Zurcher Kantonalbank Zurich Cantonalbank Has $53.25 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Medtronic plc (NYSE:MDT) by 20.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 646,339 shares of the medical technology company’s stock after buying an additional 108,231 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Medtronic were worth $53,245,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of MDT. Marino Stram & Associates LLC increased its holdings in Medtronic by 1.8% in the 4th quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock valued at $587,000 after buying an additional 126 shares during the period. St. James Investment Company LLC increased its holdings in Medtronic by 20.5% in the 4th quarter. St. James Investment Company LLC now owns 385,160 shares of the medical technology company’s stock valued at $31,729,000 after buying an additional 65,570 shares during the period. LifePlan Financial LLC bought a new position in Medtronic in the 4th quarter valued at about $1,497,000. VELA Investment Management LLC increased its holdings in Medtronic by 14.5% in the 4th quarter. VELA Investment Management LLC now owns 40,401 shares of the medical technology company’s stock valued at $3,328,000 after buying an additional 5,127 shares during the period. Finally, Capital Analysts LLC increased its holdings in Medtronic by 1.5% in the 4th quarter. Capital Analysts LLC now owns 89,394 shares of the medical technology company’s stock valued at $7,364,000 after buying an additional 1,337 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Down 1.2 %

MDT opened at $79.25 on Wednesday. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.02. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The firm has a market capitalization of $105.23 billion, a price-to-earnings ratio of 25.24, a PEG ratio of 2.74 and a beta of 0.76. The company’s 50 day moving average price is $84.35 and its two-hundred day moving average price is $81.02.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. The firm had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.30 EPS. As a group, research analysts predict that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.48%. Medtronic’s dividend payout ratio (DPR) is currently 87.90%.

Insider Transactions at Medtronic

In other news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the transaction, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Truist Financial raised their target price on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Mizuho raised their target price on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Oppenheimer lifted their price target on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.91.

About Medtronic

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.