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Medtronic (MDT) Rises But Trails Market: What Investors Should Know
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In the latest trading session, Medtronic (MDT - Free Report) closed at $86.29, marking a +0.28% move from the previous day. This move lagged the S&P 500's daily gain of 0.88%. At the same time, the Dow added 0.54%, and the tech-heavy Nasdaq gained 1.35%.
The the stock of medical device company has risen by 6.75% in the past month, leading the Medical sector's gain of 3.45% and the S&P 500's gain of 0.64%.
Investors will be eagerly watching for the performance of Medtronic in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on February 20, 2024. The company's earnings per share (EPS) are projected to be $1.26, reflecting a 3.08% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $7.95 billion, indicating a 2.91% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $5.16 per share and revenue of $32.07 billion, indicating changes of -2.46% and +2.71%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Medtronic. These revisions help to show the ever-changing nature of near-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. 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, the Zacks Consensus EPS estimate has remained steady. Medtronic is currently a Zacks Rank #3 (Hold).
Looking at valuation, Medtronic is presently trading at a Forward P/E ratio of 16.66. For comparison, its industry has an average Forward P/E of 20.68, which means Medtronic is trading at a discount to the group.
Also, we should mention that MDT has a PEG ratio of 3.01. 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. As the market closed yesterday, the Medical - Products industry was having an average PEG ratio of 2.47.
The Medical - Products industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 152, positioning it in the bottom 40% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Medtronic (MDT) Rises But Trails Market: What Investors Should Know
In the latest trading session, Medtronic (MDT - Free Report) closed at $86.29, marking a +0.28% move from the previous day. This move lagged the S&P 500's daily gain of 0.88%. At the same time, the Dow added 0.54%, and the tech-heavy Nasdaq gained 1.35%.
The the stock of medical device company has risen by 6.75% in the past month, leading the Medical sector's gain of 3.45% and the S&P 500's gain of 0.64%.
Investors will be eagerly watching for the performance of Medtronic in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on February 20, 2024. The company's earnings per share (EPS) are projected to be $1.26, reflecting a 3.08% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $7.95 billion, indicating a 2.91% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $5.16 per share and revenue of $32.07 billion, indicating changes of -2.46% and +2.71%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Medtronic. These revisions help to show the ever-changing nature of near-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. 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, the Zacks Consensus EPS estimate has remained steady. Medtronic is currently a Zacks Rank #3 (Hold).
Looking at valuation, Medtronic is presently trading at a Forward P/E ratio of 16.66. For comparison, its industry has an average Forward P/E of 20.68, which means Medtronic is trading at a discount to the group.
Also, we should mention that MDT has a PEG ratio of 3.01. 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. As the market closed yesterday, the Medical - Products industry was having an average PEG ratio of 2.47.
The Medical - Products industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 152, positioning it in the bottom 40% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.