Short Interest in Medtronic PLC (NYSE:MDT) Rises By 40.2%

Medtronic PLC (NYSE:MDT) was the target of a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 14,950,000 shares, an increase of 40.2% from the September 30th total of 10,660,000 shares. Based on an average daily volume of 6,990,000 shares, the days-to-cover ratio is presently 2.1 days. Currently, 1.2% of the company’s stock are short sold. Currently, 1.2% of the company’s stock are short sold. Based on an average daily volume of 6,990,000 shares, the days-to-cover ratio is presently 2.1 days.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Truist Financial raised their price objective on Medtronic from $96.00 to $103.00 and gave the company a “hold” rating in a research note on Wednesday, October 15th. Morgan Stanley restated an “overweight” rating and set a $107.00 price objective (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Thursday, August 14th. The Goldman Sachs Group dropped their price objective on Medtronic from $82.00 to $81.00 and set a “sell” rating on the stock in a research note on Wednesday, October 1st. Finally, BTIG Research restated a “neutral” rating on shares of Medtronic in a research note on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.82.

Medtronic Stock Performance

Medtronic stock traded down $0.51 during midday trading on Monday, reaching $90.19. The stock had a trading volume of 7,301,642 shares, compared to its average volume of 7,481,256. Medtronic has a 12 month low of $79.29 and a 12 month high of $99.37. The firm’s 50-day moving average price is $94.35 and its 200 day moving average price is $89.77. The firm has a market capitalization of $115.68 billion, a PE ratio of 24.84, a P/E/G ratio of 2.42 and a beta of 0.78. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.03. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The business had revenue of $8.58 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same period in the previous year, the business posted $1.23 EPS. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, research analysts predict that Medtronic will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 17th. Investors of record on Friday, September 26th were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Friday, September 26th. Medtronic’s payout ratio is currently 78.24%.

Insider Buying and Selling at Medtronic

In other Medtronic news, Director William R. Jellison purchased 2,500 shares of Medtronic stock in a transaction that occurred on Monday, August 25th. The stock was acquired at an average price of $92.37 per share, with a total value of $230,925.00. Following the transaction, the director owned 5,000 shares in the company, valued at $461,850. This trade represents a 100.00% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Harry Skip Kiil sold 8,605 shares of the firm’s stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total value of $788,045.90. Following the transaction, the executive vice president owned 35,615 shares in the company, valued at approximately $3,261,621.70. This trade represents a 19.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.26% of the company’s stock.

Institutional Investors Weigh In On Medtronic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Medtronic by 1.5% during the second quarter. Vanguard Group Inc. now owns 126,909,406 shares of the medical technology company’s stock valued at $11,062,693,000 after buying an additional 1,895,165 shares during the period. Geode Capital Management LLC increased its position in shares of Medtronic by 1.1% during the second quarter. Geode Capital Management LLC now owns 28,227,006 shares of the medical technology company’s stock valued at $2,448,699,000 after buying an additional 310,684 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Medtronic by 7.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company’s stock valued at $2,001,903,000 after buying an additional 1,461,841 shares during the period. Bank of New York Mellon Corp increased its position in shares of Medtronic by 0.9% during the third quarter. Bank of New York Mellon Corp now owns 21,468,260 shares of the medical technology company’s stock valued at $2,044,637,000 after buying an additional 192,410 shares during the period. Finally, Deutsche Bank AG grew its holdings in shares of Medtronic by 3.1% during the first quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company’s stock worth $1,708,220,000 after purchasing an additional 566,155 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.