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Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Is ResMed (RMD) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Medical sector should help us answer this question.
ResMed is one of 899 individual stocks in the Medical sector. Collectively, these companies sit at #3 in the Zacks Sector Rank. 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 #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for RMD's full-year earnings has moved 4.47% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, RMD has returned 12.81% so far this year. In comparison, Medical companies have returned an average of -1.22%. This means that ResMed is performing better than its sector in terms of year-to-date returns.
To break things down more, RMD belongs to the Medical - Products industry, a group that includes 85 individual companies and currently sits at #51 in the Zacks Industry Rank. On average, this group has lost an average of 5.07% so far this year, meaning that RMD is performing better in terms of year-to-date returns.
Investors in the Medical sector will want to keep a close eye on RMD as it attempts to continue its solid performance.
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