PNC Financial Services Group Inc. Buys 17,089 Shares of Medtronic PLC $MDT

Key Points

• PNC Financial Services Group increased its Medtronic stake by 2.7% in the first quarter, adding 17,089 shares to hold 658,800 shares worth about $57.1 million.
• Medtronic reported better-than-expected quarterly results, with EPS of $1.55 and revenue of $9.81 billion, while also raising its quarterly dividend to $0.72 per share.
• Analysts remain generally positive on MDT, with a Moderate Buy consensus and an average price target of $98.21, though several firms recently trimmed their target prices.

PNC Financial Services Group Inc. raised its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 2.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 658,800 shares of the medical technology company's stock after buying an additional 17,089 shares during the period. PNC Financial Services Group Inc. owned about 0.05% of Medtronic worth $57,085,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Lodestone Wealth Management LLC bought a new position in shares of Medtronic in the fourth quarter worth about $27,000. Anfield Capital Management LLC grew its stake in Medtronic by 410.7% during the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock valued at $27,000 after acquiring an additional 230 shares in the last quarter. Monetary Solutions Ltd purchased a new position in shares of Medtronic during the fourth quarter valued at about $27,000. Acumen Wealth Advisors LLC bought a new stake in Medtronic in the 4th quarter worth approximately $29,000. Finally, Imprint Wealth LLC bought a new stake in Medtronic in the third quarter worth $31,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the business's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the completion of the sale, the executive vice president directly owned 37,227 shares in the company, valued at $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.26% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on MDT shares. Needham & Company LLC reiterated a "buy" rating and issued a $101.00 target price on shares of Medtronic in a report on Wednesday, June 17th. Citigroup decreased their price target on shares of Medtronic from $117.00 to $110.00 and set a "buy" rating for the company in a research note on Tuesday, April 7th. Sanford C. Bernstein lowered their price objective on shares of Medtronic from $112.00 to $97.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. Leerink Partners lowered their target price on Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a report on Thursday, June 4th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $118.00 price target on shares of Medtronic in a report on Thursday, June 4th. Seventeen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $98.21.

Medtronic Trading Up 0.4%

NYSE MDT opened at $82.19 on Friday. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. The company has a market capitalization of $105.20 billion, a PE ratio of 22.03, a P/E/G ratio of 2.20 and a beta of 0.56. The company has a fifty day moving average of $80.01 and a 200 day moving average of $87.55.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.54 by $0.01. The firm had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.Medtronic's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period last year, the company earned $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Research analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were given a dividend of $0.72 per share. This is a boost from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date was Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.5%. Medtronic's payout ratio is 77.21%.

About Medtronic

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).

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