Short Interest in Smith & Nephew plc (NYSE:SNN) Drops By 14.3%

Smith & Nephew plc (NYSE:SNN) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 496,000 shares, a decrease of 14.3% from the July 31st total of 578,900 shares. Based on an average trading volume of 442,500 shares, the short-interest ratio is presently 1.1 days. Approximately 0.1% of the shares of the company are short sold.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Fiduciary Management Inc. WI grew its stake in Smith & Nephew by 2.9% during the 2nd quarter. Fiduciary Management Inc. WI now owns 8,420,997 shares of the medical equipment provider’s stock worth $366,650,000 after buying an additional 233,761 shares during the last quarter. Iridian Asset Management LLC CT grew its stake in Smith & Nephew by 13.5% during the 2nd quarter. Iridian Asset Management LLC CT now owns 2,639,567 shares of the medical equipment provider’s stock worth $114,927,000 after buying an additional 313,374 shares during the last quarter. Nuance Investments LLC grew its stake in Smith & Nephew by 29.0% during the 2nd quarter. Nuance Investments LLC now owns 1,531,811 shares of the medical equipment provider’s stock worth $66,695,000 after buying an additional 344,052 shares during the last quarter. FMR LLC grew its stake in Smith & Nephew by 640.8% during the 1st quarter. FMR LLC now owns 1,341,034 shares of the medical equipment provider’s stock worth $53,788,000 after buying an additional 1,160,015 shares during the last quarter. Finally, Foresters Investment Management Company Inc. grew its stake in Smith & Nephew by 1.5% during the 2nd quarter. Foresters Investment Management Company Inc. now owns 857,050 shares of the medical equipment provider’s stock worth $37,316,000 after buying an additional 12,550 shares during the last quarter. Hedge funds and other institutional investors own 8.80% of the company’s stock.

SNN traded down $0.36 during trading on Friday, reaching $46.66. 701,871 shares of the company were exchanged, compared to its average volume of 523,881. The stock has a market cap of $20.57 billion, a P/E ratio of 23.10, a PEG ratio of 3.27 and a beta of 0.26. The firm has a 50 day moving average of $46.52 and a 200 day moving average of $42.57. The company has a current ratio of 2.00, a quick ratio of 0.96 and a debt-to-equity ratio of 0.40. Smith & Nephew has a 52 week low of $32.22 and a 52 week high of $48.68.

Several research firms recently issued reports on SNN. Berenberg Bank raised Smith & Nephew from a “hold” rating to a “buy” rating in a research report on Tuesday, July 23rd. Zacks Investment Research raised Smith & Nephew from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research report on Tuesday, July 2nd. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $27.50.

Smith & Nephew Company Profile

Smith & Nephew plc develops, manufactures, and sells medical devices worldwide. The company offers sports medicine joint repair products for surgeons, including an array of instruments, technologies, and implants necessary to perform minimally invasive surgery of the joints, such as the repair of soft tissue injuries and degenerative conditions of the knee, hip, and shoulder.

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