Here's Why Medtronic (MDT) Gained But Lagged the Market Today

The latest trading session saw Medtronic (MDT) ending at $80.95, denoting a +0.91% adjustment from its last day's close. The stock's change was less than the S&P 500's daily gain of 1.26%. Meanwhile, the Dow experienced a rise of 0.8%, and the technology-dominated Nasdaq saw an increase of 1.77%.Coming into today, shares of the medical device company had lost 4.66% in the past month. In that same time, the Medical sector lost 6.56%, while the S&P 500 lost 2.82%.The investment community will be paying close attention to the earnings performance of Medtronic in its upcoming release. It is anticipated that the company will report an EPS of $1.36, marking a 4.62% rise compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $8.33 billion, up 2.95% from the year-ago period.For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $5.45 per share and a revenue of $33.56 billion, representing changes of +4.81% and +3.69%, respectively, from the prior year.Investors should also pay attention to any latest changes in analyst estimates for Medtronic. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.Our research demonstrates that these adjustments in estimates directly associate with imminent 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 past month, there's been no change in the Zacks Consensus EPS estimate. Currently, Medtronic is carrying a Zacks Rank of #3 (Hold).Looking at its valuation, Medtronic is holding a Forward P/E ratio of 14.71. This signifies a discount in comparison to the average Forward P/E of 18.68 for its industry.It's also important to note that MDT currently trades at a PEG ratio of 2.27. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. By the end of yesterday's trading, the Medical - Products industry had an average PEG ratio of 2.19.The Medical - Products industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 87, positioning it in the top 35% of all 250+ industries.The Zacks Industry Rank gauges the strength of our 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.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Medtronic PLC (MDT): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks