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Medtronic (MDT) Advances But Underperforms Market: Key Facts
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Medtronic (MDT - Free Report) closed at $69.97 in the latest trading session, marking a +0.78% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 1.2%. Elsewhere, the Dow gained 1.58%, while the tech-heavy Nasdaq added 1.16%.
Prior to today's trading, shares of the medical device company had lost 11.4% over the past month. This has lagged the Medical sector's loss of 7.05% and the S&P 500's loss of 3.58% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Medtronic in its upcoming earnings disclosure. The company's earnings report is set to go public on November 21, 2023. The company is predicted to post an EPS of $1.18, indicating a 9.23% decline compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.92 billion, up 4.36% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $5.12 per share and a revenue of $32.13 billion, indicating changes of -3.21% and +2.88%, respectively, from the former year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Medtronic. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks 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).
In terms of valuation, Medtronic is presently being traded at a Forward P/E ratio of 13.57. This valuation marks a discount compared to its industry's average Forward P/E of 17.58.
It is also worth noting that MDT currently has a PEG ratio of 2.44. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. MDT's industry had an average PEG ratio of 2.12 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. With its current Zacks Industry Rank of 151, this industry ranks in the bottom 41% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Medtronic (MDT) Advances But Underperforms Market: Key Facts
Medtronic (MDT - Free Report) closed at $69.97 in the latest trading session, marking a +0.78% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 1.2%. Elsewhere, the Dow gained 1.58%, while the tech-heavy Nasdaq added 1.16%.
Prior to today's trading, shares of the medical device company had lost 11.4% over the past month. This has lagged the Medical sector's loss of 7.05% and the S&P 500's loss of 3.58% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Medtronic in its upcoming earnings disclosure. The company's earnings report is set to go public on November 21, 2023. The company is predicted to post an EPS of $1.18, indicating a 9.23% decline compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.92 billion, up 4.36% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $5.12 per share and a revenue of $32.13 billion, indicating changes of -3.21% and +2.88%, respectively, from the former year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Medtronic. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks 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).
In terms of valuation, Medtronic is presently being traded at a Forward P/E ratio of 13.57. This valuation marks a discount compared to its industry's average Forward P/E of 17.58.
It is also worth noting that MDT currently has a PEG ratio of 2.44. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. MDT's industry had an average PEG ratio of 2.12 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. With its current Zacks Industry Rank of 151, this industry ranks in the bottom 41% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.