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Is a Breakout in the Charts for Medtronic?

Published 07/27/2021, 09:25 AM
Updated 07/27/2021, 10:31 AM
© Reuters.  Is a Breakout in the Charts for Medtronic?

© Reuters. Is a Breakout in the Charts for Medtronic?

A resistance line has formed in the chart of Medtronic Plc (NYSE:MDT) over the past few months. The stock has tested that area multiple times since the end of May, and is sitting right under that level. If the stock breaks through that level, a breakout is expected. Read more to learn how to profit from this trade.As one of the largest medical device companies, Medtronic Plc (MDT) develops and manufactures therapeutic medical devices for chronic diseases. Its portfolio includes pacemakers, defibrillators, heart valves, stents, insulin pumps, spinal fixation devices, neurovascular products, advanced energy, and surgical tools.

The company has staged a strong recovery from the impact of the pandemic on elective procedures. MDT is now winning market share in an increasing number of its businesses, driven by differentiated product offerings. For instance, in its Cranial & Spinal Technologies business, the company has gained market share in both Spine and neurosurgery.

MDT has a solid balance sheet with a current ratio of 2.7 and a debt-to-equity ratio of 0.5. The company also has a gross margin of 65.2%, which is above the industry average. In terms of growth, analysts forecast earnings to rise 112.9% year over year in the current quarter.

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