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Medtronic (MDT) Ascends While Market Falls: Some Facts to Note
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The most recent trading session ended with Medtronic (MDT - Free Report) standing at $72.08, reflecting a +1.98% shift from the previouse trading day's closing. The stock outpaced the S&P 500's daily loss of 0.08%. Meanwhile, the Dow gained 0.16%, and the Nasdaq, a tech-heavy index, lost 0.22%.
The medical device company's shares have seen a decrease of 1.78% over the last month, surpassing the Medical sector's loss of 3.32% and falling behind the S&P 500's gain of 1.42%.
The investment community will be paying close attention to the earnings performance of Medtronic in its upcoming release. The company is slated to reveal its earnings on November 21, 2023. The company's upcoming EPS is projected at $1.18, signifying a 9.23% drop compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $7.92 billion, indicating a 4.36% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $5.12 per share and revenue of $32.13 billion, which would represent changes of -3.21% and +2.88%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Medtronic. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. At present, Medtronic boasts a Zacks Rank of #3 (Hold).
From a valuation perspective, Medtronic is currently exchanging hands at a Forward P/E ratio of 13.81. For comparison, its industry has an average Forward P/E of 20.43, which means Medtronic is trading at a discount to the group.
We can additionally observe that MDT currently boasts a PEG ratio of 2.48. 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. The Medical - Products industry had an average PEG ratio of 2.45 as trading concluded yesterday.
The Medical - Products industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 130, positioning it in the bottom 49% 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Medtronic (MDT) Ascends While Market Falls: Some Facts to Note
The most recent trading session ended with Medtronic (MDT - Free Report) standing at $72.08, reflecting a +1.98% shift from the previouse trading day's closing. The stock outpaced the S&P 500's daily loss of 0.08%. Meanwhile, the Dow gained 0.16%, and the Nasdaq, a tech-heavy index, lost 0.22%.
The medical device company's shares have seen a decrease of 1.78% over the last month, surpassing the Medical sector's loss of 3.32% and falling behind the S&P 500's gain of 1.42%.
The investment community will be paying close attention to the earnings performance of Medtronic in its upcoming release. The company is slated to reveal its earnings on November 21, 2023. The company's upcoming EPS is projected at $1.18, signifying a 9.23% drop compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $7.92 billion, indicating a 4.36% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $5.12 per share and revenue of $32.13 billion, which would represent changes of -3.21% and +2.88%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Medtronic. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. At present, Medtronic boasts a Zacks Rank of #3 (Hold).
From a valuation perspective, Medtronic is currently exchanging hands at a Forward P/E ratio of 13.81. For comparison, its industry has an average Forward P/E of 20.43, which means Medtronic is trading at a discount to the group.
We can additionally observe that MDT currently boasts a PEG ratio of 2.48. 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. The Medical - Products industry had an average PEG ratio of 2.45 as trading concluded yesterday.
The Medical - Products industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 130, positioning it in the bottom 49% 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.