Zurcher Kantonalbank Zurich Cantonalbank Has $33.26 Million Stock Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank has reduced its stake in Medtronic PLC by 13.8%, selling 59,229 shares, leaving it with 370,081 shares valued at approximately $33.25 million.
• A mix of institutional investors have shifted their holdings in Medtronic, with Brighton Jones LLC notably increasing its stake by 1,368.0% in the fourth quarter, amassing nearly 40,000 shares.
• Medtronic recently increased its quarterly dividend from $0.70 to $0.71, which represents an annual dividend yield of 3.06% and a payout ratio of 78.45%.

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 13.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 370,081 shares of the medical technology company's stock after selling 59,229 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Medtronic were worth $33,255,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Capital Research Global Investors lifted its position in shares of Medtronic by 1.8% in the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after buying an additional 571,700 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Medtronic by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock worth $2,155,085,000 after purchasing an additional 574,055 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Medtronic by 7.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after purchasing an additional 1,461,841 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Medtronic by 3.8% in the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock worth $1,858,332,000 after purchasing an additional 756,192 shares during the period. Finally, Deutsche Bank AG increased its stake in shares of Medtronic by 2.1% in the fourth quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock worth $1,473,278,000 after purchasing an additional 372,168 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Price Performance

Medtronic stock traded down $0.03 on Thursday, reaching $91.61. The company's stock had a trading volume of 2,621,289 shares, compared to its average volume of 7,661,969. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The company has a market cap of $117.50 billion, a price-to-earnings ratio of 25.31, a PEG ratio of 2.40 and a beta of 0.80. The business's fifty day moving average price is $87.41 and its 200 day moving average price is $87.74. Medtronic PLC has a twelve month low of $78.96 and a twelve month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business's revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.46 earnings per share. Equities analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a dividend of $0.71 per share. This is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.10%. Medtronic's dividend payout ratio is currently 78.45%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Evercore ISI lifted their price objective on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Robert W. Baird dropped their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Royal Bank Of Canada lowered their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Finally, Mizuho boosted their price target on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Eleven analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $98.19.

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.