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 during 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 trading volume of 6,990,000 shares, the days-to-cover ratio is presently 2.1 days. Currently, 1.2% of the company’s shares are sold short. Currently, 1.2% of the company’s shares are sold short. Based on an average trading volume of 6,990,000 shares, the days-to-cover ratio is presently 2.1 days.

Insider Activity at Medtronic

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

Hedge Funds Weigh In On Medtronic

Several large investors have recently modified their holdings of MDT. 1248 Management LLC purchased a new position in shares of Medtronic in the 1st quarter worth about $26,000. Delos Wealth Advisors LLC purchased a new position in shares of Medtronic in the 2nd quarter worth about $27,000. Corundum Trust Company INC purchased a new position in shares of Medtronic in the 3rd quarter worth about $27,000. Twin Tree Management LP purchased a new position in shares of Medtronic in the 1st quarter worth about $29,000. Finally, Valley Wealth Managers Inc. purchased a new position in shares of Medtronic in the 3rd quarter worth about $29,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.2%

NYSE MDT opened at $90.41 on Wednesday. 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 has a twelve month low of $79.29 and a twelve month high of $99.37. The firm has a market capitalization of $115.96 billion, a PE ratio of 24.91, a P/E/G ratio of 2.42 and a beta of 0.78. The stock’s 50 day moving average is $94.27 and its 200 day moving average is $89.88.

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

Medtronic Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on MDT. Evercore ISI lifted their price target on shares of Medtronic from $103.00 to $106.00 and gave the company an “outperform” rating in a report on Tuesday, July 8th. BTIG Research reiterated a “neutral” rating on shares of Medtronic in a report on Friday, July 11th. Mizuho lifted their price target on shares of Medtronic from $98.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, July 16th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Medtronic in a report on Wednesday, October 8th. Finally, Daiwa Capital Markets lifted their price target on shares of Medtronic from $101.00 to $104.00 and gave the company a “buy” rating in a report on Friday, September 12th. One 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $102.82.

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.