Stockman Wealth Management Inc. Increases Stake in Medtronic plc

Stockman Wealth Management Inc. has increased its holdings in Medtronic plc (NYSE:MDT) by 8.0% during the third quarter, according to a recent filing with the SEC. The firm now owns a total of 101,463 shares of the medical technology giant, having purchased an additional 7,540 shares during this period. This investment accounts for roughly 1.4% of Stockman's overall portfolio, positioning Medtronic as the 27th largest holding in their investments. As of the latest report, Stockman Wealth Management Inc.'s assets in Medtronic are valued at approximately $9.14 million.

Overview of Institutional Investments in Medtronic

In addition to Stockman, several other hedge funds and institutional investors have made adjustments to their positions in Medtronic. For instance, Capital Research Global Investors grew its stake by 7.1% in the first quarter, now holding 30,884,412 shares valued at about $2.69 billion after acquiring 2,044,109 additional shares last quarter. Pzena Investment Management LLC also increased its holdings by 8.3% during the second quarter, now owning 8,307,123 shares worth $653.85 million after purchasing 637,931 shares during that quarter. Dimensional Fund Advisors LP raised its stakes by 7.8%, owning 7,120,554 shares valued at $560.49 million. Meanwhile, Longview Partners Guernsey LTD and Raymond James & Associates each grew their positions by 2.3% in earlier quarters. Currently, around 82.06% of Medtronic shares are held by institutional investors and hedge funds.

Current Market Performance of Medtronic

On a recent trading day, Medtronic's stock price decreased by $0.40, closing at $87.72. The trading volume reached 8,137,674 shares, surpassing the average volume of 4,969,610. Medtronic has a quick ratio of 1.61, a current ratio of 2.13, and a debt-to-equity ratio of 0.55. The company's 50-day simple moving average stands at $89.68, while the 200-day simple moving average is $84.48. Medtronic’s stock has fluctuated between a twelve-month low of $69.32 and a high of $92.68. At present, Medtronic boasts a market capitalization of $112.5 billion, a price-to-earnings (P/E) ratio of 29.64, and a price-to-earnings growth (PEG) ratio of 2.58, with a beta of 0.84.

Recent Financial Results

Medtronic recently announced its quarterly earnings results on August 20th, reporting earnings of $1.23 per share, exceeding analysts' expectations of $1.20 by $0.03. The company achieved a return on equity of 13.68% and a net margin of 12.06%, with total revenues amounting to $7.97 billion, which also surpassed the consensus estimate of $7.90 billion. This represents a 3.4% increase in revenue compared to the same quarter last year. Analysts project that Medtronic will post earnings of 5.44 per share for the current fiscal year.

Dividend Announcements and Future Projections

The company has also recently declared a quarterly dividend of $0.70 paid on October 11th to shareholders of record as of September 27th. The dividend yield stands at 3.19%, with an annualized dividend of $2.80. Medtronic currently has a dividend payout ratio of 94.59%. Looking ahead, equities analysts have weighed in on stock price targets for Medtronic; Oppenheimer has raised its target from $92.00 to $94.00, maintaining a "market perform" rating. Meanwhile, Barclays increased its target from $104.00 to $105.00 with an "overweight" rating, and Royal Bank of Canada upgraded their rating from "sector perform" to "outperform." Overall, Medtronic has earned one sell rating, eight hold ratings, six buy ratings, and one strong buy rating among research analysts.

Company Profile of Medtronic

Medtronic plc specializes in developing and manufacturing device-based medical therapies for healthcare systems, medical professionals, and patients worldwide. Their Cardiovascular Portfolio includes implantable cardiac devices, cardiac monitoring systems, and patient-centered software among other vital health devices.

Medtronic, Investment, Stake