Zurcher Kantonalbank Zurich Cantonalbank Buys 9,395 Shares of Medtronic plc (NYSE:MDT)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Medtronic plc (NYSE:MDT) by 2.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 429,310 shares of the medical technology company’s stock after purchasing an additional 9,395 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Medtronic were worth $34,293,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Guardian Wealth Management Inc. grew its stake in shares of Medtronic by 0.9% during the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock valued at $1,182,000 after purchasing an additional 115 shares during the last quarter. MONECO Advisors LLC grew its stake in shares of Medtronic by 1.8% during the fourth quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock valued at $512,000 after purchasing an additional 115 shares during 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 valued at $371,000 after purchasing an additional 116 shares during the last quarter. Hardy Reed LLC grew its stake 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 purchasing an additional 116 shares during the last quarter. Finally, OLD Second National Bank of Aurora grew its stake in shares of Medtronic by 0.3% during the fourth 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 owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MDT. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Barclays increased their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Truist Financial cut their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Sanford C. Bernstein increased their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $96.07.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is currently owned by company insiders.

Medtronic Trading Down 0.8 %

Shares of NYSE:MDT opened at $93.75 on Tuesday. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The company’s fifty day simple moving average is $88.62 and its 200 day simple moving average is $87.84. The firm has a market cap of $120.24 billion, a price-to-earnings ratio of 28.50, a PEG ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 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 for the quarter, compared to analyst estimates of $8.33 billion. As a group, research analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.99%. Medtronic’s payout ratio is 85.11%.

Medtronic Company 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.