Is ResMed (RMD) Outperforming Other Medical Stocks This Year?
Investors focused on the Medical space have likely heard of ResMed (RMD), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of RMD and the rest of the Medical group's stocks.
ResMed is a member of the Medical sector. This group includes 933 individual stocks and currently holds a Zacks Sector Rank of #14. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. RMD is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for RMD's full-year earnings has moved 4.44% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, RMD has gained about 14.74% so far this year. At the same time, Medical stocks have gained an average of 1.60%. As we can see, ResMed is performing better than its sector in the calendar year.
Looking more specifically, RMD belongs to the Medical - Products industry, which includes 80 individual stocks and currently sits at #159 in the Zacks Industry Rank. This group has gained an average of 1.13% so far this year, so RMD is performing better in this area.
Going forward, investors interested in Medical stocks should continue to pay close attention to RMD as it looks to continue its solid performance.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.