Alliancebernstein L.P. Has $583.57 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Alliancebernstein L.P. trimmed its position in Medtronic plc (NYSE:MDT) by 23.3% in the fourth quarter, Holdings Channel.com reports. 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.’s holdings in Medtronic were worth $583,572,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Medtronic by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock valued at $9,921,367,000 after acquiring an additional 754,395 shares during the period. State Street Corp lifted its position in shares of Medtronic by 0.9% during the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after purchasing an additional 520,027 shares during the last quarter. Norges Bank acquired a new position in shares of Medtronic during the 4th quarter worth about $1,163,580,000. Raymond James Financial Inc. bought a new stake in Medtronic during the 4th quarter valued at approximately $852,732,000. Finally, First Eagle Investment Management LLC grew its holdings in Medtronic by 0.3% in the 4th quarter. First Eagle Investment Management LLC now owns 9,792,200 shares of the medical technology company’s stock valued at $782,201,000 after buying an additional 28,910 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares in the company, valued at $3,273,330.28. This represents a 19.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on MDT shares. Truist Financial decreased their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Robert W. Baird lifted their target price on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a research report on Wednesday, February 19th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Finally, UBS Group upped their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $96.07.

Medtronic Trading Down 1.5 %

Shares of Medtronic stock opened at $87.62 on Monday. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The stock has a market capitalization of $112.38 billion, a P/E ratio of 26.63, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The company has a 50-day simple moving average of $90.98 and a 200 day simple moving average of $87.99. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.03. The company had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Research analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio is currently 85.11%.

Medtronic Company 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.