Medtronic PLC (NYSE:MDT) Shares Shorted: Short Interest Up 132.0% in September

Medtronic PLC (NYSE:MDT) saw a large increase in short interest in the month of September. As of September 30th, there was short interest totaling 39,974,230 shares, an increase of 132.0% from the September 15th total of 17,229,743 shares. Currently, 3.1% of the company’s shares are short sold. Based on an average daily trading volume, of 14,671,374 shares, the days-to-cover ratio is currently 2.7 days.

Analyst Ratings Changes

MDT has been the subject of a number of research reports. Royal Bank Of Canada restated an “outperform” rating and issued a $118.00 price target on shares of Medtronic in a report on Wednesday, September 2nd. Truist Financial reiterated a “hold” rating and set a $99.00 price objective (up from $86.00) on shares of Medtronic in a report on Wednesday, September 2nd. Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a report on Saturday, October 3rd. Needham & Company LLC reissued a “buy” rating on shares of Medtronic in a research report on Thursday, September 17th. Finally, Bank of America raised their target price on Medtronic from $95.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, September 2nd. Seventeen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Medtronic currently has an average rating of “Moderate Buy” and an average price target of $102.88.

Insider Activity at Medtronic

In other news, EVP Harry Kiil sold 1,483 shares of Medtronic stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $93.65, for a total value of $138,882.95. Following the completion of the sale, the executive vice president owned 42,186 shares in the company, valued at $3,950,718.90. The trade was a 3.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.27% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Medtronic

A number of institutional investors and hedge funds have recently made changes to their positions in MDT. Monetary Solutions Ltd bought a new stake in shares of Medtronic in the 4th quarter worth approximately $27,000. IAG Wealth Partners LLC bought a new position in shares of Medtronic during the second quarter valued at approximately $30,000. Pin Oak Investment Advisors Inc. bought a new position in shares of Medtronic during the second quarter valued at approximately $32,000. Community Bank N.A. bought a new position in shares of Medtronic during the second quarter valued at approximately $33,000. Finally, Core Capital Management & Research inc. purchased a new stake in Medtronic in the second quarter worth $33,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT opened at $94.14 on Thursday. The business’s fifty day moving average is $90.68 and its 200 day moving average is $84.88. Medtronic has a 12-month low of $73.31 and a 12-month high of $106.33. The company has a quick ratio of 1.54, a current ratio of 2.07 and a debt-to-equity ratio of 0.50. The stock has a market cap of $120.41 billion, a P/E ratio of 23.19, a P/E/G ratio of 2.12 and a beta of 0.55.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, September 1st. The medical technology company reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.06. Medtronic had a net margin of 13.93% and a return on equity of 14.78%. The business had revenue of $9.76 billion during the quarter, compared to analyst estimates of $9.55 billion. During the same quarter in the previous year, the business posted $1.26 EPS. Medtronic’s quarterly revenue was up 13.7% on a year-over-year basis. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. Sell-side analysts anticipate that Medtronic will post 5.98 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, September 25th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Friday, September 25th. This represents a $2.88 annualized dividend and a dividend yield of 3.1%. Medtronic’s payout ratio is presently 70.94%.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures devices, therapies and healthcare solutions for treating chronic and acute conditions. Its products are used in areas including cardiac and vascular care, neuroscience, medical and surgical procedures, and diabetes management.

The company’s portfolio includes pacemakers, implantable cardioverter-defibrillators, cardiac ablation systems, stents and other cardiovascular products; neuromodulation systems, deep-brain stimulation devices and spinal technologies; surgical instruments, robotic-assisted surgery systems and gastrointestinal diagnostic tools; and insulin pumps and related diabetes technologies.

Medtronic traces its origins to 1949, when Earl Bakken and Palmer Hermundslie founded the company in Minneapolis, Minnesota.