Medtronic PLC (NYSE:MDT) declared a quarterly dividend on Friday, June 21st, NASDAQ reports. Shareholders of record on Monday, July 8th will be paid a dividend of 0.54 per share by the medical technology company on Thursday, July 25th. This represents a $2.16 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date is Friday, July 5th. This is an increase from Medtronic’s previous quarterly dividend of $0.50.
Medtronic has increased its dividend by an average of 11.9% annually over the last three years and has increased its dividend annually for the last 41 consecutive years. Medtronic has a dividend payout ratio of 42.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Medtronic to earn $5.92 per share next year, which means the company should continue to be able to cover its $2.16 annual dividend with an expected future payout ratio of 36.5%.
MDT opened at $98.05 on Wednesday. Medtronic has a 52-week low of $81.66 and a 52-week high of $100.15. The firm’s 50-day moving average is $94.72. The company has a current ratio of 2.59, a quick ratio of 2.15 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $131.57 billion, a P/E ratio of 18.78, a P/E/G ratio of 2.52 and a beta of 0.68.
In related news, SVP Carol A. Surface sold 9,000 shares of Medtronic stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $97.66, for a total value of $878,940.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard H. Anderson purchased 10,900 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was acquired at an average price of $92.40 per share, for a total transaction of $1,007,160.00. Following the completion of the purchase, the director now owns 89,912 shares of the company’s stock, valued at $8,307,868.80. The disclosure for this purchase can be found here. In the last three months, insiders sold 81,664 shares of company stock worth $7,896,623. Corporate insiders own 0.28% of the company’s stock.
MDT has been the subject of several recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $121.00 target price on shares of Medtronic in a research note on Monday, May 27th. UBS Group lifted their price target on Medtronic to $112.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. ValuEngine raised Medtronic from a “hold” rating to a “buy” rating in a report on Tuesday. Northland Securities reissued a “hold” rating and issued a $100.00 target price on shares of Medtronic in a report on Thursday, June 20th. Finally, Zacks Investment Research raised Medtronic from a “sell” rating to a “hold” rating in a report on Monday, May 20th. Six research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $105.48.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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