Medtronic PLC (NYSE:MDT) Shares Shorted: Short Interest Up 247.7% in October

Medtronic PLC (NYSE:MDT) saw a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 139,004,337 shares, an increase of 247.7% from the September 30th total of 39,974,230 shares. Based on an average daily volume of 47,498,393 shares, the short-interest ratio is presently 2.9 days. Currently, 10.9% of the company’s shares are sold short.

Medtronic Stock Performance

NYSE:MDT traded up $2.14 during mid-day trading on Thursday, hitting $96.92. The stock had a trading volume of 9,370,563 shares, compared to its average volume of 11,379,571. Medtronic has a twelve month low of $73.31 and a twelve month high of $106.33. The stock has a market cap of $123.98 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 2.23 and a beta of 0.55. The company’s 50 day simple moving average is $91.56 and its 200 day simple moving average is $88.35. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.54 and a current ratio of 2.07.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, September 1st. The medical technology company reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.06. The business had revenue of $9.76 billion during the quarter, compared to analysts’ expectations of $9.55 billion. Medtronic had a return on equity of 14.78% and a net margin of 13.93%. Medtronic’s quarterly revenue was up 13.7% on a year-over-year basis. During the same quarter last year, the company 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. On average, equities research analysts forecast that Medtronic will post 5.98 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Friday, September 25th were paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Friday, September 25th. Medtronic’s dividend payout ratio is 70.94%.

Analyst Ratings Changes

A number of brokerages recently commented on MDT. Needham & Company LLC restated a “buy” rating on shares of Medtronic in a report on Thursday, September 17th. Stifel Nicolaus upped their target price on shares of Medtronic from $80.00 to $95.00 and gave the stock a “hold” rating in a research note on Wednesday, September 2nd. Robert W. Baird increased their target price on Medtronic from $91.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, September 2nd. Wells Fargo & Company lifted their price target on Medtronic from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Wednesday, September 2nd. Finally, TD Cowen restated a “buy” rating and issued a $110.00 price target on shares of Medtronic in a report on Wednesday, September 30th. Eighteen analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $102.88.

Insider Activity

In other Medtronic news, EVP Michael Marinaro sold 10,420 shares of the firm’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $96.00, for a total value of $1,000,320.00. Following the transaction, the executive vice president directly owned 105,916 shares of the company’s stock, valued at approximately $10,167,936. This trade represents a 8.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Geoffrey Martha sold 50,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief executive officer owned 277,866 shares in the company, valued at $26,397,270. This represents a 15.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 61,903 shares of company stock valued at $5,889,203. 0.27% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Medtronic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Activest Wealth Management boosted its holdings in shares of Medtronic by 470.9% in the third quarter. Activest Wealth Management now owns 314 shares of the medical technology company’s stock worth $27,000 after buying an additional 259 shares during the last quarter. IAG Wealth Partners LLC bought a new stake in Medtronic during the second quarter valued at approximately $30,000. Pin Oak Investment Advisors Inc. purchased a new stake in Medtronic during the second quarter valued at approximately $32,000. Community Bank N.A. purchased a new stake in Medtronic during the second quarter valued at approximately $33,000. Finally, Core Capital Management & Research inc. bought a new position in Medtronic in the second quarter worth approximately $33,000. 82.06% of the stock is owned by institutional investors.

Medtronic Company Profile

Medtronic plc (NYSE: MDT) is a global medical technology company that develops, manufactures and distributes devices and therapies used to diagnose, treat and manage a broad range of medical conditions. Its products support healthcare providers in areas including cardiac and vascular care, diabetes, neuroscience, surgical procedures and patient monitoring.

The company’s offerings include pacemakers, implantable defibrillators, heart valves and other structural heart products; insulin pumps and continuous glucose monitoring technologies; spinal and neurosurgical systems; deep-brain and spinal cord stimulation devices; surgical instruments and robotic-assisted technologies; and respiratory and patient-monitoring equipment.