Zions Bancorporation N.A. Buys 2,843 Shares of Medtronic plc (NYSE:MDT)

Zions Bancorporation N.A. boosted its stake in shares of Medtronic plc (NYSE:MDTGet Rating) by 27.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,100 shares of the medical technology company’s stock after purchasing an additional 2,843 shares during the period. Zions Bancorporation N.A.’s holdings in Medtronic were worth $1,453,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Baird Financial Group Inc. lifted its position in Medtronic by 4.7% during the first quarter. Baird Financial Group Inc. now owns 810,618 shares of the medical technology company’s stock valued at $89,939,000 after purchasing an additional 36,436 shares during the period. Vanguard Group Inc. lifted its position in Medtronic by 6.5% during the first quarter. Vanguard Group Inc. now owns 120,557,488 shares of the medical technology company’s stock valued at $13,375,853,000 after purchasing an additional 7,403,778 shares during the period. Brighton Jones LLC lifted its position in Medtronic by 3.5% during the first quarter. Brighton Jones LLC now owns 8,450 shares of the medical technology company’s stock valued at $938,000 after purchasing an additional 287 shares during the period. Sequoia Financial Advisors LLC lifted its position in Medtronic by 14.3% during the first quarter. Sequoia Financial Advisors LLC now owns 93,668 shares of the medical technology company’s stock valued at $10,392,000 after purchasing an additional 11,735 shares during the period. Finally, Dakota Wealth Management lifted its position in Medtronic by 167.6% during the first quarter. Dakota Wealth Management now owns 6,211 shares of the medical technology company’s stock valued at $690,000 after purchasing an additional 3,890 shares during the period. Institutional investors own 79.81% of the company’s stock.

Medtronic Price Performance

Shares of NYSE:MDT opened at $87.89 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.23 and a current ratio of 1.58. The firm has a fifty day moving average price of $90.97 and a 200 day moving average price of $98.79. Medtronic plc has a fifty-two week low of $85.66 and a fifty-two week high of $135.89. The firm has a market cap of $116.82 billion, a price-to-earnings ratio of 22.71, a P/E/G ratio of 2.30 and a beta of 0.75.

Medtronic (NYSE:MDTGet Rating) last released its quarterly earnings data on Tuesday, August 23rd. The medical technology company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.12 by $0.01. Medtronic had a net margin of 16.75% and a return on equity of 13.64%. During the same quarter last year, the company earned $1.41 earnings per share. As a group, sell-side analysts expect that Medtronic plc will post 5.53 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 23rd will be given a dividend of $0.68 per share. The ex-dividend date is Thursday, September 22nd. This represents a $2.72 annualized dividend and a yield of 3.09%. Medtronic’s dividend payout ratio (DPR) is currently 70.28%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MDT. Cowen increased their price objective on shares of Medtronic to $125.00 in a research report on Monday, May 23rd. StockNews.com cut shares of Medtronic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 24th. Morgan Stanley reduced their target price on shares of Medtronic from $103.00 to $101.00 and set an “equal weight” rating for the company in a report on Wednesday, August 24th. Wells Fargo & Company reduced their target price on shares of Medtronic from $104.00 to $96.00 and set an “equal weight” rating for the company in a report on Wednesday, August 24th. Finally, Needham & Company LLC cut shares of Medtronic from a “buy” rating to a “hold” rating in a report on Friday, May 27th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $111.52.

Medtronic Company Profile

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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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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