PNC Financial Services Group Inc. Has $41.96 Million Stock Position in Medtronic plc (NYSE:MDT)

PNC Financial Services Group Inc. lowered its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 8.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 525,272 shares of the medical technology company's stock after selling 49,211 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Medtronic were worth $41,959,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of MDT. Raymond James Financial Inc. acquired a new position in Medtronic in the 4th quarter valued at $852,732,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Medtronic by 436.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company's stock worth $661,125,000 after purchasing an additional 5,975,110 shares during the period. Van ECK Associates Corp increased its stake in shares of Medtronic by 2,043.4% in the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock worth $207,540,000 after purchasing an additional 2,476,935 shares during the period. Bank of Montreal Can lifted its position in shares of Medtronic by 65.0% during the 3rd quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company's stock worth $406,122,000 after purchasing an additional 1,790,483 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Medtronic by 58.4% during the 3rd quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company's stock valued at $346,705,000 after purchasing an additional 1,420,263 shares during the period. Institutional investors own 82.06% of the company's stock.

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Insider Activity

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares of the company's stock, valued at $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.20% of the company's stock.

Medtronic Stock Down 2.3 %

Shares of MDT stock traded down $2.13 during trading hours on Wednesday, hitting $91.15. 1,241,569 shares of the company were exchanged, compared to its average volume of 6,036,144. The company has a market capitalization of $116.91 billion, a PE ratio of 27.80, a PEG ratio of 2.22 and a beta of 0.80. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The business has a 50 day moving average of $88.89 and a two-hundred day moving average of $87.88.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. The business had revenue of $8.29 billion during the quarter, compared to analysts' expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.07%. Medtronic's dividend payout ratio is presently 85.11%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Barclays upped their price target on Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a report on Tuesday, November 26th. UBS Group boosted their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Royal Bank of Canada reiterated an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Wells Fargo & Company reduced their target price on Medtronic from $106.00 to $98.00 and set an "overweight" rating for the company in a research report on Wednesday, November 20th. Finally, Sanford C. Bernstein boosted their price objective on Medtronic from $96.00 to $97.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $96.07.

About Medtronic

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.