Stockman Wealth Management Inc. Raises Stock Position in Medtronic plc (NYSE:MDT)

Stockman Wealth Management Inc. grew its holdings in Medtronic plc (NYSE:MDT - Free Report) by 7.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 113,977 shares of the medical technology company's stock after acquiring an additional 7,972 shares during the period. Medtronic comprises approximately 1.5% of Stockman Wealth Management Inc.'s holdings, making the stock its 28th biggest holding. Stockman Wealth Management Inc.'s holdings in Medtronic were worth $10,242,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in MDT. Mainstream Capital Management LLC purchased a new position in shares of Medtronic in the 4th quarter valued at $26,000. Burkett Financial Services LLC raised its stake in shares of Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after acquiring an additional 185 shares during the period. Rakuten Securities Inc. raised its stake in shares of Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after acquiring an additional 294 shares during the period. Wood Tarver Financial Group LLC purchased a new position in shares of Medtronic in the 4th quarter valued at $27,000. Finally, Optiver Holding B.V. purchased a new position in shares of Medtronic in the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

Shares of MDT stock opened at $87.19 on Monday. The firm has a fifty day moving average of $84.21 and a two-hundred day moving average of $86.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25. The firm has a market cap of $111.83 billion, a P/E ratio of 26.50, a P/E/G ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period last year, the firm posted $1.46 EPS. The company's revenue for the quarter was up 3.9% on a year-over-year basis. As a group, research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a $0.71 dividend. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date is Friday, June 27th. Medtronic's dividend payout ratio (DPR) is presently 78.45%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MDT shares. Robert W. Baird lowered their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and raised their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Royal Bank of Canada lowered their price target on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Finally, UBS Group raised their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus target price of $97.00.

Medtronic Profile

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.

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