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Medtronic (MDT) Surpasses Market Returns: Some Facts Worth Knowing
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The most recent trading session ended with Medtronic (MDT - Free Report) standing at $80, reflecting a +1.65% shift from the previouse trading day's closing. The stock outperformed the S&P 500, which registered a daily gain of 0.08%. On the other hand, the Dow registered a loss of 0.12%, and the technology-centric Nasdaq increased by 0.07%.
The medical device company's stock has dropped by 0.01% in the past month, falling short of the Medical sector's gain of 0.48% and outpacing the S&P 500's loss of 0.21%.
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 August 20, 2024. The company's upcoming EPS is projected at $1.20, signifying steadiness compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $7.9 billion, indicating a 2.54% upward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.44 per share and a revenue of $33.41 billion, signifying shifts of +4.62% and +3.22%, respectively, from the last year.
Any recent changes to analyst estimates for Medtronic should also be noted by investors. 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.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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, 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 last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Medtronic presently features a Zacks Rank of #3 (Hold).
With respect to valuation, Medtronic is currently being traded at a Forward P/E ratio of 14.46. This valuation marks a discount compared to its industry's average Forward P/E of 22.22.
Meanwhile, MDT's PEG ratio is currently 2.29. 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. MDT's industry had an average PEG ratio of 2.29 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 93, putting it in the top 37% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Medtronic (MDT) Surpasses Market Returns: Some Facts Worth Knowing
The most recent trading session ended with Medtronic (MDT - Free Report) standing at $80, reflecting a +1.65% shift from the previouse trading day's closing. The stock outperformed the S&P 500, which registered a daily gain of 0.08%. On the other hand, the Dow registered a loss of 0.12%, and the technology-centric Nasdaq increased by 0.07%.
The medical device company's stock has dropped by 0.01% in the past month, falling short of the Medical sector's gain of 0.48% and outpacing the S&P 500's loss of 0.21%.
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 August 20, 2024. The company's upcoming EPS is projected at $1.20, signifying steadiness compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $7.9 billion, indicating a 2.54% upward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.44 per share and a revenue of $33.41 billion, signifying shifts of +4.62% and +3.22%, respectively, from the last year.
Any recent changes to analyst estimates for Medtronic should also be noted by investors. 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.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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, 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 last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Medtronic presently features a Zacks Rank of #3 (Hold).
With respect to valuation, Medtronic is currently being traded at a Forward P/E ratio of 14.46. This valuation marks a discount compared to its industry's average Forward P/E of 22.22.
Meanwhile, MDT's PEG ratio is currently 2.29. 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. MDT's industry had an average PEG ratio of 2.29 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 93, putting it in the top 37% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.