Medtronic plc (NYSE:MDT) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its position in Medtronic plc (NYSE:MDT) by 9.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 574,483 shares of the medical technology company’s stock after acquiring an additional 51,346 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Medtronic were worth $51,721,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Medtronic by 1,195.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after purchasing an additional 1,695,800 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Medtronic by 8,908.6% in the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after buying an additional 1,284,002 shares during the last quarter. Troy Asset Management Ltd acquired a new stake in shares of Medtronic during the second quarter worth about $85,440,000. 1832 Asset Management L.P. grew its holdings in shares of Medtronic by 26.9% during the second quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock worth $386,908,000 after buying an additional 1,041,863 shares during the last quarter. Finally, Magnetar Financial LLC increased its position in Medtronic by 120.2% in the 1st quarter. Magnetar Financial LLC now owns 1,394,602 shares of the medical technology company’s stock valued at $121,540,000 after acquiring an additional 761,368 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Evercore ISI lifted their target price on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Oppenheimer boosted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday. Wells Fargo & Company lowered their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. One investment 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $95.19.

Medtronic Stock Down 1.0 %

Shares of MDT opened at $84.11 on Thursday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The company’s fifty day moving average is $89.17 and its two-hundred day moving average is $84.84. The firm has a market cap of $107.87 billion, a PE ratio of 25.72, a price-to-earnings-growth ratio of 2.50 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.25 earnings per share. Analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

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.