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Medtronic (MDT) Surpasses Market Returns: Some Facts Worth Knowing
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Medtronic (MDT - Free Report) closed the most recent trading day at $78.10, moving +1.32% from the previous trading session. The stock's performance was ahead of the S&P 500's daily gain of 0.64%. On the other hand, the Dow registered a gain of 1.85%, and the technology-centric Nasdaq increased by 0.2%.
The the stock of medical device company has fallen by 3.59% in the past month, lagging the Medical sector's gain of 0.71% and the S&P 500's gain of 3.82%.
Market participants will be closely following the financial results of Medtronic in its upcoming release. The company plans to announce its earnings on August 20, 2024. The company is expected to report EPS of $1.20, unchanged from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $7.9 billion, showing a 2.54% escalation compared to the year-ago quarter.
MDT's full-year Zacks Consensus Estimates are calling for earnings of $5.44 per share and revenue of $33.41 billion. These results would represent year-over-year changes of +4.62% and +3.22%, respectively.
It is also important to note the recent changes to analyst estimates for Medtronic. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Medtronic is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Medtronic's current valuation metrics, including its Forward P/E ratio of 14.16. For comparison, its industry has an average Forward P/E of 22.26, which means Medtronic is trading at a discount to the group.
Meanwhile, MDT's PEG ratio is currently 2.25. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As the market closed yesterday, the Medical - Products industry was having an average PEG ratio of 2.25.
The Medical - Products industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 157, positioning it in the bottom 38% 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.
To follow MDT in the coming trading sessions, be sure to utilize Zacks.com.
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Medtronic (MDT) Surpasses Market Returns: Some Facts Worth Knowing
Medtronic (MDT - Free Report) closed the most recent trading day at $78.10, moving +1.32% from the previous trading session. The stock's performance was ahead of the S&P 500's daily gain of 0.64%. On the other hand, the Dow registered a gain of 1.85%, and the technology-centric Nasdaq increased by 0.2%.
The the stock of medical device company has fallen by 3.59% in the past month, lagging the Medical sector's gain of 0.71% and the S&P 500's gain of 3.82%.
Market participants will be closely following the financial results of Medtronic in its upcoming release. The company plans to announce its earnings on August 20, 2024. The company is expected to report EPS of $1.20, unchanged from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $7.9 billion, showing a 2.54% escalation compared to the year-ago quarter.
MDT's full-year Zacks Consensus Estimates are calling for earnings of $5.44 per share and revenue of $33.41 billion. These results would represent year-over-year changes of +4.62% and +3.22%, respectively.
It is also important to note the recent changes to analyst estimates for Medtronic. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Medtronic is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Medtronic's current valuation metrics, including its Forward P/E ratio of 14.16. For comparison, its industry has an average Forward P/E of 22.26, which means Medtronic is trading at a discount to the group.
Meanwhile, MDT's PEG ratio is currently 2.25. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As the market closed yesterday, the Medical - Products industry was having an average PEG ratio of 2.25.
The Medical - Products industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 157, positioning it in the bottom 38% 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.
To follow MDT in the coming trading sessions, be sure to utilize Zacks.com.