PNC Financial Services Group Inc. Buys 79,052 Shares of Medtronic PLC $MDT

PNC Financial Services Group Inc. grew its position in Medtronic PLC (NYSE:MDT) by 14.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 632,959 shares of the medical technology company’s stock after purchasing an additional 79,052 shares during the period. PNC Financial Services Group Inc.’s holdings in Medtronic were worth $55,175,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the company. Wealth Alliance LLC grew its stake in Medtronic by 5.7% during the second quarter. Wealth Alliance LLC now owns 4,452 shares of the medical technology company’s stock worth $388,000 after buying an additional 242 shares during the last quarter. M&G PLC grew its position in Medtronic by 22.0% during the 2nd quarter. M&G PLC now owns 3,072,469 shares of the medical technology company’s stock worth $267,305,000 after acquiring an additional 554,582 shares during the last quarter. Forsta AP Fonden grew its position in Medtronic by 1.4% during the 2nd quarter. Forsta AP Fonden now owns 307,900 shares of the medical technology company’s stock worth $26,840,000 after acquiring an additional 4,200 shares during the last quarter. KBC Group NV increased its holdings in Medtronic by 1.2% during the 2nd quarter. KBC Group NV now owns 395,026 shares of the medical technology company’s stock valued at $34,434,000 after purchasing an additional 4,776 shares in the last quarter. Finally, Advyzon Investment Management LLC increased its holdings in Medtronic by 6.5% during the 2nd quarter. Advyzon Investment Management LLC now owns 4,805 shares of the medical technology company’s stock valued at $419,000 after purchasing an additional 292 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

Medtronic stock opened at $96.12 on Friday. The company has a market cap of $123.29 billion, a PE ratio of 26.48, a PEG ratio of 2.42 and a beta of 0.77. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $99.37. The company’s 50-day moving average is $94.37 and its two-hundred day moving average is $90.26.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.03. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The business had revenue of $8.58 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the firm posted $1.23 earnings per share. Medtronic’s revenue for the quarter was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Equities analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on MDT shares. Royal Bank Of Canada reissued an “outperform” rating and issued a $111.00 price objective on shares of Medtronic in a research note on Friday, October 10th. Truist Financial upped their price target on shares of Medtronic from $96.00 to $103.00 and gave the stock a “hold” rating in a research report on Wednesday, October 15th. JPMorgan Chase & Co. raised their price objective on shares of Medtronic from $90.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday. Wells Fargo & Company boosted their target price on shares of Medtronic from $98.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 20th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and set a $98.00 target price on shares of Medtronic in a research report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $103.06.

Insiders Place Their Bets

In related news, EVP Harry Skip Kiil sold 8,605 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the completion of the sale, the executive vice president owned 35,615 shares in the company, valued at approximately $3,261,621.70. This represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William R. Jellison bought 2,500 shares of the business’s stock in a transaction on Monday, August 25th. The stock was bought at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the purchase, the director directly owned 5,000 shares of the company’s stock, valued at approximately $461,850. This trade represents a 100.00% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 0.26% of the company’s stock.

Medtronic 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.