Medtronic plc (NYSE:MDT) Increases Dividend to $0.70 Per Share

Medtronic plc (NYSE:MDT) declared a quarterly dividend on Thursday, May 23rd, RTT News reports. Shareholders of record on Friday, June 28th will be paid a dividend of 0.70 per share by the medical technology company on Friday, July 12th. This represents a $2.80 dividend on an annualized basis and a yield of 3.26%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69.

Medtronic has raised its dividend payment by an average of 6.5% annually over the last three years and has raised its dividend every year for the last 47 years. Medtronic has a dividend payout ratio of 47.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Medtronic to earn $5.46 per share next year, which means the company should continue to be able to cover its $2.76 annual dividend with an expected future payout ratio of 50.5%.

Medtronic Stock Up 0.7 %

Medtronic stock opened at $85.76 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The stock has a market capitalization of $113.87 billion, a PE ratio of 27.31, a price-to-earnings-growth ratio of 2.78 and a beta of 0.78. The business has a 50 day simple moving average of $82.90 and a 200-day simple moving average of $82.62. Medtronic has a 12 month low of $68.84 and a 12 month high of $91.00.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The company had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the prior year, the business posted $1.57 earnings per share. On average, analysts anticipate that Medtronic will post 5.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on MDT shares. Mizuho boosted their price target on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Truist Financial increased their price target on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. Oppenheimer raised their target price on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research note on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $94.91.

Insider Activity at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is owned by corporate insiders.

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.