Medtronic (MDT - Free Report) closed the most recent trading day at $89.27, moving -0.98% from the previous trading session. This move was narrower than the S&P 500's daily loss of 1.65%. Elsewhere, the Dow lost 1.79%, while the tech-heavy Nasdaq lost 1.96%.
Heading into today, shares of the medical device company had gained 1.3% over the past month, outpacing the Medical sector's loss of 2.16% and lagging the S&P 500's gain of 1.53% in that time.
Wall Street will be looking for positivity from MDT as it approaches its next earnings report date. This is expected to be May 23, 2019. The company is expected to report EPS of $1.47, up 3.52% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $8.12 billion, down 0.34% from the year-ago period.
Investors might also notice recent changes to analyst estimates for MDT. 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.02% lower. MDT currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that MDT has a Forward P/E ratio of 16.56 right now. This represents a discount compared to its industry's average Forward P/E of 25.45.
Investors should also note that MDT has a PEG ratio of 2.24 right now. 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 currently had an average PEG ratio of 2.33 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 172, putting it in the bottom 33% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.