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Medtronic (MDT) Outperforms Broader Market: What You Need to Know
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Medtronic (MDT - Free Report) closed the latest trading day at $73.42, indicating a +1.19% change from the previous session's end. The stock's performance was ahead of the S&P 500's daily gain of 0.18%. Elsewhere, the Dow saw an upswing of 0.1%, while the tech-heavy Nasdaq appreciated by 0.3%.
Coming into today, shares of the medical device company had lost 4.68% in the past month. In that same time, the Medical sector gained 0.3%, while the S&P 500 gained 3.08%.
The investment community will be closely monitoring the performance of Medtronic in its forthcoming earnings report. The company is scheduled to release its earnings on November 21, 2023. The company's earnings per share (EPS) are projected to be $1.18, reflecting a 9.23% decrease from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $7.92 billion, up 4.36% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.12 per share and a revenue of $32.13 billion, signifying shifts of -3.21% and +2.88%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Medtronic. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Medtronic presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Medtronic is currently trading at a Forward P/E ratio of 14.18. This signifies a discount in comparison to the average Forward P/E of 18.26 for its industry.
Also, we should mention that MDT has a PEG ratio of 2.55. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Medical - Products industry currently had an average PEG ratio of 2.37 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 152, putting it in the bottom 40% 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 use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Medtronic (MDT) Outperforms Broader Market: What You Need to Know
Medtronic (MDT - Free Report) closed the latest trading day at $73.42, indicating a +1.19% change from the previous session's end. The stock's performance was ahead of the S&P 500's daily gain of 0.18%. Elsewhere, the Dow saw an upswing of 0.1%, while the tech-heavy Nasdaq appreciated by 0.3%.
Coming into today, shares of the medical device company had lost 4.68% in the past month. In that same time, the Medical sector gained 0.3%, while the S&P 500 gained 3.08%.
The investment community will be closely monitoring the performance of Medtronic in its forthcoming earnings report. The company is scheduled to release its earnings on November 21, 2023. The company's earnings per share (EPS) are projected to be $1.18, reflecting a 9.23% decrease from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $7.92 billion, up 4.36% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.12 per share and a revenue of $32.13 billion, signifying shifts of -3.21% and +2.88%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Medtronic. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Medtronic presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Medtronic is currently trading at a Forward P/E ratio of 14.18. This signifies a discount in comparison to the average Forward P/E of 18.26 for its industry.
Also, we should mention that MDT has a PEG ratio of 2.55. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Medical - Products industry currently had an average PEG ratio of 2.37 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 152, putting it in the bottom 40% 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 use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.