PNC Financial Services Group Inc. Raises Stake in Medtronic plc (NYSE:MDT)

PNC Financial Services Group Inc. increased its position in Medtronic plc (NYSE:MDT - Free Report) by 9.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 574,483 shares of the medical technology company's stock after acquiring an additional 51,346 shares during the period. PNC Financial Services Group Inc.'s holdings in Medtronic were worth $51,721,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Fortitude Family Office LLC bought a new stake in Medtronic in the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic during the 3rd quarter valued at $27,000. Lynx Investment Advisory bought a new position in shares of Medtronic in the second quarter worth about $28,000. Gleason Group Inc. bought a new position in Medtronic in the 2nd quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Medtronic during the second quarter worth $43,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Down 1.0 %

Shares of NYSE:MDT opened at $84.11 on Thursday. The business has a 50 day moving average of $89.17 and a two-hundred day moving average of $84.84. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The company has a market capitalization of $107.87 billion, a PE ratio of 25.72, a PEG ratio of 2.42 and a beta of 0.84. The company has a current ratio of 1.84, a quick ratio of 1.61 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the prior year, the company posted $1.25 EPS. The business's quarterly revenue was up 5.2% on a year-over-year basis. As a group, analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Analysts Set New Price Targets

MDT has been the topic of a number of research reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Monday. JPMorgan Chase & Co. reduced their price target on Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a report on Friday, November 15th. Oppenheimer upped their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a "market perform" rating in a research note on Wednesday, August 21st. UBS Group upgraded Medtronic from a "sell" rating to a "neutral" rating and lifted their price objective for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Daiwa America raised Medtronic to a "strong-buy" rating in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $95.19.

Medtronic Company 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.