Zurcher Kantonalbank Zurich Cantonalbank Boosts Position in Medtronic plc (NYSE:MDT)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 2.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 429,310 shares of the medical technology company's stock after acquiring an additional 9,395 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Medtronic were worth $34,293,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Guardian Wealth Management Inc. boosted its position in shares of Medtronic by 0.9% in the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company's stock worth $1,182,000 after purchasing an additional 115 shares in the last quarter. MONECO Advisors LLC boosted its holdings in Medtronic by 1.8% in the fourth quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company's stock worth $512,000 after acquiring an additional 115 shares in the last quarter. First City Capital Management Inc. grew its stake in shares of Medtronic by 2.9% during the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company's stock worth $371,000 after acquiring an additional 116 shares during the last quarter. Hardy Reed LLC increased its holdings in shares of Medtronic by 4.4% during the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company's stock valued at $247,000 after acquiring an additional 116 shares in the last quarter. Finally, OLD Second National Bank of Aurora raised its position in shares of Medtronic by 0.3% in the 4th quarter. OLD Second National Bank of Aurora now owns 36,303 shares of the medical technology company's stock valued at $2,900,000 after purchasing an additional 121 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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Medtronic Price Performance

Shares of MDT stock traded down $2.04 during trading hours on Wednesday, reaching $91.24. The company had a trading volume of 3,435,828 shares, compared to its average volume of 6,044,305. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company has a market capitalization of $117.02 billion, a price-to-earnings ratio of 27.74, a PEG ratio of 2.22 and a beta of 0.80. The stock has a fifty day moving average of $88.89 and a 200-day moving average of $87.88.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. On average, equities analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic's dividend payout ratio is currently 85.11%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MDT. Royal Bank of Canada restated an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. UBS Group raised their price objective on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Wednesday, February 19th. Truist Financial decreased their price objective on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research note on Wednesday, December 18th. Finally, Sanford C. Bernstein increased their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $96.07.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

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.