Medtronic PLC (NYSE:MDT) Sees Significant Increase in Short Interest

Medtronic PLC (NYSE:MDT) saw a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 10,291,800 shares, an increase of 19.8% from the June 30th total of 8,588,900 shares. Approximately 0.8% of the company’s stock are sold short. Based on an average daily volume of 4,820,000 shares, the short-interest ratio is currently 2.1 days.

A number of research analysts have recently issued reports on MDT shares. Northland Securities reaffirmed a “hold” rating and set a $100.00 price target on shares of Medtronic in a report on Thursday, June 20th. Cowen reissued an “outperform” rating and issued a $111.00 target price (up previously from $99.00) on shares of Medtronic in a report on Wednesday. UBS Group increased their target price on Medtronic to $112.00 and gave the company a “buy” rating in a report on Friday, June 14th. Zacks Investment Research upgraded Medtronic from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. Finally, Royal Bank of Canada reduced their price target on Medtronic to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, May 28th. Seven analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Medtronic currently has a consensus rating of “Buy” and a consensus target price of $106.41.

Shares of MDT stock traded down $0.91 on Wednesday, reaching $101.49. 2,854,540 shares of the company’s stock were exchanged, compared to its average volume of 5,408,727. Medtronic has a 52 week low of $81.66 and a 52 week high of $103.95. The company has a quick ratio of 2.15, a current ratio of 2.59 and a debt-to-equity ratio of 0.49. The company has a market cap of $136.96 billion, a PE ratio of 19.44, a PEG ratio of 2.60 and a beta of 0.67. The business has a fifty day moving average of $100.37.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.07. The firm had revenue of $8.15 billion during the quarter, compared to analyst estimates of $8.12 billion. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. Medtronic’s quarterly revenue was up .0% compared to the same quarter last year. During the same period last year, the company earned $1.42 EPS. Equities analysts predict that Medtronic will post 5.48 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Monday, July 8th were issued a $0.54 dividend. The ex-dividend date of this dividend was Friday, July 5th. This is an increase from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.13%. Medtronic’s dividend payout ratio (DPR) is currently 41.38%.

In other news, SVP Bradley E. Lerman sold 6,599 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $102.02, for a total transaction of $673,229.98. Following the transaction, the senior vice president now directly owns 105,960 shares of the company’s stock, valued at $10,810,039.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Richard H. Anderson purchased 10,900 shares of the stock in a transaction dated Friday, May 24th. The shares were acquired at an average cost of $92.40 per share, for a total transaction of $1,007,160.00. Following the completion of the acquisition, the director now owns 89,912 shares of the company’s stock, valued at $8,307,868.80. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 95,701 shares of company stock worth $9,318,744. 0.28% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the company. Folger Nolan Fleming Douglas Capital Management Inc. grew its stake in Medtronic by 2.1% during the 2nd quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 4,782 shares of the medical technology company’s stock worth $466,000 after buying an additional 100 shares during the last quarter. Pekin Hardy Strauss Inc. grew its stake in Medtronic by 1.5% during the 2nd quarter. Pekin Hardy Strauss Inc. now owns 6,773 shares of the medical technology company’s stock worth $660,000 after buying an additional 100 shares during the last quarter. Cornerstone Advisors Inc. grew its stake in Medtronic by 8.1% during the 2nd quarter. Cornerstone Advisors Inc. now owns 1,621 shares of the medical technology company’s stock worth $158,000 after buying an additional 122 shares during the last quarter. Patriot Financial Group Insurance Agency LLC lifted its position in Medtronic by 3.1% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 4,129 shares of the medical technology company’s stock worth $376,000 after acquiring an additional 126 shares during the period. Finally, Hanson & Doremus Investment Management lifted its position in Medtronic by 0.9% during the 1st quarter. Hanson & Doremus Investment Management now owns 14,416 shares of the medical technology company’s stock worth $1,313,000 after acquiring an additional 128 shares during the period. Institutional investors and hedge funds own 80.65% of the company’s stock.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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