Investors with a lot of money to spend have taken a bullish stance on Medtronic MDT.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with MDT, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 14 uncommon options trades for Medtronic.
This isn't normal.
The overall sentiment of these big-money traders is split between 71% bullish and 28%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $404,880, and 10 are calls, for a total amount of $829,852.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $67.5 to $87.5 for Medtronic over the last 3 months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Medtronic stands at 2155.64, with a total volume reaching 6,040.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Medtronic, situated within the strike price corridor from $67.5 to $87.5, throughout the last 30 days.
Medtronic Option Volume And Open Interest Over Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| MDT | CALL | TRADE | BULLISH | 01/19/24 | $70.00 | $243.0K | 236 | 167 |
| MDT | PUT | TRADE | BULLISH | 01/16/26 | $67.50 | $189.7K | 21 | 550 |
| MDT | CALL | SWEEP | BULLISH | 01/19/24 | $77.50 | $167.0K | 3.4K | 209 |
| MDT | PUT | TRADE | BEARISH | 02/16/24 | $87.50 | $120.7K | 636 | 559 |
| MDT | CALL | TRADE | BEARISH | 02/16/24 | $87.50 | $100.2K | 7.5K | 1.0K |
About Medtronic
One of the largest medical-device companies, Medtronic develops and manufactures therapeutic medical devices for chronic diseases. Its portfolio includes pacemakers, defibrillators, heart valves, stents, insulin pumps, spinal fixation devices, neurovascular products, advanced energy, and surgical tools. The company markets its products to healthcare institutions and physicians in the United States and overseas. Foreign sales account for roughly 50% of the company's total sales.
Following our analysis of the options activities associated with Medtronic, we pivot to a closer look at the company's own performance.
Present Market Standing of Medtronic
- With a trading volume of 3,004,911, the price of MDT is up by 0.12%, reaching $86.39.
- Current RSI values indicate that the stock is may be overbought.
- Next earnings report is scheduled for 32 days from now.
What Analysts Are Saying About Medtronic
2 market experts have recently issued ratings for this stock, with a consensus target price of $89.5.
- Maintaining their stance, an analyst from Truist Securities continues to hold a Hold rating for Medtronic, targeting a price of $87.
- An analyst from RBC Capital persists with their Sector Perform rating on Medtronic, maintaining a target price of $92.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Medtronic options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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