Yahoo Finance Medtronic (MDT) Outpaces Stock Market Gains: What You Should Know
Medtronic (MDT) closed at $89.31 in the latest trading session, marking a +0.48% move from the prior day. This change outpaced the S&P 500's 0.3% gain on the day. Elsewhere, the Dow gained 0.14%, while the tech-heavy Nasdaq added 5.74%.
Coming into today, shares of the medical device company had gained 10.12% in the past month. In that same time, the Medical sector gained 0.78%, while the S&P 500 gained 0.85%.
Investors will be hoping for strength from Medtronic as it approaches its next earnings release, which is expected to be May 25, 2023. The company is expected to report EPS of $1.56, up 2.63% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $8.25 billion, up 1.98% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Medtronic. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.27% lower. Medtronic is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Medtronic is holding a Forward P/E ratio of 16.98. This represents a discount compared to its industry's average Forward P/E of 21.73.
It is also worth noting that MDT currently has a PEG ratio of 2.12. 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. The Medical - Products industry currently had an average PEG ratio of 2.51 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 85, which puts it in the top 34% 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 PLC (MDT) : Free Stock Analysis Report
