Medtronic is a medical device company in a fast-growing industry. However, it has been growing slower than the industry average. Simply Wall St says the industry grows by 10% yearly, but Medtronic has grown only by 3.8%. Its revenue grows by 0.8% yearly. It has a 12% net margin and a 7.3% return on equity.
Medtronic has moderate debt and high-interest coverage. Its debt-to-equity is 47% and its interest coverage is 22.7. Its EBIT is $5.7 Billion. Simply Wall St says it has enough liquidity. It has $8.0 Billion in cash, $39.3 Billion in liabilities, and $90.9 Billion in assets.
The market capitalization of MDT share is $115.014 Billion and the total revenue is $31.23 Billion. Moreover, the stock’s basic EPS is $2.82 and the price-to-earnings ratio is 30.47.
Moreover, Medtronic stock price rose by 3.98% this month and by 8.80% in six months. Medtronic Plc ( MDT) stock has a positive year-to-date return of 10.88% and a negative 1-year return of 3.54%.
The average volume of Medtronic stock is 5.114 Million and the current volume is 3.235 Million. The volume graph shows that the current volume is lower than the average and more buyers are needed to push the price up.
Technical Analysis of Medtronic Stock Price in 1-D Timeframe
As per the Medtronic stock price prediction, the price action shows that from mid-March to early May, the MDT share price bounced back from the demand zone at $76.08 and climbed up by about 20% to $91.83.
However, MDT stock price met resistance at the supply level of around $91.83 and dropped by nearly 12% in a month to $81.34 by May 30th, 2023. Since then, the MDT price has been consolidating within a symmetrical triangle pattern, and at the time of publishing MDT price is trading at $86.45 which suggests that it could break out to the upside if more buyers enter the market.
At the time of publishing, the MDT price is trading above the 50, 100 and 200-day EMAs, which are supporting the upward trend. This means that the stock is likely to continue rising in the long term.
However, the stock is still below the 20-day EMA, which is a short-term resistance. The MDT stock needs more buyers to overcome this resistance and move higher.
Moreover, the MACD line at 0.1240 and the signal line at 0.2600 are above the zero line, which shows a bullish trend. However, the price is consolidating, which is not reflected by the MACD. The RSI is at 49.34 points and the 14 SMA is close to the middle line of 53.42 points, which shows no momentum and a neutral sentiment in the market.
Summary
Medtronic stock price prediction highlights that the investors and traders of the MDT share show uncertainty in the 1D time frame, as the technical indicators point to a consolidation phase. However, the MDT stock also has some bullish signs, which could lead to a breakout in the near future. Therefore, the outlook for the MDT stock is cautiously optimistic for the next few weeks on the daily chart.
Technical Levels:
- The nearest support levels: $80.64 and $75.88.
- The nearest resistance levels: $90.19 and $94.11.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/11/medtronic-stock-price-prediction-a-bright-future-for-mdt-stock/