PNC Financial Services Group Inc. Boosts Stake in Medtronic PLC (NYSE:MDT)

Key Points

• PNC Financial Services Group Inc. increased its stake in Medtronic PLC by 5.5%, now owning 553,907 shares valued at approximately $49.77 million.
• Medtronic recently announced a quarterly dividend increase to $0.71 per share, bringing the annualized dividend to $2.84 with a yield of 3.2%.
• The company reported a quarterly earnings per share (EPS) of $1.62, surpassing expectations and showing a 3.9% increase in revenue year-over-year.

PNC Financial Services Group Inc. raised its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 5.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 553,907 shares of the medical technology company's stock after purchasing an additional 28,635 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Medtronic were worth $49,774,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Invesco Ltd. raised its holdings in shares of Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after buying an additional 2,333,600 shares during the period. Burgundy Asset Management Ltd. purchased a new stake in shares of Medtronic in the 4th quarter valued at $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Medtronic in the 4th quarter valued at $139,869,000. Mackenzie Financial Corp raised its holdings in shares of Medtronic by 220.9% in the 1st quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock valued at $216,753,000 after buying an additional 1,660,357 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Medtronic by 21.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,910,161 shares of the medical technology company's stock valued at $711,744,000 after buying an additional 1,566,776 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MDT. BTIG Research reiterated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Leerink Partners began coverage on Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective on the stock. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Morgan Stanley reissued an "overweight" rating and set a $107.00 target price (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Eleven research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Trading Down 1.0%

NYSE:MDT opened at $89.31 on Monday. The stock has a 50-day simple moving average of $87.76 and a 200-day simple moving average of $87.85. The stock has a market cap of $114.54 billion, a P/E ratio of 24.67, a P/E/G ratio of 2.32 and a beta of 0.80. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.46 EPS. As a group, analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.2%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is currently 78.45%.

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.

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