Medtronic plc (NYSE:MDT) Declares Dividend Increase – $0.68 Per Share

Medtronic plc (NYSE:MDTGet Rating) announced a quarterly dividend on Wednesday, May 25th, Zacks reports. Shareholders of record on Friday, June 24th will be given a dividend of 0.68 per share by the medical technology company on Friday, July 15th. This represents a $2.72 annualized dividend and a yield of 2.75%. The ex-dividend date is Thursday, June 23rd. This is an increase from Medtronic’s previous quarterly dividend of $0.63.

Medtronic has increased its dividend by an average of 8.0% annually over the last three years and has increased its dividend annually for the last 45 consecutive years. Medtronic has a dividend payout ratio of 43.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Medtronic to earn $5.80 per share next year, which means the company should continue to be able to cover its $2.52 annual dividend with an expected future payout ratio of 43.4%.

Shares of MDT opened at $98.90 on Friday. The company has a 50 day moving average price of $107.19 and a 200-day moving average price of $107.19. Medtronic has a fifty-two week low of $98.18 and a fifty-two week high of $135.89. The stock has a market capitalization of $132.68 billion, a PE ratio of 27.25, a PEG ratio of 2.34 and a beta of 0.74. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.10 and a current ratio of 2.61.

Medtronic (NYSE:MDTGet Rating) last issued its earnings results on Thursday, May 26th. The medical technology company reported $1.52 EPS for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.04). The company had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $8.43 billion. Medtronic had a return on equity of 14.57% and a net margin of 15.46%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.50 EPS. Equities research analysts forecast that Medtronic will post 5.66 EPS for the current year.

In other Medtronic news, SVP Carol A. Surface sold 6,000 shares of the stock in a transaction on Friday, March 11th. The shares were sold at an average price of $105.30, for a total transaction of $631,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Karen L. Parkhill sold 682 shares of the business’s stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $110.00, for a total transaction of $75,020.00. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Salem Investment Counselors Inc. lifted its holdings in shares of Medtronic by 5.4% in the 4th quarter. Salem Investment Counselors Inc. now owns 2,100 shares of the medical technology company’s stock valued at $217,000 after acquiring an additional 107 shares during the last quarter. Center for Financial Planning Inc. lifted its holdings in shares of Medtronic by 5.1% in the 3rd quarter. Center for Financial Planning Inc. now owns 3,013 shares of the medical technology company’s stock valued at $378,000 after acquiring an additional 146 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in shares of Medtronic by 111.0% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 422 shares of the medical technology company’s stock valued at $44,000 after acquiring an additional 222 shares during the last quarter. Paradigm Financial Partners LLC lifted its holdings in shares of Medtronic by 12.4% in the 4th quarter. Paradigm Financial Partners LLC now owns 2,028 shares of the medical technology company’s stock valued at $210,000 after acquiring an additional 224 shares during the last quarter. Finally, Guardian Wealth Management Inc. lifted its holdings in shares of Medtronic by 2.1% in the 1st quarter. Guardian Wealth Management Inc. now owns 12,238 shares of the medical technology company’s stock valued at $1,358,000 after acquiring an additional 251 shares during the last quarter. 80.23% of the stock is owned by hedge funds and other institutional investors.

Several research analysts have recently commented on MDT shares. Raymond James lowered their price target on Medtronic from $127.00 to $116.00 and set an “outperform” rating for the company in a research report on Friday, February 18th. Needham & Company LLC downgraded Medtronic from a “buy” rating to a “hold” rating in a report on Friday. Citigroup dropped their price target on Medtronic from $120.00 to $117.00 in a research report on Friday. Piper Sandler reduced their price objective on shares of Medtronic from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Credit Suisse Group dropped their price objective on shares of Medtronic from $142.00 to $135.00 and set an “outperform” rating for the company in a research report on Wednesday, February 23rd. Eleven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $124.17.

About Medtronic (Get Rating)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.

Further Reading

Dividend History for Medtronic (NYSE:MDT)

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