Medtronic PLC (NYSE:MDT) Sees Significant Drop in Short Interest

Medtronic PLC (NYSE:MDT) was the target of a significant decline in short interest in October. As of October 30th, there was short interest totaling 22,952,253 shares, a decline of 83.5% from the October 15th total of 139,004,337 shares. Based on an average daily trading volume, of 12,371,776 shares, the days-to-cover ratio is currently 1.9 days. Currently, 1.8% of the shares of the stock are sold short.

Medtronic Trading Down 0.6%

Medtronic stock traded down $0.65 during trading hours on Thursday, reaching $100.96. The stock had a trading volume of 6,067,521 shares, compared to its average volume of 11,209,445. The stock has a market cap of $129.14 billion, a PE ratio of 24.87, a PEG ratio of 2.38 and a beta of 0.56. Medtronic has a 52 week low of $73.31 and a 52 week high of $106.33. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.07 and a quick ratio of 1.54. The company has a fifty day simple moving average of $93.34 and a 200-day simple moving average of $88.46.

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

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 16th. Stockholders of record on Friday, September 25th were given a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, September 25th. Medtronic’s dividend payout ratio (DPR) is currently 70.94%.

Insider Buying and Selling

In other Medtronic news, CEO Geoffrey Martha sold 50,000 shares of the company’s stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $95.00, for a total value of $4,750,000.00. Following the transaction, the chief executive officer directly owned 277,866 shares in the company, valued at $26,397,270. This represents a 15.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Harry Kiil sold 1,483 shares of the firm’s stock in a transaction dated 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 directly owned 42,186 shares in the company, valued at approximately $3,950,718.90. The trade was a 3.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 61,903 shares of company stock worth $5,889,203 over the last ninety days. 0.27% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Medtronic

Large investors have recently modified their holdings of the stock. AlphaGrep UK Ltd increased its position in shares of Medtronic by 5.7% during the 3rd quarter. AlphaGrep UK Ltd now owns 3,342 shares of the medical technology company’s stock valued at $288,000 after purchasing an additional 179 shares during the last quarter. Meeder Advisory Services Inc. lifted its holdings in Medtronic by 25.3% during the third quarter. Meeder Advisory Services Inc. now owns 28,119 shares of the medical technology company’s stock valued at $2,426,000 after purchasing an additional 5,677 shares in the last quarter. DiPaolo Financial Group Inc. bought a new position in shares of Medtronic in the third quarter worth approximately $50,000. First Trust Advisors LP boosted its position in shares of Medtronic by 0.6% in the third quarter. First Trust Advisors LP now owns 3,145,879 shares of the medical technology company’s stock worth $271,458,000 after purchasing an additional 20,122 shares during the period. Finally, Allianz SE increased its stake in shares of Medtronic by 9.9% in the third quarter. Allianz SE now owns 86,294 shares of the medical technology company’s stock worth $7,446,000 after purchasing an additional 7,796 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on MDT shares. Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a research report on Sunday. Bank of America upped their target price on shares of Medtronic from $95.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. Piper Sandler reissued a “neutral” rating on shares of Medtronic in a research note on Wednesday, October 14th. Weiss Ratings upgraded Medtronic from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, October 19th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $118.00 price target on shares of Medtronic in a research note on Wednesday, September 2nd. Eighteen investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $102.88.

About Medtronic

Medtronic plc is a medical technology company that develops and manufactures devices and therapies for a range of health conditions. Its products include pacemakers and defibrillators, heart valves, surgical technologies, neurostimulation devices, and insulin pumps and other diabetes-management products. The company was founded in Minneapolis in 1949 by Earl Bakken and Palmer Hermundslie as a medical equipment repair business. It has since grown into a global company serving patients and health care providers in more than 150 countries.