Stockman Wealth Management Inc. Increases Stake in Medtronic plc

Stockman Wealth Management Inc. has increased its investment in Medtronic plc (NYSE:MDT) by 8.0% during the third quarter, as reported in its latest filing with the SEC. After acquiring an additional 7,540 shares, the firm now holds a total of 101,463 shares of this prominent medical technology company. Medtronic now represents approximately 1.4% of Stockman Wealth Management's overall investment portfolio, making it the 27th largest holding of the firm. By the end of the recent reporting period, the shares of Medtronic that the company holds were valued at around $9,135,000.

In addition to Stockman Wealth Management, several other hedge funds and institutional investors have also adjusted their stakes in Medtronic recently. Capital Research Global Investors increased its holdings by 7.1% in the first quarter, now owning 30,884,412 shares valued at $2,691,577,000 after adding 2,044,109 shares. Furthermore, Pzena Investment Management LLC raised its stake in Medtronic by 8.3% during the second quarter, acquiring 637,931 additional shares to own a total of 8,307,123 shares worth $653,854,000. Dimensional Fund Advisors LP also elevated its holdings by 7.8%, now possessing 7,120,554 shares valued at $560,494,000 after purchasing 515,751 additional shares. Longview Partners Guernsey LTD increased its stake by 2.3% in the first quarter, while Raymond James & Associates also grew its holdings by the same percentage in the third quarter. Collectively, institutional investors and hedge funds own approximately 82.06% of Medtronic's stock.

Medtronic Stock Performance

On Friday, Medtronic shares declined by 0.5%, trading at $87.72. During this session, 8,137,674 shares changed hands, considerably exceeding the average volume of 4,969,610 shares. The company maintains a quick ratio of 1.61, a current ratio of 2.13, and a debt-to-equity ratio of 0.55. Additionally, Medtronic's 50-day simple moving average stands at $89.68, while the 200-day average is at $84.48. The company has experienced a twelve-month low of $69.32 and a high of $92.68. Its market capitalization amounts to $112.50 billion, featuring a PE ratio of 29.64 and a PEG ratio of 2.58, alongside a beta of 0.84.

Recent Earnings Report

Medtronic recently announced its quarterly earnings on August 20th, revealing an earnings per share (EPS) of $1.23, slightly surpassing analysts' expectations of $1.20 by $0.03. The company reported a return on equity of 13.68% and a net margin of 12.06%. Total revenue for the quarter was $7.97 billion, above the consensus estimate of $7.90 billion, reflecting a year-over-year revenue increase of 3.4% from the previous year when the business posted an EPS of $1.20.

Dividend Announcement

On top of the earnings report, Medtronic announced a quarterly dividend of $0.70, paid on October 11th to stockholders recorded on September 27th. The ex-dividend date was also September 27th. This equates to an annualized dividend of $2.80, yielding 3.19%. Currently, Medtronic's dividend payout ratio stands at 94.59%.

Analysts' Ratings

Several analysts have recently provided updates on Medtronic. Oppenheimer increased their price target from $92.00 to $94.00, maintaining a "market perform" rating on August 21st. Robert W. Baird raised their price target from $82.00 to $90.00, giving Medtronic a "neutral" rating on the same date. Needham & Company LLC reaffirmed a "hold" rating on shares, while Barclays enhanced their target price from $104.00 to $105.00, rating the stock "overweight" on August 22nd. Royal Bank of Canada upgraded Medtronic from "sector perform" to "outperform," increasing their target price from $98.00 to $105.00 on October 10th. Currently, consensus ratings show one analysis with a sell recommendation, eight with holds, six buy ratings, and one strong buy rating. The average rating for Medtronic is "Hold" with a target price of $95.36.

About Medtronic

Medtronic plc is a leader in the development, manufacture, and sale of device-based medical therapies worldwide. The company's Cardiovascular Portfolio offers a range of products, including implantable cardiac pacemakers, defibrillators, and other devices aimed at providing quality healthcare solutions.

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