Zurcher Kantonalbank Zurich Cantonalbank Has $37.81 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its stake in Medtronic plc (NYSE:MDT) by 2.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 419,915 shares of the medical technology company’s stock after selling 11,778 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Medtronic were worth $37,805,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. Olstein Capital Management L.P. increased its holdings in shares of Medtronic by 19.2% during the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after purchasing an additional 14,000 shares during the period. Manning & Napier Advisors LLC bought a new position in shares of Medtronic during the second quarter worth about $25,643,000. Ferguson Wellman Capital Management Inc. bought a new stake in shares of Medtronic in the 3rd quarter valued at $9,486,000. Harvest Portfolios Group Inc. boosted its position in shares of Medtronic by 6.5% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock valued at $62,042,000 after purchasing an additional 42,112 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Medtronic by 6.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock valued at $29,019,000 after purchasing an additional 21,995 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

Medtronic stock opened at $86.27 on Friday. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The company has a market cap of $110.62 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 2.44 and a beta of 0.84. The firm’s fifty day moving average is $88.75 and its 200 day moving average is $84.97. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.25 earnings per share. Sell-side analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on MDT. Citigroup upped their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Wells Fargo & Company dropped their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Barclays increased their target price on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Robert W. Baird cut their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus price target of $95.27.

Medtronic 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.