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 per its recent filing with the SEC. As of now, the firm owns 101,463 shares of Medtronic, having purchased an additional 7,540 shares during this period. This investment represents approximately 1.4% of Stockman Wealth Management's overall portfolio, making Medtronic its 27th largest holding. The total worth of these holdings at the end of the reporting period was valued at $9,135,000.

Changes in Hedge Fund Positions

In addition to Stockman Wealth Management, several other institutional investors have also adjusted their positions in Medtronic. For example, Capital Research Global Investors increased its stake by 7.1% in the first quarter, acquiring an additional 2,044,109 shares, resulting in a total of 30,884,412 shares worth $2,691,577,000. Pzena Investment Management LLC also raised its holdings by 8.3% in the second quarter, purchasing an additional 637,931 shares, bringing its total to 8,307,123 shares valued at $653,854,000. Similarly, Dimensional Fund Advisors LP and Longview Partners Guernsey LTD increased their stakes as well, reflecting growing institutional interest in Medtronic. Currently, approximately 82.06% of Medtronic's stock is held by institutional investors and hedge funds.

Medtronic's Stock Performance

Medtronic's stock experienced a slight decline of 0.5%, trading down $0.40 to reach $87.72 recently. A total of 8,137,674 shares were exchanged during trading hours, significantly surpassing its average volume of 4,969,610 shares. The company has a market capitalization of $112.50 billion, a price-to-earnings (PE) ratio of 29.64, and a debt-to-equity ratio of 0.55. Over the last year, the stock has fluctuated between a low of $69.32 and a high of $92.68.

Recent Earnings Report

In the most recent quarterly earnings report dated August 20th, Medtronic announced earnings of $1.23 per share, slightly exceeding analysts' expectations of $1.20. The company reported a revenue of $7.97 billion for the quarter, up 3.4% compared to the same quarter of the previous year and beating the consensus estimate of $7.90 billion. Analysts forecast that Medtronic will achieve earnings of $5.44 per share for the current fiscal year.

Dividend Information

Medtronic has also declared a quarterly dividend, which was distributed to stockholders on October 11th. Shareholders who held the stock as of September 27th received a dividend of $0.70, translating to an annualized dividend of $2.80 and a dividend yield of 3.19%. The company's current dividend payout ratio stands at 94.59%.

Analyst Ratings and Forecasts

Various equity analysts have shared their insights on Medtronic's stock. For instance, Oppenheimer raised its price target from $92.00 to $94.00 while maintaining a "market perform" rating. Robert W. Baird also increased its target price from $82.00 to $90.00 and assigned a "neutral" rating. Needham & Company LLC has reaffirmed a "hold" rating on the stock. In an interesting turn, Barclays upgraded the target price to $105.00 with an "overweight" rating. Currently, the consensus rating for Medtronic stands at "Hold" with an average target price of $95.36.

About Medtronic

Medtronic plc is a global leader in medical technology. The company develops, manufactures, and sells device-based therapies that cater to healthcare systems, physicians, clinicians, and patients. Its Cardiovascular Portfolio includes various implantable devices, cardiac monitoring systems, and related technologies.

Medtronic, Investment, Hedgefund, Earnings, Stocks