Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Medtronic PLC (NYSE:MDT)

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Capital Asset Pricing Model (CAPM)

Intermediate level

Capital asset pricing model (CAPM) indicates what should be the expected or required rate of return on risky assets like Medtronic PLC’s common stock.

Rates of Return

Medtronic PLC, monthly rates of return

Microsoft Excel LibreOffice Calc
Medtronic PLC (MDT) Standard & Poor’s 500 (S&P 500)
t Date PriceMDT,t1 DividendMDT,t1 RMDT,t2 PriceS&P 500,t RS&P 500,t3
May 31, 2014
1. Jun 30, 2014
2. Jul 31, 2014
3. Aug 31, 2014
. . . . . . .
. . . . . . .
. . . . . . .
70. Mar 31, 2020
71. Apr 30, 2020
Average (R):
Standard deviation:
Medtronic PLC (MDT) Standard & Poor’s 500 (S&P 500)
t Date PriceMDT,t1 DividendMDT,t1 RMDT,t2 PriceS&P 500,t RS&P 500,t3
May 31, 2014
1. Jun 30, 2014
2. Jul 31, 2014
3. Aug 31, 2014
4. Sep 30, 2014
5. Oct 31, 2014
6. Nov 30, 2014
7. Dec 31, 2014
8. Jan 31, 2015
9. Feb 28, 2015
10. Mar 31, 2015
11. Apr 30, 2015
12. May 31, 2015
13. Jun 30, 2015
14. Jul 31, 2015
15. Aug 31, 2015
16. Sep 30, 2015
17. Oct 31, 2015
18. Nov 30, 2015
19. Dec 31, 2015
20. Jan 31, 2016
21. Feb 29, 2016
22. Mar 31, 2016
23. Apr 30, 2016
24. May 31, 2016
25. Jun 30, 2016
26. Jul 31, 2016
27. Aug 31, 2016
28. Sep 30, 2016
29. Oct 31, 2016
30. Nov 30, 2016
31. Dec 31, 2016
32. Jan 31, 2017
33. Feb 28, 2017
34. Mar 31, 2017
35. Apr 30, 2017
36. May 31, 2017
37. Jun 30, 2017
38. Jul 31, 2017
39. Aug 31, 2017
40. Sep 30, 2017
41. Oct 31, 2017
42. Nov 30, 2017
43. Dec 31, 2017
44. Jan 31, 2018
45. Feb 28, 2018
46. Mar 31, 2018
47. Apr 30, 2018
48. May 31, 2018
49. Jun 30, 2018
50. Jul 31, 2018
51. Aug 31, 2018
52. Sep 30, 2018
53. Oct 31, 2018
54. Nov 30, 2018
55. Dec 31, 2018
56. Jan 31, 2019
57. Feb 28, 2019
58. Mar 31, 2019
59. Apr 30, 2019
60. May 31, 2019
61. Jun 30, 2019
62. Jul 31, 2019
63. Aug 31, 2019
64. Sep 30, 2019
65. Oct 31, 2019
66. Nov 30, 2019
67. Dec 31, 2019
68. Jan 31, 2020
69. Feb 29, 2020
70. Mar 31, 2020
71. Apr 30, 2020
Average (R):
Standard deviation:

Show all

1 Data in US$ per share of common stock, adjusted for splits and stock dividends.

2 Rate of return on common stock of MDT during period t

3 Rate of return on S&P 500 (the market portfolio proxy) during period t

Variance and Covariance

Medtronic PLC, calculation of variance and covariance of returns

Microsoft Excel LibreOffice Calc
t Date RMDT,t RS&P 500,t (RMDT,t–RMDT)2 (RS&P 500,t–RS&P 500)2 (RMDT,t–RMDT)×(RS&P 500,t–RS&P 500)
1. Jun 30, 2014
2. Jul 31, 2014
3. Aug 31, 2014
. . . . . . .
. . . . . . .
. . . . . . .
70. Mar 31, 2020
71. Apr 30, 2020
Total (Σ):
t Date RMDT,t RS&P 500,t (RMDT,t–RMDT)2 (RS&P 500,t–RS&P 500)2 (RMDT,t–RMDT)×(RS&P 500,t–RS&P 500)
1. Jun 30, 2014
2. Jul 31, 2014
3. Aug 31, 2014
4. Sep 30, 2014
5. Oct 31, 2014
6. Nov 30, 2014
7. Dec 31, 2014
8. Jan 31, 2015
9. Feb 28, 2015
10. Mar 31, 2015
11. Apr 30, 2015
12. May 31, 2015
13. Jun 30, 2015
14. Jul 31, 2015
15. Aug 31, 2015
16. Sep 30, 2015
17. Oct 31, 2015
18. Nov 30, 2015
19. Dec 31, 2015
20. Jan 31, 2016
21. Feb 29, 2016
22. Mar 31, 2016
23. Apr 30, 2016
24. May 31, 2016
25. Jun 30, 2016
26. Jul 31, 2016
27. Aug 31, 2016
28. Sep 30, 2016
29. Oct 31, 2016
30. Nov 30, 2016
31. Dec 31, 2016
32. Jan 31, 2017
33. Feb 28, 2017
34. Mar 31, 2017
35. Apr 30, 2017
36. May 31, 2017
37. Jun 30, 2017
38. Jul 31, 2017
39. Aug 31, 2017
40. Sep 30, 2017
41. Oct 31, 2017
42. Nov 30, 2017
43. Dec 31, 2017
44. Jan 31, 2018
45. Feb 28, 2018
46. Mar 31, 2018
47. Apr 30, 2018
48. May 31, 2018
49. Jun 30, 2018
50. Jul 31, 2018
51. Aug 31, 2018
52. Sep 30, 2018
53. Oct 31, 2018
54. Nov 30, 2018
55. Dec 31, 2018
56. Jan 31, 2019
57. Feb 28, 2019
58. Mar 31, 2019
59. Apr 30, 2019
60. May 31, 2019
61. Jun 30, 2019
62. Jul 31, 2019
63. Aug 31, 2019
64. Sep 30, 2019
65. Oct 31, 2019
66. Nov 30, 2019
67. Dec 31, 2019
68. Jan 31, 2020
69. Feb 29, 2020
70. Mar 31, 2020
71. Apr 30, 2020
Total (Σ):

Show all

VarianceMDT = Σ(RMDT,t–RMDT)2 ÷ (71 – 1)
= ÷ (71 – 1)
=

VarianceS&P 500 = Σ(RS&P 500,t–RS&P 500)2 ÷ (71 – 1)
= ÷ (71 – 1)
=

CovarianceMDT, S&P 500 = Σ(RMDT,t–RMDT)×(RS&P 500,t–RS&P 500) ÷ (71 – 1)
= ÷ (71 – 1)
=

Systematic Risk (β) Estimation

Microsoft Excel LibreOffice Calc
VarianceMDT
VarianceS&P 500
CovarianceMDT, S&P 500
Correlation coefficientMDT, S&P 5001
βMDT2
αMDT3

Calculations

1 Correlation coefficientMDT, S&P 500
= CovarianceMDT, S&P 500 ÷ (Standard deviationMDT × Standard deviationS&P 500)
= ÷ ( × )
=

2 βMDT
= CovarianceMDT, S&P 500 ÷ VarianceS&P 500
= ÷
=

3 αMDT
= AverageMDT – βMDT × AverageS&P 500
= – ×
=

Expected Rate of Return

Microsoft Excel LibreOffice Calc
Assumptions
Rate of return on LT Treasury Composite1 RF
Expected rate of return on market portfolio2 E(RM)
Systematic risk (β) of Medtronic PLC’s common stock βMDT
 
Expected rate of return on Medtronic PLC’s common stock3 E(RMDT)

1 Unweighted average of bid yields on all outstanding fixed-coupon U.S. Treasury bonds neither due or callable in less than 10 years (risk-free rate of return proxy).

2 See details »

3 E(RMDT) = RF + βMDT [E(RM) – RF]
= + [ – ]
=