Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Medtronic PLC (NYSE:MDT) by 13.7% in the second quarter, Holdings Channel.com reports. The institutional investor owned 778,496 shares of the medical technology company’s stock after acquiring an additional 93,648 shares during the period. Medtronic comprises approximately 0.6% of Zurcher Kantonalbank Zurich Cantonalbank’s investment portfolio, making the stock its 24th biggest holding. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Medtronic were worth $75,818,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. lifted its stake in shares of Medtronic by 7.9% in the 1st quarter. BlackRock Inc. now owns 106,778,084 shares of the medical technology company’s stock valued at $9,725,349,000 after purchasing an additional 7,856,946 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Medtronic by 10.2% in the 4th quarter. Geode Capital Management LLC now owns 16,690,207 shares of the medical technology company’s stock valued at $1,515,557,000 after purchasing an additional 1,538,130 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Medtronic by 2.2% in the 1st quarter. Wells Fargo & Company MN now owns 13,714,625 shares of the medical technology company’s stock valued at $1,249,129,000 after purchasing an additional 291,291 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of Medtronic by 35.4% in the 1st quarter. Nordea Investment Management AB now owns 8,622,525 shares of the medical technology company’s stock valued at $785,336,000 after purchasing an additional 2,255,412 shares during the last quarter. Finally, Boston Partners lifted its stake in shares of Medtronic by 13.9% in the 1st quarter. Boston Partners now owns 8,405,239 shares of the medical technology company’s stock valued at $765,549,000 after purchasing an additional 1,028,238 shares during the last quarter. 80.08% of the stock is owned by institutional investors.
In other news, Director Richard H. Anderson purchased 10,900 shares of the stock in a transaction on Friday, May 24th. The stock was bought at an average price of $92.40 per share, with a total value of $1,007,160.00. Following the transaction, the director now owns 89,912 shares in the company, valued at approximately $8,307,868.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Carol A. Surface sold 9,000 shares of Medtronic stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $97.66, for a total value of $878,940.00. The disclosure for this sale can be found here. Insiders have sold a total of 95,701 shares of company stock worth $9,318,744 over the last 90 days. 0.28% of the stock is currently owned by company insiders.
Medtronic (NYSE:MDT) last released its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.54 EPS for the quarter, topping the consensus estimate of $1.47 by $0.07. The company had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.12 billion. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. Medtronic’s quarterly revenue was up .0% on a year-over-year basis. During the same period last year, the business posted $1.42 EPS. As a group, equities analysts forecast that Medtronic PLC will post 5.48 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Monday, July 8th were issued a dividend of $0.54 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 annualized dividend and a yield of 2.12%. The ex-dividend date was Friday, July 5th. Medtronic’s dividend payout ratio (DPR) is presently 41.38%.
Several equities research analysts have recently issued reports on MDT shares. Zacks Investment Research raised Medtronic from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Royal Bank of Canada reduced their price target on Medtronic to $100.00 and set an “outperform” rating on the stock in a report on Tuesday, May 28th. Oppenheimer set a $110.00 price target on Medtronic and gave the stock a “buy” rating in a report on Monday, July 15th. Wells Fargo & Co upgraded Medtronic from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $100.00 to $110.00 in a report on Tuesday, June 4th. Finally, Barclays increased their price target on Medtronic from $104.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Seven equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Medtronic presently has a consensus rating of “Buy” and a consensus target price of $106.05.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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