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Medtronic (MDT) Surpasses Market Returns: Some Facts Worth Knowing
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Medtronic (MDT - Free Report) ended the recent trading session at $84.57, demonstrating a +0.76% swing from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily gain of 0.18%. Meanwhile, the Dow gained 0.07%, and the Nasdaq, a tech-heavy index, added 0.1%.
The the stock of medical device company has risen by 5.51% in the past month, lagging the Medical sector's gain of 6.12% and overreaching the S&P 500's gain of 2.75%.
The investment community will be closely monitoring the performance of Medtronic in its forthcoming earnings report. The company is scheduled to release its earnings on February 20, 2024. On that day, Medtronic is projected to report earnings of $1.26 per share, which would represent a year-over-year decline of 3.08%. Our most recent consensus estimate is calling for quarterly revenue of $7.95 billion, up 2.91% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $5.16 per share and revenue of $32.07 billion. These totals would mark changes of -2.46% and +2.71%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Medtronic. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 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).
With respect to valuation, Medtronic is currently being traded at a Forward P/E ratio of 16.25. Its industry sports an average Forward P/E of 21.29, so one might conclude that Medtronic is trading at a discount comparatively.
Investors should also note that MDT has a PEG ratio of 2.93 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. Medical - Products stocks are, on average, holding a PEG ratio of 2.52 based on yesterday's closing prices.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 185, putting it in the bottom 27% of all 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.
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) Surpasses Market Returns: Some Facts Worth Knowing
Medtronic (MDT - Free Report) ended the recent trading session at $84.57, demonstrating a +0.76% swing from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily gain of 0.18%. Meanwhile, the Dow gained 0.07%, and the Nasdaq, a tech-heavy index, added 0.1%.
The the stock of medical device company has risen by 5.51% in the past month, lagging the Medical sector's gain of 6.12% and overreaching the S&P 500's gain of 2.75%.
The investment community will be closely monitoring the performance of Medtronic in its forthcoming earnings report. The company is scheduled to release its earnings on February 20, 2024. On that day, Medtronic is projected to report earnings of $1.26 per share, which would represent a year-over-year decline of 3.08%. Our most recent consensus estimate is calling for quarterly revenue of $7.95 billion, up 2.91% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $5.16 per share and revenue of $32.07 billion. These totals would mark changes of -2.46% and +2.71%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Medtronic. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 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).
With respect to valuation, Medtronic is currently being traded at a Forward P/E ratio of 16.25. Its industry sports an average Forward P/E of 21.29, so one might conclude that Medtronic is trading at a discount comparatively.
Investors should also note that MDT has a PEG ratio of 2.93 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. Medical - Products stocks are, on average, holding a PEG ratio of 2.52 based on yesterday's closing prices.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 185, putting it in the bottom 27% of all 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.