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In the latest market close, Medtronic (MDT - Free Report) reached $77.06, with a +0.23% movement compared to the previous day. The stock trailed the S&P 500, which registered a daily gain of 1.02%. Elsewhere, the Dow gained 1.09%, while the tech-heavy Nasdaq added 1.18%.
Shares of the medical device company have depreciated by 6.19% over the course of the past month, underperforming the Medical sector's loss of 1.82% and the S&P 500's gain of 4.44%.
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 August 20, 2024. The company is forecasted to report an EPS of $1.20, showcasing no movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $7.9 billion, up 2.54% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $5.44 per share and revenue of $33.41 billion, indicating changes of +4.62% and +3.22%, respectively, compared to the previous year.
Any recent changes to analyst estimates for Medtronic should also be noted by investors. 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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. As of now, Medtronic holds a Zacks Rank of #3 (Hold).
In terms of valuation, Medtronic is currently trading at a Forward P/E ratio of 14.12. This denotes a discount relative to the industry's average Forward P/E of 21.76.
Meanwhile, MDT's PEG ratio is currently 2.24. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Medical - Products industry currently had an average PEG ratio of 2.24 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 170, finds itself in the bottom 33% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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) Rises Yet Lags Behind Market: Some Facts Worth Knowing
In the latest market close, Medtronic (MDT - Free Report) reached $77.06, with a +0.23% movement compared to the previous day. The stock trailed the S&P 500, which registered a daily gain of 1.02%. Elsewhere, the Dow gained 1.09%, while the tech-heavy Nasdaq added 1.18%.
Shares of the medical device company have depreciated by 6.19% over the course of the past month, underperforming the Medical sector's loss of 1.82% and the S&P 500's gain of 4.44%.
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 August 20, 2024. The company is forecasted to report an EPS of $1.20, showcasing no movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $7.9 billion, up 2.54% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $5.44 per share and revenue of $33.41 billion, indicating changes of +4.62% and +3.22%, respectively, compared to the previous year.
Any recent changes to analyst estimates for Medtronic should also be noted by investors. 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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. As of now, Medtronic holds a Zacks Rank of #3 (Hold).
In terms of valuation, Medtronic is currently trading at a Forward P/E ratio of 14.12. This denotes a discount relative to the industry's average Forward P/E of 21.76.
Meanwhile, MDT's PEG ratio is currently 2.24. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Medical - Products industry currently had an average PEG ratio of 2.24 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 170, finds itself in the bottom 33% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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.