Medtronic PLC (NYSE:MDT) Short Interest Update

Medtronic PLC (NYSE:MDT) saw a large drop in short interest in June. As of June 30th, there was short interest totalling 9,131,700 shares, a drop of 16.6% from the May 30th total of 10,948,600 shares. Currently, 0.7% of the shares of the stock are short sold. Based on an average daily volume of 5,350,000 shares, the short-interest ratio is presently 1.7 days.

In related news, Director Richard H. Anderson purchased 10,900 shares of Medtronic stock in a transaction dated Friday, May 24th. The shares were bought at an average cost of $92.40 per share, for a total transaction of $1,007,160.00. Following the purchase, the director now owns 89,912 shares in the company, valued at approximately $8,307,868.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Hooman Hakami sold 52,664 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $97.49, for a total transaction of $5,134,213.36. Following the completion of the sale, the executive vice president now owns 95,337 shares in the company, valued at $9,294,404.13. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,664 shares of company stock worth $7,896,623. 0.28% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in MDT. Cordasco Financial Network bought a new stake in shares of Medtronic in the 1st quarter valued at $27,000. Pin Oak Investment Advisors Inc. increased its stake in shares of Medtronic by 158.0% in the 4th quarter. Pin Oak Investment Advisors Inc. now owns 369 shares of the medical technology company’s stock valued at $34,000 after acquiring an additional 226 shares in the last quarter. Spectrum Management Group Inc. increased its stake in shares of Medtronic by 353.8% in the 1st quarter. Spectrum Management Group Inc. now owns 413 shares of the medical technology company’s stock valued at $38,000 after acquiring an additional 322 shares in the last quarter. Mackey Komara & Dankovich LLC bought a new stake in shares of Medtronic in the 1st quarter valued at $38,000. Finally, Capital Financial Planning LLC bought a new stake in shares of Medtronic in the 4th quarter valued at $42,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Medtronic stock traded down $0.75 during mid-day trading on Friday, hitting $99.25. 3,545,575 shares of the stock were exchanged, compared to its average volume of 4,014,409. The company has a quick ratio of 2.15, a current ratio of 2.59 and a debt-to-equity ratio of 0.49. Medtronic has a 12 month low of $81.66 and a 12 month high of $100.15. The firm’s fifty day moving average price is $96.75. The firm has a market capitalization of $134.12 billion, a PE ratio of 19.01, a price-to-earnings-growth ratio of 2.56 and a beta of 0.68.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.07. Medtronic had a net margin of 15.15% and a return on equity of 14.16%. The firm had revenue of $8.15 billion during the quarter, compared to analyst estimates of $8.12 billion. During the same quarter last year, the business earned $1.42 EPS. The company’s revenue was up .0% compared to the same quarter last year. On average, analysts forecast that Medtronic will post 5.47 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Monday, July 8th will be issued a dividend of $0.54 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, July 5th. This represents a $2.16 annualized dividend and a yield of 2.18%. Medtronic’s dividend payout ratio (DPR) is presently 41.38%.

A number of brokerages recently issued reports on MDT. Wells Fargo & Co upgraded shares of Medtronic from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $100.00 to $110.00 in a report on Tuesday, June 4th. Needham & Company LLC reiterated a “buy” rating and issued a $121.00 price objective on shares of Medtronic in a report on Monday, May 27th. Zacks Investment Research lowered shares of GreenTree Hospitality Group from a “buy” rating to a “hold” rating in a report on Monday, May 20th. UBS Group dropped their price objective on shares of Broadcom from $325.00 to $310.00 and set a “buy” rating for the company in a report on Friday, June 14th. Finally, ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Six analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Medtronic has a consensus rating of “Buy” and a consensus price target of $105.76.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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