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. The Zacks Consensus EPS estimate has moved 0.01% higher within the past month. 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 15.32. Its industry sports an average Forward P/E of 18.46, 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 2.26. 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. Medical - Products stocks are, on average, holding a PEG ratio of 2.01 based on yesterday's closing prices.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 123, putting it in the top 49% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
View the Zacks #1 Rank List
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Medtronic (MDT) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Medtronic (MDT - Free Report) closed at $85.54, marking a +1.05% move from the previous day. This change outpaced the S&P 500's 0.96% gain on the day. Meanwhile, the Dow gained 1.31%, and the Nasdaq, a tech-heavy index, lost 0.14%.
Prior to today's trading, shares of the medical device company had gained 2.71% over the past month. This has lagged the Medical sector's gain of 2.97% and outpaced the S&P 500's loss of 0.41% 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, our latest consensus estimate is calling for revenue of $7.72 billion, down 1.67% from the prior-year quarter.
MDT's full-year Zacks Consensus Estimates are calling for earnings of $5.53 per share and revenue of $31.55 billion. These results would represent year-over-year changes of -0.36% and -0.43%, respectively.
Investors might also notice recent changes to analyst estimates for Medtronic. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. The Zacks Consensus EPS estimate has moved 0.01% higher within the past month. 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 15.32. Its industry sports an average Forward P/E of 18.46, 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 2.26. 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. Medical - Products stocks are, on average, holding a PEG ratio of 2.01 based on yesterday's closing prices.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 123, putting it in the top 49% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.