Medtronic PLC Correlations
| MDT Stock | USD 80.92 0.03 0.04% |
The correlation of Medtronic PLC is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Medtronic PLC moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Medtronic PLC moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Very weak diversification
The correlation between Medtronic PLC and NYA is 0.56 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Medtronic PLC and NYA in the same portfolio, assuming nothing else is changed.
Medtronic |
The ability to find closely correlated positions to Medtronic PLC could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Medtronic PLC when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Medtronic PLC - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Medtronic PLC to buy it.
Moving together with Medtronic Stock
| 0.64 | CVS | CVS Health Corp | PairCorr |
| 0.66 | HUM | Humana Inc Financial Report 7th of August 2024 | PairCorr |
| 0.71 | INFU | InfuSystems Holdings Earnings Call Today | PairCorr |
| 0.62 | MHUA | Meihua International | PairCorr |
Moving against Medtronic Stock
| 0.71 | GCTK | GlucoTrack | PairCorr |
| 0.68 | ELYM | Eliem Therapeutics Trending | PairCorr |
| 0.6 | ELV | Elevance Health Financial Report 17th of July 2024 | PairCorr |
| 0.55 | DXR | Daxor | PairCorr |
| 0.44 | CI | Cigna Corp Earnings Call Today | PairCorr |
| 0.41 | MCK | McKesson Earnings Call This Week | PairCorr |
Related Correlations Analysis
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Correlation Matchups
Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.High positive correlations
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Risk-Adjusted Indicators
There is a big difference between Medtronic Stock performing well and Medtronic PLC Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Medtronic PLC's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.| Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
|---|---|---|---|---|---|---|---|---|---|---|
| SENS | 3.54 | (0.09) | 0.00 | (0.02) | 0.00 | 7.55 | 20.77 | |||
| BNGO | 3.12 | (0.58) | 0.00 | (0.14) | 0.00 | 5.69 | 22.34 | |||
| JAGX | 10.13 | 1.96 | 0.21 | 5.21 | 8.30 | 33.33 | 89.27 | |||
| FRSX | 3.47 | 0.05 | 0.00 | (3.24) | 4.16 | 8.00 | 35.31 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Medtronic PLC without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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Medtronic PLC Corporate Directors
Medtronic PLC corporate directors refer to members of a Medtronic PLC board of directors. The board of directors generally takes responsibility for the Medtronic PLC's affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Medtronic PLC's board members must vote for the resolution. The Medtronic PLC board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.| Scott Donnelly | Lead Independent Director | Profile | |
| Richard Anderson | Lead Independent Director | Profile | |
| Elizabeth Nabel | Independent Director | Profile | |
| James Lenehan | Independent Director | Profile |
Already Invested in Medtronic PLC?
The danger of trading Medtronic PLC is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Medtronic PLC is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Medtronic PLC. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Medtronic PLC is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether Medtronic PLC is a good investment, qualitative aspects like company management, corporate governance, and ethical practices play a significant role. A comparison with peer companies also provides context and helps to understand if Medtronic Stock is undervalued or overvalued. This multi-faceted approach, blending both quantitative and qualitative analysis, forms a solid foundation for making an informed investment decision about Medtronic Plc Stock. Highlighted below are key reports to facilitate an investment decision about Medtronic Plc Stock: Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Medtronic PLC. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in unemployment. For more information on how to buy Medtronic Stock please use our How to Invest in Medtronic PLC guide.Note that the Medtronic PLC information on this page should be used as a complementary analysis to other Medtronic PLC's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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When running Medtronic PLC's price analysis, check to measure Medtronic PLC's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Medtronic PLC is operating at the current time. Most of Medtronic PLC's value examination focuses on studying past and present price action to predict the probability of Medtronic PLC's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Medtronic PLC's price. Additionally, you may evaluate how the addition of Medtronic PLC to your portfolios can decrease your overall portfolio volatility.
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Is Medtronic PLC's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Medtronic PLC. If investors know Medtronic will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Medtronic PLC listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth 0.078 | Dividend Share 2.75 | Earnings Share 3.15 | Revenue Per Share 24.298 | Quarterly Revenue Growth 0.047 |
The market value of Medtronic PLC is measured differently than its book value, which is the value of Medtronic that is recorded on the company's balance sheet. Investors also form their own opinion of Medtronic PLC's value that differs from its market value or its book value, called intrinsic value, which is Medtronic PLC's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Medtronic PLC's market value can be influenced by many factors that don't directly affect Medtronic PLC's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Medtronic PLC's value and its price as these two are different measures arrived at by different means. Investors typically determine if Medtronic PLC is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Medtronic PLC's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.