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Medtronic (MDT) Stock Slides as Market Rises: Facts to Know Before You Trade
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Medtronic (MDT - Free Report) ended the recent trading session at $84.72, demonstrating a -1.88% swing from the preceding day's closing price. This change lagged the S&P 500's daily gain of 0.08%. Elsewhere, the Dow saw a downswing of 0.26%, while the tech-heavy Nasdaq appreciated by 0.36%.
Coming into today, shares of the medical device company had gained 4.91% in the past month. In that same time, the Medical sector gained 2.16%, while the S&P 500 gained 2.4%.
Market participants will be closely following the financial results of Medtronic in its upcoming release. The company plans to announce its earnings on February 20, 2024. The company is forecasted to report an EPS of $1.26, showcasing a 3.08% downward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $7.95 billion, indicating a 2.91% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates project earnings of $5.16 per share and a revenue of $32.07 billion, demonstrating changes of -2.46% and +2.71%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Medtronic. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Medtronic is currently sporting a Zacks Rank of #3 (Hold).
Looking at valuation, Medtronic is presently trading at a Forward P/E ratio of 16.72. This denotes a discount relative to the industry's average Forward P/E of 20.85.
It is also worth noting that MDT currently has a PEG ratio of 3.02. 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. MDT's industry had an average PEG ratio of 2.42 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. With its current Zacks Industry Rank of 157, this industry ranks in the bottom 38% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our 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) Stock Slides as Market Rises: Facts to Know Before You Trade
Medtronic (MDT - Free Report) ended the recent trading session at $84.72, demonstrating a -1.88% swing from the preceding day's closing price. This change lagged the S&P 500's daily gain of 0.08%. Elsewhere, the Dow saw a downswing of 0.26%, while the tech-heavy Nasdaq appreciated by 0.36%.
Coming into today, shares of the medical device company had gained 4.91% in the past month. In that same time, the Medical sector gained 2.16%, while the S&P 500 gained 2.4%.
Market participants will be closely following the financial results of Medtronic in its upcoming release. The company plans to announce its earnings on February 20, 2024. The company is forecasted to report an EPS of $1.26, showcasing a 3.08% downward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $7.95 billion, indicating a 2.91% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates project earnings of $5.16 per share and a revenue of $32.07 billion, demonstrating changes of -2.46% and +2.71%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Medtronic. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Medtronic is currently sporting a Zacks Rank of #3 (Hold).
Looking at valuation, Medtronic is presently trading at a Forward P/E ratio of 16.72. This denotes a discount relative to the industry's average Forward P/E of 20.85.
It is also worth noting that MDT currently has a PEG ratio of 3.02. 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. MDT's industry had an average PEG ratio of 2.42 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. With its current Zacks Industry Rank of 157, this industry ranks in the bottom 38% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our 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.