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Medtronic (MDT) Stock Sinks As Market Gains: What You Should Know
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Medtronic (MDT - Free Report) ended the recent trading session at $71.96, demonstrating a -0.59% swing from the preceding day's closing price. The stock fell short of the S&P 500, which registered a gain of 0.73% for the day. Elsewhere, the Dow saw an upswing of 0.62%, while the tech-heavy Nasdaq appreciated by 0.93%.
Shares of the medical device company witnessed a loss of 9.48% over the previous month, trailing the performance of the Medical sector with its loss of 4.57% and the S&P 500's loss of 2.29%.
Investors will be eagerly watching for the performance of Medtronic in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 21, 2023. The company is forecasted to report an EPS of $1.18, showcasing a 9.23% downward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $7.92 billion, indicating a 4.36% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $5.12 per share and a revenue of $32.13 billion, representing changes of -3.21% and +2.88%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Medtronic. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.01% lower within the past month. Right now, Medtronic possesses a Zacks Rank of #3 (Hold).
Looking at its valuation, Medtronic is holding a Forward P/E ratio of 14.15. This represents a discount compared to its industry's average Forward P/E of 18.
Investors should also note that MDT has a PEG ratio of 2.54 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Medical - Products was holding an average PEG ratio of 2.24 at yesterday's closing price.
The Medical - Products industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 147, placing it within the bottom 42% of over 250 industries.
The Zacks Industry Rank is ordered 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.
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Medtronic (MDT) Stock Sinks As Market Gains: What You Should Know
Medtronic (MDT - Free Report) ended the recent trading session at $71.96, demonstrating a -0.59% swing from the preceding day's closing price. The stock fell short of the S&P 500, which registered a gain of 0.73% for the day. Elsewhere, the Dow saw an upswing of 0.62%, while the tech-heavy Nasdaq appreciated by 0.93%.
Shares of the medical device company witnessed a loss of 9.48% over the previous month, trailing the performance of the Medical sector with its loss of 4.57% and the S&P 500's loss of 2.29%.
Investors will be eagerly watching for the performance of Medtronic in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 21, 2023. The company is forecasted to report an EPS of $1.18, showcasing a 9.23% downward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $7.92 billion, indicating a 4.36% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $5.12 per share and a revenue of $32.13 billion, representing changes of -3.21% and +2.88%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Medtronic. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.01% lower within the past month. Right now, Medtronic possesses a Zacks Rank of #3 (Hold).
Looking at its valuation, Medtronic is holding a Forward P/E ratio of 14.15. This represents a discount compared to its industry's average Forward P/E of 18.
Investors should also note that MDT has a PEG ratio of 2.54 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Medical - Products was holding an average PEG ratio of 2.24 at yesterday's closing price.
The Medical - Products industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 147, placing it within the bottom 42% of over 250 industries.
The Zacks Industry Rank is ordered 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.