Short Interest in Smith & Nephew plc (NYSE:SNN) Declines By 28.1%

Smith & Nephew plc (NYSE:SNN) was the target of a significant decline in short interest in March. As of March 15th, there was short interest totalling 1,150,000 shares, a decline of 28.1% from the February 28th total of 1,600,000 shares. Currently, 0.3% of the company’s shares are short sold. Based on an average daily volume of 819,500 shares, the days-to-cover ratio is currently 1.4 days.

Smith & Nephew Stock Performance

Shares of NYSE:SNN traded up $0.34 during midday trading on Monday, reaching $28.39. The company had a trading volume of 694,920 shares, compared to its average volume of 815,289. Smith & Nephew has a 52-week low of $23.65 and a 52-week high of $31.72. The company’s 50 day moving average price is $27.19 and its 200 day moving average price is $26.91. The company has a current ratio of 2.51, a quick ratio of 1.11 and a debt-to-equity ratio of 0.63. The stock has a market cap of $12.41 billion, a P/E ratio of 13.14, a P/E/G ratio of 1.26 and a beta of 0.83.

Smith & Nephew Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Wednesday, May 28th. Stockholders of record on Friday, March 28th will be given a dividend of $0.447 per share. This is an increase from Smith & Nephew’s previous semi-annual dividend of $0.29. This represents a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, March 28th. Smith & Nephew’s dividend payout ratio is currently 41.20%.

Hedge Funds Weigh In On Smith & Nephew

Institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in Smith & Nephew by 29.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 27,199 shares of the medical equipment provider’s stock worth $847,000 after purchasing an additional 6,164 shares in the last quarter. Stifel Financial Corp purchased a new stake in Smith & Nephew during the third quarter valued at about $1,258,000. Maverick Capital Ltd. bought a new stake in shares of Smith & Nephew in the 3rd quarter valued at about $2,086,000. Blue Trust Inc. lifted its stake in shares of Smith & Nephew by 26.0% in the 4th quarter. Blue Trust Inc. now owns 5,871 shares of the medical equipment provider’s stock valued at $144,000 after acquiring an additional 1,213 shares during the last quarter. Finally, ABC Arbitrage SA bought a new position in Smith & Nephew during the 4th quarter worth approximately $4,847,000. Hedge funds and other institutional investors own 25.64% of the company’s stock.

Wall Street Analysts Forecast Growth

SNN has been the subject of several recent analyst reports. UBS Group downgraded Smith & Nephew from a “buy” rating to a “neutral” rating in a research note on Wednesday, March 12th. Canaccord Genuity Group restated a “hold” rating and issued a $27.00 target price on shares of Smith & Nephew in a report on Monday, March 17th. Finally, StockNews.com upgraded Smith & Nephew from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Smith & Nephew presently has an average rating of “Hold” and an average price target of $27.00.

About Smith & Nephew

Smith & Nephew plc engages in the development, manufacture, marketing, and sale of medical devices. It operates through the following segments: Orthopaedics, Sports Medicine and ENT, and Advanced Wound Management. The Orthopaedics and Sports Medicine and ENT segment consists of the following businesses: knee implants, hip implants, other reconstruction, trauma, sports medicine joint repair, arthroscopic enabling technologies, and ENT.