PNC Financial Services Group Inc. Purchases 6,353 Shares of Medtronic PLC $MDT

PNC Financial Services Group Inc. boosted its position in shares of Medtronic PLC (NYSE:MDT) by 1.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 639,312 shares of the medical technology company’s stock after purchasing an additional 6,353 shares during the period. PNC Financial Services Group Inc.’s holdings in Medtronic were worth $60,888,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Corundum Trust Company INC bought a new stake in Medtronic during the 3rd quarter worth approximately $27,000. Valley Wealth Managers Inc. acquired a new position in Medtronic in the third quarter worth $29,000. Delos Wealth Advisors LLC bought a new stake in shares of Medtronic during the second quarter worth $27,000. Steigerwald Gordon & Koch Inc. acquired a new stake in shares of Medtronic in the third quarter valued at $33,000. Finally, Tripletail Wealth Management LLC bought a new position in shares of Medtronic in the third quarter valued at about $34,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on MDT shares. Citigroup started coverage on shares of Medtronic in a report on Tuesday, February 3rd. They set a “buy” rating and a $117.00 price objective on the stock. Barclays initiated coverage on shares of Medtronic in a research note on Friday. They set an “overweight” rating and a $116.00 price target on the stock. William Blair upgraded shares of Medtronic from a “market perform” rating to an “outperform” rating in a research report on Tuesday, January 6th. Needham & Company LLC raised Medtronic from a “hold” rating to a “buy” rating and set a $121.00 price objective on the stock in a report on Monday, February 9th. Finally, UBS Group reissued a “neutral” rating and issued a $104.00 target price on shares of Medtronic in a research note on Wednesday, February 4th. Sixteen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, Medtronic has an average rating of “Moderate Buy” and a consensus target price of $111.21.

Medtronic Price Performance

MDT opened at $99.57 on Tuesday. The company has a fifty day moving average price of $99.25 and a two-hundred day moving average price of $96.53. The firm has a market capitalization of $127.65 billion, a PE ratio of 26.84, a P/E/G ratio of 2.62 and a beta of 0.71. Medtronic PLC has a 52 week low of $79.55 and a 52 week high of $106.33. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.80 and a current ratio of 2.42.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 18th. The medical technology company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.05. Medtronic had a return on equity of 14.86% and a net margin of 13.71%.The company had revenue of $8.96 billion for the quarter, compared to the consensus estimate of $8.86 billion. During the same quarter in the prior year, the business posted $1.26 EPS. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 16th. Shareholders of record on Friday, December 26th were issued a dividend of $0.71 per share. The ex-dividend date was Friday, December 26th. This represents a $2.84 dividend on an annualized basis and a yield of 2.9%. Medtronic’s dividend payout ratio (DPR) is 76.55%.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter?defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).