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Medtronic (MDT) Stock Dips While Market Gains: Key Facts
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Medtronic (MDT - Free Report) closed the most recent trading day at $80.32, moving -0.61% from the previous trading session. The stock's change was less than the S&P 500's daily gain of 1.08%. Elsewhere, the Dow gained 0.75%, while the tech-heavy Nasdaq added 2.64%.
Coming into today, shares of the medical device company had gained 4.45% in the past month. In that same time, the Medical sector gained 0.71%, while the S&P 500 lost 0.44%.
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 August 20, 2024. The company's earnings per share (EPS) are projected to be $1.20, reflecting no change from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $7.9 billion, indicating a 2.54% increase compared to the same quarter of the previous year.
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.
Investors should also take note of any recent adjustments to analyst estimates 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 reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Currently, Medtronic is carrying a Zacks Rank of #3 (Hold).
Looking at its valuation, Medtronic is holding a Forward P/E ratio of 14.85. This expresses a discount compared to the average Forward P/E of 22.77 of its industry.
It is also worth noting that MDT currently has a PEG ratio of 2.35. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As the market closed yesterday, the Medical - Products industry was having an average PEG ratio of 2.35.
The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 78, finds itself in the top 31% 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) Stock Dips While Market Gains: Key Facts
Medtronic (MDT - Free Report) closed the most recent trading day at $80.32, moving -0.61% from the previous trading session. The stock's change was less than the S&P 500's daily gain of 1.08%. Elsewhere, the Dow gained 0.75%, while the tech-heavy Nasdaq added 2.64%.
Coming into today, shares of the medical device company had gained 4.45% in the past month. In that same time, the Medical sector gained 0.71%, while the S&P 500 lost 0.44%.
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 August 20, 2024. The company's earnings per share (EPS) are projected to be $1.20, reflecting no change from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $7.9 billion, indicating a 2.54% increase compared to the same quarter of the previous year.
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.
Investors should also take note of any recent adjustments to analyst estimates 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 reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Currently, Medtronic is carrying a Zacks Rank of #3 (Hold).
Looking at its valuation, Medtronic is holding a Forward P/E ratio of 14.85. This expresses a discount compared to the average Forward P/E of 22.77 of its industry.
It is also worth noting that MDT currently has a PEG ratio of 2.35. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As the market closed yesterday, the Medical - Products industry was having an average PEG ratio of 2.35.
The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 78, finds itself in the top 31% 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.