Medtronic PLC (MDT) Short Interest Down 29.9% in November
Medtronic PLC (NYSE:MDT) was the recipient of a significant drop in short interest in November. As of November 30th, there was short interest totalling 8,678,569 shares, a drop of 29.9% from the November 15th total of 12,387,732 shares. Based on an average daily volume of 6,051,050 shares, the days-to-cover ratio is presently 1.4 days. Approximately 0.6% of the company’s stock are sold short.
In other Medtronic news, EVP Bryan C. Hanson sold 16,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $79.02, for a total value of $1,264,320.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.31% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Westside Investment Management Inc. raised its holdings in Medtronic by 114.5% in the 1st quarter. Westside Investment Management Inc. now owns 13,476 shares of the medical technology company’s stock valued at $1,081,000 after acquiring an additional 7,193 shares in the last quarter. Israel Discount Bank of New York acquired a new position in Medtronic in the 1st quarter valued at $117,000. Sentry Investments Corp. raised its holdings in Medtronic by 0.5% in the 1st quarter. Sentry Investments Corp. now owns 1,093,500 shares of the medical technology company’s stock valued at $88,092,000 after acquiring an additional 5,100 shares in the last quarter. SRS Capital Advisors Inc. raised its holdings in Medtronic by 16.6% in the 1st quarter. SRS Capital Advisors Inc. now owns 2,302 shares of the medical technology company’s stock valued at $185,000 after acquiring an additional 327 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in Medtronic by 3.3% in the 1st quarter. Legal & General Group Plc now owns 6,895,339 shares of the medical technology company’s stock valued at $555,494,000 after acquiring an additional 217,257 shares in the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.
Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.08. The business had revenue of $7.05 billion during the quarter, compared to analysts’ expectations of $7.05 billion. Medtronic had a return on equity of 12.63% and a net margin of 16.93%. The firm’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same period last year, the firm posted $1.12 EPS. analysts predict that Medtronic will post 4.77 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Investors of record on Friday, December 29th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.84 annualized dividend and a yield of 2.20%. Medtronic’s payout ratio is currently 50.55%.
A number of research firms have weighed in on MDT. Cowen set a $95.00 price target on Medtronic and gave the company a “buy” rating in a research note on Tuesday, August 22nd. Oppenheimer restated a “buy” rating and issued a $92.00 price target on shares of Medtronic in a research note on Tuesday, August 22nd. Royal Bank of Canada restated a “buy” rating and issued a $90.00 price target on shares of Medtronic in a research note on Monday, August 21st. Stifel Nicolaus raised their price target on Medtronic from $83.00 to $85.00 and gave the company a “hold” rating in a research note on Wednesday, November 22nd. Finally, Northland Securities restated a “hold” rating and issued a $80.00 price target on shares of Medtronic in a research note on Wednesday, November 22nd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and fourteen have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $88.57.
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Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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