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

PNC Financial Services Group Inc. grew its position in Medtronic PLC (NYSE:MDT) by 1.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 639,312 shares of the medical technology company’s stock after purchasing an additional 6,353 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Medtronic were worth $60,888,000 at the end of the most recent quarter.

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

Medtronic Stock Performance

Shares of NYSE MDT opened at $99.57 on Tuesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.80 and a current ratio of 2.42. The stock has a 50 day moving average price of $99.25 and a 200 day moving average price of $96.53. The stock has a market capitalization of $127.65 billion, a PE ratio of 26.84, a price-to-earnings-growth 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.

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, topping the consensus estimate of $1.31 by $0.05. The firm had revenue of $8.96 billion for the quarter, compared to analyst estimates of $8.86 billion. Medtronic had a return on equity of 14.86% and a net margin of 13.71%.The business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.26 EPS. Analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 16th. Shareholders of record on Friday, December 26th were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Friday, December 26th. Medtronic’s dividend payout ratio is 76.55%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Royal Bank Of Canada lifted their price target on shares of Medtronic from $111.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, November 19th. Wells Fargo & Company initiated coverage on shares of Medtronic in a research report on Friday, January 30th. They issued an “overweight” rating and a $114.00 price objective on the stock. Citigroup began coverage on shares of Medtronic in a research note on Tuesday, February 3rd. They issued a “buy” rating and a $117.00 target price for the company. Barclays initiated coverage on Medtronic in a research note on Friday. They issued an “overweight” rating and a $116.00 price target on the stock. Finally, Piper Sandler reaffirmed a “neutral” rating on shares of Medtronic in a research report on Monday, January 5th. Sixteen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $111.21.

Medtronic 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).