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Medtronic (MDT) Advances While Market Declines: Some Information for Investors
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In the latest trading session, Medtronic (MDT - Free Report) closed at $83.52, marking a +0.82% move from the previous day. This move outpaced the S&P 500's daily loss of 0.02%. Meanwhile, the Dow lost 0.21%, and the Nasdaq, a tech-heavy index, added 0.29%.
Shares of the medical device company witnessed a gain of 3.38% over the previous month, beating the performance of the Medical sector with its gain of 1.65% and the S&P 500's gain of 1.29%.
The upcoming earnings release of Medtronic will be of great interest to investors. The company's earnings report is expected on May 23, 2024. In that report, analysts expect Medtronic to post earnings of $1.45 per share. This would mark a year-over-year decline of 7.64%. Our most recent consensus estimate is calling for quarterly revenue of $8.44 billion, down 1.25% from the year-ago period.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Medtronic. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding 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. 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, 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. Within the past 30 days, our consensus EPS projection has moved 0.07% lower. Medtronic is holding a Zacks Rank of #4 (Sell) right now.
In terms of valuation, Medtronic is currently trading at a Forward P/E ratio of 15.18. For comparison, its industry has an average Forward P/E of 22.71, which means Medtronic is trading at a discount to the group.
One should further note that MDT currently holds a PEG ratio of 2.7. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Medical - Products was holding an average PEG ratio of 2.32 at yesterday's closing price.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 100, putting it in the top 40% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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) Advances While Market Declines: Some Information for Investors
In the latest trading session, Medtronic (MDT - Free Report) closed at $83.52, marking a +0.82% move from the previous day. This move outpaced the S&P 500's daily loss of 0.02%. Meanwhile, the Dow lost 0.21%, and the Nasdaq, a tech-heavy index, added 0.29%.
Shares of the medical device company witnessed a gain of 3.38% over the previous month, beating the performance of the Medical sector with its gain of 1.65% and the S&P 500's gain of 1.29%.
The upcoming earnings release of Medtronic will be of great interest to investors. The company's earnings report is expected on May 23, 2024. In that report, analysts expect Medtronic to post earnings of $1.45 per share. This would mark a year-over-year decline of 7.64%. Our most recent consensus estimate is calling for quarterly revenue of $8.44 billion, down 1.25% from the year-ago period.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Medtronic. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding 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. 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, 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. Within the past 30 days, our consensus EPS projection has moved 0.07% lower. Medtronic is holding a Zacks Rank of #4 (Sell) right now.
In terms of valuation, Medtronic is currently trading at a Forward P/E ratio of 15.18. For comparison, its industry has an average Forward P/E of 22.71, which means Medtronic is trading at a discount to the group.
One should further note that MDT currently holds a PEG ratio of 2.7. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Medical - Products was holding an average PEG ratio of 2.32 at yesterday's closing price.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 100, putting it in the top 40% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.