Alliancebernstein L.P. Sells 920,808 Shares of Medtronic PLC $MDT

Key Points

• Alliancebernstein L.P. reduced its stake in Medtronic PLC by 12.6%, owning 6,384,805 shares valued at approximately $573.7 million as of the last quarter.
• Medtronic reported $1.26 earnings per share, beating analyst estimates, with revenues reaching $8.58 billion for the quarter, a 7.7% increase year-over-year.
• The company has declared a quarterly dividend of $0.71 per share, expected to be paid on October 17th, with a dividend yield of 3.0%.

Alliancebernstein L.P. cut its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 12.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,384,805 shares of the medical technology company's stock after selling 920,808 shares during the period. Alliancebernstein L.P. owned approximately 0.50% of Medtronic worth $573,739,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Commerce Bank boosted its position in Medtronic by 1.7% in the first quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock worth $13,118,000 after purchasing an additional 2,429 shares during the last quarter. Brighton Jones LLC boosted its position in Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Insight Inv LLC boosted its position in Medtronic by 84.2% in the first quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock worth $2,467,000 after purchasing an additional 12,550 shares during the last quarter. Korea Investment CORP boosted its position in Medtronic by 24.1% in the first quarter. Korea Investment CORP now owns 1,141,565 shares of the medical technology company's stock worth $102,581,000 after purchasing an additional 221,568 shares during the last quarter. Finally, D Orazio & Associates Inc. purchased a new position in Medtronic in the first quarter worth about $357,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT traded up $0.08 on Friday, hitting $92.93. 4,856,702 shares of the company's stock traded hands, compared to its average volume of 7,029,722. The company's 50 day simple moving average is $90.97 and its 200-day simple moving average is $88.13. The firm has a market cap of $119.20 billion, a price-to-earnings ratio of 25.60, a P/E/G ratio of 2.36 and a beta of 0.77. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. 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 (NYSE:MDT - Get Free Report) last issued its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.03. The company had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The firm's quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the company earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio (DPR) is 78.24%.

Insider Activity at Medtronic

In other news, Director William R. Jellison acquired 2,500 shares of Medtronic stock in a transaction on Monday, August 25th. The shares were acquired at an average price of $92.37 per share, with a total value of $230,925.00. Following the purchase, the director directly owned 5,000 shares in the company, valued at $461,850. The trade was a 100.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction that occurred on 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 directly owned 35,615 shares in the company, valued at approximately $3,261,621.70. The trade was a 19.46% decrease in their position. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Truist Financial raised their target price on Medtronic from $92.00 to $96.00 and gave the stock a "hold" rating in a research report on Thursday, August 21st. Robert W. Baird lifted their price objective on Medtronic from $94.00 to $96.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Mizuho lifted their price objective on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Finally, Royal Bank Of Canada lowered their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $102.14.

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.