Medtronic plc. (MDT) Short Interest Down 29.9% in November

Medtronic plc. (NYSE:MDT) was the recipient of a large drop in short interest during the month of 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 trading volume of 6,051,050 shares, the short-interest ratio is presently 1.4 days. Currently, 0.6% of the company’s shares are short sold.

A number of equities analysts have recently commented on MDT shares. Cowen reaffirmed a “buy” rating and set a $95.00 target price on shares of Medtronic in a research report on Friday, November 3rd. Needham & Company LLC cut their price objective on shares of Medtronic from $95.00 to $94.00 and set a “buy” rating on the stock in a report on Tuesday, October 10th. SunTrust Banks reissued a “buy” rating and set a $96.00 price objective on shares of Medtronic in a report on Monday, October 2nd. Jefferies Group reissued a “buy” rating and set a $96.00 price objective on shares of Medtronic in a report on Thursday, September 28th. Finally, Oppenheimer reissued a “buy” rating and set a $94.00 price objective on shares of Medtronic in a report on Wednesday, November 22nd. Two 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 stock currently has an average rating of “Hold” and an average target price of $88.57.

In related news, EVP Bryan C. Hanson sold 16,000 shares of the stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $78.03, for a total value of $1,248,480.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders sold 48,000 shares of company stock valued at $3,837,920. 0.31% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. Captrust Financial Advisors acquired a new position in shares of Medtronic in the 2nd quarter worth approximately $384,000. Wesbanco Bank Inc. lifted its holdings in shares of Medtronic by 3.1% in the 2nd quarter. Wesbanco Bank Inc. now owns 10,170 shares of the medical technology company’s stock worth $903,000 after acquiring an additional 308 shares during the last quarter. Dupont Capital Management Corp increased its stake in Medtronic by 28.8% during the 2nd quarter. Dupont Capital Management Corp now owns 74,052 shares of the medical technology company’s stock worth $6,572,000 after buying an additional 16,562 shares during the period. Chilton Investment Co. LLC increased its stake in Medtronic by 6.1% during the 2nd quarter. Chilton Investment Co. LLC now owns 26,842 shares of the medical technology company’s stock worth $2,382,000 after buying an additional 1,538 shares during the period. Finally, Moors & Cabot Inc. increased its stake in Medtronic by 0.4% during the 2nd quarter. Moors & Cabot Inc. now owns 43,227 shares of the medical technology company’s stock worth $3,842,000 after buying an additional 178 shares during the period. 81.74% of the stock is owned by institutional investors and hedge funds.

Medtronic (MDT) opened at $81.54 on Friday. Medtronic has a fifty-two week low of $69.35 and a fifty-two week high of $89.72. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.40 and a quick ratio of 2.05. The firm has a market cap of $110,147.66, a price-to-earnings ratio of 22.34, a price-to-earnings-growth ratio of 2.25 and a beta of 1.00.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.08. Medtronic had a net margin of 16.93% and a return on equity of 12.63%. The company had revenue of $7.05 billion during the quarter, compared to analysts’ expectations of $7.05 billion. During the same quarter in the previous year, the company earned $1.12 earnings per share. The firm’s revenue for the quarter was down 4.0% on a year-over-year basis. equities research analysts expect that Medtronic will post 4.77 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 19th. Shareholders of record on Friday, December 29th will be issued a $0.46 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.84 dividend on an annualized basis and a yield of 2.26%. Medtronic’s payout ratio is 50.41%.

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About Medtronic

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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