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The most recent trading session ended with Medtronic (MDT - Free Report) standing at $70.56, reflecting a +0.84% shift from the previouse trading day's closing. The stock outperformed the S&P 500, which registered a daily gain of 0.65%. Meanwhile, the Dow gained 0.38%, and the Nasdaq, a tech-heavy index, added 0.48%.
Shares of the medical device company have depreciated by 10.03% over the course of the past month, underperforming the Medical sector's loss of 5.83% and the S&P 500's loss of 2.79%.
The investment community will be paying close attention to the earnings performance of Medtronic in its upcoming release. The company is slated to reveal its earnings on November 21, 2023. The company is forecasted to report an EPS of $1.18, showcasing a 9.23% downward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $7.92 billion, reflecting a 4.36% rise from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $5.12 per share and a revenue of $32.13 billion, demonstrating changes of -3.21% and +2.88%, respectively, from the preceding 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 a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, Medtronic possesses a Zacks Rank of #3 (Hold).
Looking at its valuation, Medtronic is holding a Forward P/E ratio of 13.68. For comparison, its industry has an average Forward P/E of 18.12, which means Medtronic is trading at a discount to the group.
Meanwhile, MDT's PEG ratio is currently 2.46. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Medical - Products industry currently had an average PEG ratio of 2.25 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 145, finds itself in the bottom 43% echelons of all 250+ industries.
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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Medtronic (MDT) Laps the Stock Market: Here's Why
The most recent trading session ended with Medtronic (MDT - Free Report) standing at $70.56, reflecting a +0.84% shift from the previouse trading day's closing. The stock outperformed the S&P 500, which registered a daily gain of 0.65%. Meanwhile, the Dow gained 0.38%, and the Nasdaq, a tech-heavy index, added 0.48%.
Shares of the medical device company have depreciated by 10.03% over the course of the past month, underperforming the Medical sector's loss of 5.83% and the S&P 500's loss of 2.79%.
The investment community will be paying close attention to the earnings performance of Medtronic in its upcoming release. The company is slated to reveal its earnings on November 21, 2023. The company is forecasted to report an EPS of $1.18, showcasing a 9.23% downward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $7.92 billion, reflecting a 4.36% rise from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $5.12 per share and a revenue of $32.13 billion, demonstrating changes of -3.21% and +2.88%, respectively, from the preceding 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 a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, Medtronic possesses a Zacks Rank of #3 (Hold).
Looking at its valuation, Medtronic is holding a Forward P/E ratio of 13.68. For comparison, its industry has an average Forward P/E of 18.12, which means Medtronic is trading at a discount to the group.
Meanwhile, MDT's PEG ratio is currently 2.46. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Medical - Products industry currently had an average PEG ratio of 2.25 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 145, finds itself in the bottom 43% echelons of all 250+ industries.
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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.