Short Interest in Medtronic PLC (MDT) Rises By 28.7%

Medtronic PLC (NYSE:MDT) saw a large growth in short interest in the month of September. As of September 29th, there was short interest totalling 11,531,235 shares, a growth of 28.7% from the September 15th total of 8,960,370 shares. Based on an average daily trading volume, of 5,401,377 shares, the days-to-cover ratio is currently 2.1 days. Currently, 0.9% of the company’s shares are sold short.

Shares of Medtronic PLC (MDT) opened at 80.76 on Friday. The stock’s 50 day moving average is $79.31 and its 200 day moving average is $83.10. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72. The stock has a market cap of $109.40 billion, a price-to-earnings ratio of 27.18 and a beta of 1.01.

Medtronic PLC (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.04. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The firm had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.44 billion. During the same period in the prior year, the company posted $1.03 earnings per share. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. On average, equities analysts forecast that Medtronic PLC will post $4.63 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, October 20th. Stockholders of record on Friday, September 29th were issued a $0.46 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.84 annualized dividend and a dividend yield of 2.29%. Medtronic PLC’s dividend payout ratio (DPR) is presently 61.95%.

Several equities research analysts have issued reports on the company. Jefferies Group LLC restated a “buy” rating and set a $96.00 price objective on shares of Medtronic PLC in a report on Thursday, September 28th. William Blair reiterated an “outperform” rating on shares of Medtronic PLC in a research report on Thursday, July 6th. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $96.00 target price on shares of Medtronic PLC in a report on Monday, October 2nd. Zacks Investment Research lowered Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. Finally, BidaskClub downgraded Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. Medtronic PLC has an average rating of “Hold” and an average price target of $87.88.

In related news, EVP Bryan C. Hanson sold 16,000 shares of the business’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $78.03, for a total transaction of $1,248,480.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Omar Ishrak sold 140,407 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $81.63, for a total value of $11,461,423.41. Following the transaction, the chief executive officer now directly owns 668,503 shares in the company, valued at $54,569,899.89. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of MDT. Wesbanco Bank Inc. grew its position in shares of Medtronic PLC 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 buying an additional 308 shares during the last quarter. Dupont Capital Management Corp boosted its stake in Medtronic PLC by 28.8% in the 2nd quarter. Dupont Capital Management Corp now owns 74,052 shares of the medical technology company’s stock worth $6,572,000 after purchasing an additional 16,562 shares in the last quarter. RMB Capital Management LLC acquired a new stake in Medtronic PLC in the 1st quarter worth approximately $4,576,000. Lazard Asset Management LLC boosted its stake in Medtronic PLC by 1,061.4% in the 1st quarter. Lazard Asset Management LLC now owns 13,678,772 shares of the medical technology company’s stock worth $1,101,960,000 after purchasing an additional 12,500,992 shares in the last quarter. Finally, WealthTrust Arizona LLC boosted its stake in Medtronic PLC by 9.7% in the 2nd quarter. WealthTrust Arizona LLC now owns 4,994 shares of the medical technology company’s stock worth $443,000 after purchasing an additional 441 shares in the last quarter. 80.75% of the stock is currently owned by institutional investors and hedge funds.

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About Medtronic PLC

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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