Medtronic PLC $MDT Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its holdings in Medtronic PLC (NYSE:MDT) by 2.7% during the first quarter, HoldingsChannel reports. The firm owned 658,800 shares of the medical technology company’s stock after acquiring an additional 17,089 shares during the period. PNC Financial Services Group Inc.’s holdings in Medtronic were worth $57,085,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MDT. Brighton Jones LLC boosted its holdings in Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Sivia Capital Partners LLC raised its holdings in shares of Medtronic by 9.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company’s stock valued at $380,000 after buying an additional 381 shares during the period. Jump Financial LLC acquired a new stake in shares of Medtronic during the second quarter worth about $299,000. Main Street Financial Solutions LLC boosted its position in Medtronic by 28.9% in the 2nd quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company’s stock valued at $1,251,000 after buying an additional 3,218 shares during the period. Finally, HUB Investment Partners LLC boosted its holdings in Medtronic by 21.3% in the second quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company’s stock valued at $1,676,000 after purchasing an additional 3,376 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the transaction, the executive vice president directly owned 37,227 shares of the company’s stock, valued at $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on MDT. Barclays boosted their price target on shares of Medtronic from $118.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, April 1st. Wall Street Zen raised Medtronic from a “hold” rating to a “buy” rating in a research report on Saturday, July 18th. Truist Financial reduced their target price on shares of Medtronic from $95.00 to $86.00 and set a “hold” rating for the company in a report on Thursday, June 4th. Weiss Ratings lowered shares of Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 21st. Finally, Robert W. Baird dropped their target price on Medtronic from $93.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, Medtronic has a consensus rating of “Moderate Buy” and a consensus target price of $98.21.

Medtronic Stock Up 0.4%

Shares of NYSE MDT opened at $82.19 on Friday. The firm’s 50-day moving average is $80.01 and its two-hundred day moving average is $87.55. The company has a market capitalization of $105.20 billion, a PE ratio of 22.03, a price-to-earnings-growth ratio of 2.20 and a beta of 0.56. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33.

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

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were given a $0.72 dividend. The ex-dividend date of this dividend was Friday, June 26th. This is an increase from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a dividend yield of 3.5%. Medtronic’s dividend payout ratio (DPR) is currently 77.21%.

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).