Medtronic plc (NYSE:MDT) Announces Quarterly Dividend of $0.68

Medtronic plc (NYSE:MDTGet Rating) announced a quarterly dividend on Wednesday, May 25th, Zacks reports. Investors of record on Friday, June 24th will be paid 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 a boost 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 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 NYSE:MDT opened at $98.90 on Friday. The firm’s 50 day moving average price is $107.19 and its 200 day moving average price is $107.19. The stock has a market cap of $132.68 billion, a price-to-earnings ratio of 27.25, a price-to-earnings-growth ratio of 2.34 and a beta of 0.74. Medtronic has a fifty-two week low of $98.18 and a fifty-two week high of $135.89. The company has a quick ratio of 2.10, a current ratio of 2.61 and a debt-to-equity ratio of 0.46.

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

In other Medtronic news, CFO Karen L. Parkhill sold 682 shares of the business’s stock in a transaction on Friday, March 18th. The shares were sold at an average price of $110.00, for a total transaction of $75,020.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Carol A. Surface sold 6,000 shares of the business’s 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. Company insiders own 0.47% of the company’s stock.

Large investors have recently bought and sold shares of the company. Ulland Investment Advisors LLC acquired a new position in shares of Medtronic in the 4th quarter valued at $41,000. Bank Julius Baer & Co. Ltd Zurich boosted 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 buying an additional 222 shares during the period. Fairfield Bush & CO. bought a new stake in shares of Medtronic during the first quarter valued at approximately $47,000. Monolith Advisors bought a new stake in Medtronic during the 4th quarter valued at $48,000. Finally, First Community Trust NA bought a new stake in Medtronic during the 4th quarter valued at $76,000. 80.23% of the stock is owned by institutional investors and hedge funds.

Several analysts recently weighed in on MDT shares. Cowen raised their target price on shares of Medtronic to $125.00 in a report on Monday. StockNews.com began coverage on shares of Medtronic in a report on Thursday, March 31st. They set a “buy” rating on the stock. Truist Financial cut shares of Medtronic from a “buy” rating to a “hold” rating and cut their price objective for the stock from $124.00 to $121.00 in a report on Wednesday, April 13th. Cowen set a $125.00 price objective on shares of Medtronic and gave the stock an “outperform” rating in a report on Monday. Finally, SVB Leerink reissued a “market perform” rating on shares of Medtronic in a report on Wednesday, April 13th. Eleven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of “Buy” and an average target price 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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