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Medtronic (MDT) Gains As Market Dips: What You Should Know
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Medtronic (MDT - Free Report) closed the most recent trading day at $82.94, moving +0.85% from the previous trading session. This change outpaced the S&P 500's 0.7% loss on the day. Meanwhile, the Dow lost 0.54%, and the Nasdaq, a tech-heavy index, lost 1.17%.
Prior to today's trading, shares of the medical device company had lost 5.79% over the past month. This has lagged the Medical sector's gain of 4.44% and the S&P 500's gain of 2.35% in that time.
Medtronic will be looking to display strength as it nears its next earnings release, which is expected to be August 22, 2023. The company is expected to report EPS of $1.11, down 1.77% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $7.57 billion, up 2.67% from the year-ago period.
MDT's full-year Zacks Consensus Estimates are calling for earnings of $5.04 per share and revenue of $32.16 billion. These results would represent year-over-year changes of -4.73% and +2.97%, respectively.
Any recent changes to analyst estimates for Medtronic should also be noted by investors. 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.
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.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Medtronic is holding a Zacks Rank of #2 (Buy) right now.
Valuation is also important, so investors should note that Medtronic has a Forward P/E ratio of 16.3 right now. This represents a discount compared to its industry's average Forward P/E of 21.67.
Investors should also note that MDT has a PEG ratio of 2.65 right now. 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 was holding an average PEG ratio of 2.71 at yesterday's closing price.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 164, putting it in the bottom 35% 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.
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Medtronic (MDT) Gains As Market Dips: What You Should Know
Medtronic (MDT - Free Report) closed the most recent trading day at $82.94, moving +0.85% from the previous trading session. This change outpaced the S&P 500's 0.7% loss on the day. Meanwhile, the Dow lost 0.54%, and the Nasdaq, a tech-heavy index, lost 1.17%.
Prior to today's trading, shares of the medical device company had lost 5.79% over the past month. This has lagged the Medical sector's gain of 4.44% and the S&P 500's gain of 2.35% in that time.
Medtronic will be looking to display strength as it nears its next earnings release, which is expected to be August 22, 2023. The company is expected to report EPS of $1.11, down 1.77% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $7.57 billion, up 2.67% from the year-ago period.
MDT's full-year Zacks Consensus Estimates are calling for earnings of $5.04 per share and revenue of $32.16 billion. These results would represent year-over-year changes of -4.73% and +2.97%, respectively.
Any recent changes to analyst estimates for Medtronic should also be noted by investors. 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.
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.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Medtronic is holding a Zacks Rank of #2 (Buy) right now.
Valuation is also important, so investors should note that Medtronic has a Forward P/E ratio of 16.3 right now. This represents a discount compared to its industry's average Forward P/E of 21.67.
Investors should also note that MDT has a PEG ratio of 2.65 right now. 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 was holding an average PEG ratio of 2.71 at yesterday's closing price.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 164, putting it in the bottom 35% 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.