Medtronic (MDT) Ascends But Remains Behind Market: Some Facts to Note

Medtronic (MDT) closed the latest trading day at $90.60, indicating a +0.01% change from the previous session's end. The stock trailed the S&P 500, which registered a daily gain of 0.27%. Meanwhile, the Dow gained 0.65%, and the Nasdaq, a tech-heavy index, added 0.26%.Shares of the medical device company witnessed a gain of 1.42% over the previous month, beating the performance of the Medical sector with its loss of 4.14% and underperforming the S&P 500's gain of 2%.Investors will be eagerly watching for the performance of Medtronic in its upcoming earnings disclosure. The company is predicted to post an EPS of $1.24, indicating a 0.8% decline compared to the equivalent quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $8.26 billion, indicating a 3.47% 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 $33.6 billion, signifying shifts of +4.62% and +3.81%, respectively, from the last year.Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Medtronic. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.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.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.33% lower. Currently, Medtronic is carrying a Zacks Rank of #3 (Hold).With respect to valuation, Medtronic is currently being traded at a Forward P/E ratio of 16.66. This represents a discount compared to its industry's average Forward P/E of 22.15.We can also see that MDT currently has a PEG ratio of 2.59. 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. The average PEG ratio for the Medical - Products industry stood at 1.88 at the close of the market yesterday.The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 67, putting it in the top 27% of all 250+ industries.The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.Only $1 to See All Zacks' Buys and SellsWe're not kidding.Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 228 positions with double- and triple-digit gains in 2023 alone.See Stocks Now >>Want 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