In the latest trading session, Medtronic (MDT) closed at $92, marking a +0.16% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.01%. At the same time, the Dow added 0.35%, and the tech-heavy Nasdaq gained 0.45%.Heading into today, shares of the medical device company had gained 1.64% over the past month, outpacing the Medical sector's loss of 5.57% and the S&P 500's loss of 7.29% in that time.Wall Street will be looking for positivity from MDT as it approaches its next earnings report date. This is expected to be February 19, 2019. On that day, MDT is projected to report earnings of $1.24 per share, which would represent year-over-year growth of 5.98%. Meanwhile, our latest consensus estimate is calling for revenue of $7.57 billion, up 2.69% from the prior-year quarter.MDT's full-year Zacks Consensus Estimates are calling for earnings of $5.13 per share and revenue of $30.56 billion. These results would represent year-over-year changes of +7.55% and +2.02%, respectively.It is also important to note the recent changes to analyst estimates for MDT. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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, the Zacks Consensus EPS estimate has moved 0.24% higher. MDT currently has a Zacks Rank of #3 (Hold).In terms of valuation, MDT is currently trading at a Forward P/E ratio of 17.91. For comparison, its industry has an average Forward P/E of 23.81, which means MDT is trading at a discount to the group.Investors should also note that MDT has a PEG ratio of 2.39 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. MDT's industry had an average PEG ratio of 2.1 as of yesterday's close.The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 97, putting it in the top 38% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow MDT in the coming trading sessions, be sure to utilize Zacks.com.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. Zacks Investment Research