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The latest trading session saw Medtronic (MDT - Free Report) ending at $81.76, denoting a +0.09% adjustment from its last day's close. The stock fell short of the S&P 500, which registered a gain of 1.03% for the day. Elsewhere, the Dow gained 0.46%, while the tech-heavy Nasdaq added 1.19%.
Prior to today's trading, shares of the medical device company had lost 3.39% over the past month. This has lagged the Medical sector's loss of 1.41% and the S&P 500's loss of 1.57% in that time.
Market participants will be closely following the financial results of Medtronic in its upcoming release. The company plans to announce its earnings on May 23, 2024. The company is expected to report EPS of $1.45, down 7.64% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $8.44 billion, indicating a 1.25% decline compared to the corresponding quarter of the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Medtronic. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 0.07% fall in the Zacks Consensus EPS estimate. At present, Medtronic boasts a Zacks Rank of #4 (Sell).
Looking at valuation, Medtronic is presently trading at a Forward P/E ratio of 14.97. This signifies a discount in comparison to the average Forward P/E of 22.26 for its industry.
One should further note that MDT currently holds a PEG ratio of 2.66. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. MDT's industry had an average PEG ratio of 2.24 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 151, positioning it in the bottom 41% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. 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) Rises Yet Lags Behind Market: Some Facts Worth Knowing
The latest trading session saw Medtronic (MDT - Free Report) ending at $81.76, denoting a +0.09% adjustment from its last day's close. The stock fell short of the S&P 500, which registered a gain of 1.03% for the day. Elsewhere, the Dow gained 0.46%, while the tech-heavy Nasdaq added 1.19%.
Prior to today's trading, shares of the medical device company had lost 3.39% over the past month. This has lagged the Medical sector's loss of 1.41% and the S&P 500's loss of 1.57% in that time.
Market participants will be closely following the financial results of Medtronic in its upcoming release. The company plans to announce its earnings on May 23, 2024. The company is expected to report EPS of $1.45, down 7.64% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $8.44 billion, indicating a 1.25% decline compared to the corresponding quarter of the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Medtronic. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 0.07% fall in the Zacks Consensus EPS estimate. At present, Medtronic boasts a Zacks Rank of #4 (Sell).
Looking at valuation, Medtronic is presently trading at a Forward P/E ratio of 14.97. This signifies a discount in comparison to the average Forward P/E of 22.26 for its industry.
One should further note that MDT currently holds a PEG ratio of 2.66. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. MDT's industry had an average PEG ratio of 2.24 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 151, positioning it in the bottom 41% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. 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.