Medtronic (MDT) closed the most recent trading day at $82.27, moving +1.33% from the previous trading session. The stock fell short of the S&P 500, which registered a gain of 1.69% for the day. At the same time, the Dow added 1.04%, and the tech-heavy Nasdaq gained 2.43%.

Shares of the medical device company have appreciated by 5.33% over the course of the past month, outperforming the Medical sector's loss of 0.57% and the S&P 500's loss of 4.78%.

The investment community will be closely monitoring the performance of Medtronic in its forthcoming earnings report. The company is scheduled to release its earnings on August 20, 2024. On that day, Medtronic is projected to report earnings of $1.20 per share, which would represent no growth from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $7.9 billion, indicating a 2.54% growth compared to the corresponding quarter of the prior year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $5.42 per share and a revenue of $33.41 billion, indicating changes of +4.23% and +3.22%, respectively, from the former year.

It is also important to note the recent changes to analyst estimates for Medtronic. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, there's been a 0.37% fall in the Zacks Consensus EPS estimate. Medtronic is currently a Zacks Rank #4 (Sell).

Looking at valuation, Medtronic is presently trading at a Forward P/E ratio of 14.97. This expresses a discount compared to the average Forward P/E of 22.95 of its industry.

Meanwhile, MDT's PEG ratio is currently 2.37. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. By the end of yesterday's trading, the Medical - Products industry had an average PEG ratio of 1.87.

The Medical - Products industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 96, positioning it in the top 38% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

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