Alliancebernstein L.P. Sells 2,224,285 Shares of Medtronic plc (NYSE:MDT)

Alliancebernstein L.P. trimmed its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 23.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,305,613 shares of the medical technology company's stock after selling 2,224,285 shares during the period. Alliancebernstein L.P. owned about 0.57% of Medtronic worth $583,572,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MDT. Mainstream Capital Management LLC purchased a new stake in shares of Medtronic in the fourth quarter worth about $26,000. Stephens Consulting LLC boosted its holdings in Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock worth $27,000 after acquiring an additional 204 shares during the period. Rakuten Securities Inc. grew its position in Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after acquiring an additional 294 shares in the last quarter. Fiduciary Advisors Inc. purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $36,000. Finally, Kieckhefer Group LLC acquired a new position in shares of Medtronic during the fourth quarter worth $40,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Trading Down 1.5 %

Shares of NYSE MDT traded down $1.38 during mid-day trading on Tuesday, hitting $88.48. 7,059,371 shares of the company traded hands, compared to its average volume of 6,577,190. The business has a 50 day moving average of $91.02 and a two-hundred day moving average of $87.99. The stock has a market capitalization of $113.48 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 2.22 and a beta of 0.80. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

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

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic's payout ratio is currently 85.11%.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the firm's stock in a transaction that occurred on Friday, January 24th. The stock was 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 approximately $3,688,110. This trade represents a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on MDT shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Robert W. Baird increased their price target on Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. UBS Group lifted their price objective on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research note on Wednesday, December 18th. Finally, Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and upped their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Medtronic currently has an average rating of "Hold" and a consensus price target of $96.07.

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.