Medtronic PLC (NYSE:MDT) Sees Significant Increase in Short Interest
Medtronic PLC (NYSE:MDT) was the target of a significant increase in short interest in 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. Based on an average trading volume of 4,820,000 shares, the short-interest ratio is presently 2.1 days. Approximately 0.8% of the company’s stock are sold short.
Several brokerages have recently issued reports on MDT. ValuEngine cut Medtronic from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Royal Bank of Canada dropped their target price on Medtronic to $100.00 and set an “outperform” rating on the stock in a report on Tuesday, May 28th. 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. Oppenheimer set a $110.00 target price on Medtronic and gave the company a “buy” rating in a report on Monday, July 15th. Finally, Needham & Company LLC reissued a “buy” rating on shares of Medtronic in a report on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $106.41.
Shares of NYSE MDT traded down $0.91 during midday trading on Wednesday, reaching $101.49. 2,854,540 shares of the company were exchanged, compared to its average volume of 5,408,727. The company has a current ratio of 2.59, a quick ratio of 2.15 and a debt-to-equity ratio of 0.49. Medtronic has a 1 year low of $81.66 and a 1 year high of $103.95. The company’s fifty day moving average is $100.37. The company has a market capitalization of $136.96 billion, a PE ratio of 19.44, a P/E/G ratio of 2.60 and a beta of 0.67.
The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 8th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, July 5th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.13%. This is a positive change from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s dividend payout ratio (DPR) is currently 41.38%.
In other news, SVP Bradley E. Lerman sold 6,599 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $102.02, for a total value of $673,229.98. Following the sale, the senior vice president now directly owns 105,960 shares in the company, valued at $10,810,039.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Richard Kuntz sold 3,438 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $101.12, for a total value of $347,650.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,701 shares of company stock worth $9,318,744. Insiders own 0.28% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Krane Funds Advisors LLC acquired a new stake in Medtronic in the second quarter valued at about $25,000. Redhawk Wealth Advisors Inc. acquired a new stake in shares of Medtronic during the 2nd quarter valued at approximately $34,000. Rocky Mountain Advisers LLC lifted its position in shares of Medtronic by 100.0% during the 2nd quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock valued at $39,000 after acquiring an additional 200 shares during the period. Spectrum Management Group Inc. lifted its position in shares of Medtronic by 353.8% during the 1st quarter. Spectrum Management Group Inc. now owns 413 shares of the medical technology company’s stock valued at $38,000 after acquiring an additional 322 shares during the period. Finally, Mackey Komara & Dankovich LLC acquired a new stake in shares of Medtronic during the 1st quarter valued at approximately $38,000. 80.65% of the stock is currently owned by hedge funds and other institutional investors.
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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