In the latest trading session, Medtronic (MDT - Free Report) closed at $87.33, marking a -1.13% move from the previous day. This move was narrower than the S&P 500's daily loss of 2.41%. At the same time, the Dow lost 2.38%, and the tech-heavy Nasdaq lost 3.41%.
Heading into today, shares of the medical device company had gained 0.83% over the past month, outpacing the Medical sector's loss of 3.53% and the S&P 500's loss of 0.08% 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. In that report, analysts expect MDT to post earnings of $1.46 per share. This would mark year-over-year growth of 2.82%. Our most recent consensus estimate is calling for quarterly revenue of $8.12 billion, down 0.34% from the year-ago period.
Any recent changes to analyst estimates for MDT should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 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. Within the past 30 days, our consensus EPS projection has moved 0.01% lower. MDT is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note MDT's current valuation metrics, including its Forward P/E ratio of 16.23. Its industry sports an average Forward P/E of 25.23, so we one might conclude that MDT is trading at a discount comparatively.
Also, we should mention that MDT has a PEG ratio of 2.19. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. MDT's industry had an average PEG ratio of 2.28 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 166, which puts it in the bottom 36% of all 250+ industries.
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.
You can find more information on all of these metrics, and much more, on Zacks.com.