In the latest trading session, Medtronic (MDT) closed at $108.95, marking a +0.98% move from the previous day. This move outpaced the S&P 500's daily gain of 0.28%. At the same time, the Dow added 0.11%, and the tech-heavy Nasdaq gained 0.14%.Coming into today, shares of the medical device company had lost 3.4% in the past month. In that same time, the Medical sector lost 1.05%, while the S&P 500 gained 0.12%.Investors will be hoping for strength from Medtronic as it approaches its next earnings release. The company is expected to report EPS of $1.38, up 6.98% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $7.96 billion, up 2.44% from the prior-year quarter.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.Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.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. Over the past month, the Zacks Consensus EPS estimate has moved 0.09% lower. Medtronic currently has a Zacks Rank of #3 (Hold).In terms of valuation, Medtronic is currently trading at a Forward P/E ratio of 18.95. This represents a discount compared to its industry's average Forward P/E of 22.58.We can also see that MDT currently has a PEG ratio of 2.84. 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 was holding an average PEG ratio of 1.63 at yesterday's closing price.The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 183, which puts it in the bottom 29% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough 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 Report To read this article on Zacks.com click here.