Medtronic plc (NYSE:MDT – Get Rating) announced a quarterly dividend on Wednesday, May 25th, Zacks reports. Investors 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 dividend on an annualized basis and a dividend 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% per year over the last three years and has raised its dividend every year for the last 45 years. Medtronic has a payout ratio of 43.5% meaning its dividend is sufficiently covered by earnings. 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%.
MDT opened at $98.90 on Friday. The stock has a 50-day moving average price of $107.19 and a 200-day moving average price of $107.19. Medtronic has a 12-month low of $98.18 and a 12-month high of $135.89. The company has a current ratio of 2.61, a quick ratio of 2.10 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $132.68 billion, a P/E ratio of 27.25, a PEG ratio of 2.34 and a beta of 0.74.
MDT has been the subject of several analyst reports. Cowen increased their target price on shares of Medtronic to $125.00 in a report on Monday. Credit Suisse Group reduced their target price on shares of Medtronic from $142.00 to $135.00 and set an “outperform” rating on the stock in a report on Wednesday, February 23rd. Royal Bank of Canada cut their price target on shares of Medtronic from $135.00 to $122.00 in a report on Friday. Needham & Company LLC downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a report on Friday. Finally, Raymond James lowered their price objective on shares of Medtronic from $127.00 to $116.00 and set an “outperform” rating for the company in a research report on Friday, February 18th. Eleven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $124.17.
In other news, CFO Karen L. Parkhill sold 682 shares of the company’s stock in a transaction on Friday, March 18th. The shares were sold at an average price of $110.00, for a total value of $75,020.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Carol A. Surface sold 6,000 shares of the stock in a transaction on Friday, March 11th. The stock was sold at an average price of $105.30, for a total transaction of $631,800.00. The disclosure for this sale can be found here. Corporate insiders own 0.47% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Continuum Advisory LLC bought a new stake in shares of Medtronic during the first quarter worth $324,000. SS&H Financial Advisors Inc. bought a new position in Medtronic in the first quarter valued at about $300,000. Shepherd Financial Partners LLC bought a new position in Medtronic in the first quarter valued at about $280,000. Journey Strategic Wealth LLC acquired a new position in Medtronic in the first quarter valued at about $257,000. Finally, Titleist Asset Management LTD. acquired a new position in Medtronic in the fourth quarter valued at about $254,000. Hedge funds and other institutional investors own 80.23% of the company’s stock.
Medtronic Company Profile (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.
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