Medtronic plc (NYSE:MDT) Short Interest Down 15.8% in November

Medtronic plc (NYSE:MDT - Get Free Report) was the target of a significant decrease in short interest in November. As of November 30th, there was short interest totalling 10,010,000 shares, a decrease of 15.8% from the November 15th total of 11,890,000 shares. Approximately 0.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 6,070,000 shares, the days-to-cover ratio is presently 1.6 days.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MDT. Assenagon Asset Management S.A. grew its stake in shares of Medtronic by 0.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 57,440 shares of the medical technology company's stock worth $4,521,000 after acquiring an additional 324 shares in the last quarter. Brookstone Capital Management increased its stake in Medtronic by 9.0% in the 2nd quarter. Brookstone Capital Management now owns 31,796 shares of the medical technology company's stock valued at $2,584,000 after buying an additional 2,623 shares during the last quarter. First Horizon Advisors Inc. lifted its position in shares of Medtronic by 2.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 159,217 shares of the medical technology company's stock worth $12,532,000 after buying an additional 4,504 shares in the last quarter. First Citizens Bank & Trust Co. boosted its stake in shares of Medtronic by 2.4% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 39,919 shares of the medical technology company's stock worth $3,142,000 after buying an additional 954 shares during the last quarter. Finally, Dakota Wealth Management boosted its stake in shares of Medtronic by 44.6% in the 2nd quarter. Dakota Wealth Management now owns 45,391 shares of the medical technology company's stock worth $3,573,000 after buying an additional 14,005 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Down 0.3 %

Shares of MDT traded down $0.25 during trading hours on Friday, hitting $82.48. The stock had a trading volume of 4,301,567 shares, compared to its average volume of 6,239,336. Medtronic has a 1-year low of $75.96 and a 1-year high of $92.68. The firm has a market capitalization of $105.76 billion, a P/E ratio of 25.22, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. The firm has a 50 day simple moving average of $87.66 and a 200-day simple moving average of $85.03. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.27 billion. During the same quarter last year, the firm posted $1.25 earnings per share. The company's revenue for the quarter was up 5.2% compared to the same quarter last year. Sell-side analysts predict that Medtronic will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.39%. Medtronic's payout ratio is 85.63%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MDT shares. Wells Fargo & Company cut their price objective on shares of Medtronic from $106.00 to $98.00 and set an "overweight" rating for the company in a research report on Wednesday, November 20th. Stifel Nicolaus raised their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a "hold" rating in a research note on Wednesday, August 21st. Sanford C. Bernstein upped their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an "outperform" rating in a report on Wednesday, November 20th. Truist Financial raised their price objective on shares of Medtronic from $90.00 to $93.00 and gave the company a "hold" rating in a report on Monday, October 14th. Finally, Robert W. Baird cut their price target on shares of Medtronic from $96.00 to $93.00 and set a "neutral" rating on the stock in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $95.27.

Medtronic Company Profile

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.