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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 $90.19, marking a +0.14% move from the previous day. This change outpaced the S&P 500's 0.05% gain on the day. Elsewhere, the Dow lost 0.17%, while the tech-heavy Nasdaq added 6.02%.
Heading into today, shares of the medical device company had gained 12.15% over the past month, outpacing the Medical sector's gain of 2.53% and the S&P 500's gain of 1.18% in that time.
Investors will be hoping for strength from Medtronic as it approaches its next earnings release, which is expected to be May 25, 2023. In that report, analysts expect Medtronic to post earnings of $1.56 per share. This would mark year-over-year growth of 2.63%. Meanwhile, our latest consensus estimate is calling for revenue of $8.25 billion, up 1.98% from the prior-year quarter.
Any recent changes to analyst estimates for Medtronic should also be noted by investors. 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. Within the past 30 days, our consensus EPS projection has moved 0.27% lower. Medtronic currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Medtronic currently has a Forward P/E ratio of 17.21. Its industry sports an average Forward P/E of 20.85, so we one might conclude that Medtronic is trading at a discount comparatively.
Also, we should mention that MDT has a PEG ratio of 2.15. 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 2.5 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 85, putting it in the top 34% 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.
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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 $90.19, marking a +0.14% move from the previous day. This change outpaced the S&P 500's 0.05% gain on the day. Elsewhere, the Dow lost 0.17%, while the tech-heavy Nasdaq added 6.02%.
Heading into today, shares of the medical device company had gained 12.15% over the past month, outpacing the Medical sector's gain of 2.53% and the S&P 500's gain of 1.18% in that time.
Investors will be hoping for strength from Medtronic as it approaches its next earnings release, which is expected to be May 25, 2023. In that report, analysts expect Medtronic to post earnings of $1.56 per share. This would mark year-over-year growth of 2.63%. Meanwhile, our latest consensus estimate is calling for revenue of $8.25 billion, up 1.98% from the prior-year quarter.
Any recent changes to analyst estimates for Medtronic should also be noted by investors. 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. Within the past 30 days, our consensus EPS projection has moved 0.27% lower. Medtronic currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Medtronic currently has a Forward P/E ratio of 17.21. Its industry sports an average Forward P/E of 20.85, so we one might conclude that Medtronic is trading at a discount comparatively.
Also, we should mention that MDT has a PEG ratio of 2.15. 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 2.5 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 85, putting it in the top 34% 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.