Alliancebernstein L.P. Sells 797,011 Shares of Medtronic PLC $MDT

Alliancebernstein L.P. trimmed its stake in shares of Medtronic PLC (NYSE:MDT) by 12.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,587,794 shares of the medical technology company’s stock after selling 797,011 shares during the period. Alliancebernstein L.P. owned approximately 0.44% of Medtronic worth $487,088,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MDT. 1248 Management LLC bought a new position in Medtronic in the 1st quarter valued at $26,000. Twin Tree Management LP acquired a new position in shares of Medtronic during the first quarter valued at $29,000. Activest Wealth Management lifted its stake in shares of Medtronic by 3,577.8% during the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company’s stock valued at $30,000 after acquiring an additional 322 shares during the period. GFG Capital LLC bought a new position in Medtronic in the second quarter valued at about $36,000. Finally, True Wealth Design LLC increased its position in Medtronic by 49.8% in the second quarter. True Wealth Design LLC now owns 421 shares of the medical technology company’s stock worth $37,000 after purchasing an additional 140 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MDT. Argus upped their target price on shares of Medtronic from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, August 26th. Daiwa Capital Markets increased their price objective on shares of Medtronic from $104.00 to $117.00 and gave the company a “buy” rating in a report on Tuesday, November 25th. UBS Group raised their price objective on shares of Medtronic from $95.00 to $102.00 and gave the company a “neutral” rating in a research note on Wednesday, November 19th. Wells Fargo & Company upped their target price on shares of Medtronic from $100.00 to $114.00 and gave the company an “overweight” rating in a research report on Wednesday, November 19th. Finally, Sanford C. Bernstein set a $111.00 price target on Medtronic in a research note on Wednesday, November 19th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $110.44.

Medtronic Stock Performance

MDT stock opened at $99.77 on Friday. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $106.33. The company has a current ratio of 2.42, a quick ratio of 1.80 and a debt-to-equity ratio of 0.57. The firm has a market cap of $127.91 billion, a PE ratio of 26.89, a P/E/G ratio of 2.65 and a beta of 0.71. The business’s 50-day moving average price is $97.23 and its two-hundred day moving average price is $92.66.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 18th. The medical technology company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.05. The company had revenue of $8.96 billion during the quarter, compared to the consensus estimate of $8.86 billion. Medtronic had a return on equity of 14.86% and a net margin of 13.71%.The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.26 earnings per share. Medtronic has set its FY 2026 guidance at 5.620-5.660 EPS. As a group, research analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 16th. Shareholders of record on Friday, December 26th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, December 26th. Medtronic’s dividend payout ratio (DPR) is 76.55%.

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.