Medtronic plc (NYSE:MDT) Sees Large Increase in Short Interest

Medtronic plc (NYSE:MDTGet Rating) saw a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 10,500,000 shares, a growth of 42.3% from the March 15th total of 7,380,000 shares. Based on an average daily trading volume, of 6,670,000 shares, the days-to-cover ratio is presently 1.6 days. Currently, 0.8% of the shares of the stock are short sold.

Several brokerages recently issued reports on MDT. BTIG Research downgraded shares of Medtronic from a “buy” rating to a “neutral” rating and set a $104.00 price objective on the stock. in a research note on Monday, January 10th. StockNews.com began coverage on shares of Medtronic in a research note on Thursday, March 31st. They set a “buy” rating on the stock. Credit Suisse Group reduced their price objective on shares of Medtronic from $142.00 to $135.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 23rd. Raymond James reduced their price objective on shares of Medtronic from $127.00 to $116.00 and set an “outperform” rating on the stock in a research note on Friday, February 18th. Finally, Needham & Company LLC reduced their price objective on shares of Medtronic from $128.00 to $124.00 and set a “buy” rating on the stock in a research note on Wednesday, February 23rd. Eleven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $128.19.

MDT traded down $1.44 during trading hours on Friday, reaching $109.02. 6,660,350 shares of the stock traded hands, compared to its average volume of 6,332,380. The firm’s fifty day simple moving average is $107.01 and its two-hundred day simple moving average is $110.91. The company has a market cap of $146.25 billion, a price-to-earnings ratio of 30.03, a PEG ratio of 2.55 and a beta of 0.75. Medtronic has a fifty-two week low of $98.38 and a fifty-two week high of $135.89. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.61 and a quick ratio of 2.10.

Medtronic (NYSE:MDTGet Rating) last released its quarterly earnings results on Tuesday, February 22nd. The medical technology company reported $1.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.36 by $0.01. The business had revenue of $7.76 billion during the quarter, compared to analyst estimates of $7.91 billion. Medtronic had a net margin of 15.46% and a return on equity of 14.57%. The business’s revenue was down .2% on a year-over-year basis. During the same period last year, the business earned $1.29 EPS. On average, research analysts predict that Medtronic will post 5.66 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 22nd. Shareholders of record on Friday, March 25th will be paid a dividend of $0.63 per share. The ex-dividend date is Thursday, March 24th. This represents a $2.52 dividend on an annualized basis and a yield of 2.31%. Medtronic’s dividend payout ratio (DPR) is 69.42%.

In other Medtronic news, SVP Carol A. Surface sold 6,000 shares of the company’s stock in a transaction dated Friday, March 11th. The shares were sold at an average price of $105.30, for a total value of $631,800.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Karen L. Parkhill sold 682 shares of the company’s stock in a transaction dated Friday, March 18th. The shares were sold at an average price of $110.00, for a total transaction of $75,020.00. The disclosure for this sale can be found here. Corporate insiders own 0.47% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Martin Investment Management LLC boosted its stake in Medtronic by 0.7% during the 3rd quarter. Martin Investment Management LLC now owns 12,475 shares of the medical technology company’s stock valued at $1,564,000 after acquiring an additional 85 shares during the last quarter. USA Financial Portformulas Corp boosted its stake in Medtronic by 19.7% during the 3rd quarter. USA Financial Portformulas Corp now owns 548 shares of the medical technology company’s stock valued at $69,000 after acquiring an additional 90 shares during the last quarter. Patriot Financial Group Insurance Agency LLC boosted its stake in Medtronic by 1.7% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 5,453 shares of the medical technology company’s stock valued at $684,000 after acquiring an additional 90 shares during the last quarter. PFG Advisors boosted its stake in Medtronic by 0.9% during the 3rd quarter. PFG Advisors now owns 10,726 shares of the medical technology company’s stock valued at $1,344,000 after acquiring an additional 92 shares during the last quarter. Finally, Wealth Architects LLC boosted its stake in Medtronic by 5.1% during the 3rd quarter. Wealth Architects LLC now owns 1,893 shares of the medical technology company’s stock valued at $237,000 after acquiring an additional 92 shares during the last quarter. Hedge funds and other institutional investors own 79.46% of the company’s stock.

About Medtronic (Get Rating)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.

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