Medtronic PLC (MDT) to Issue Quarterly Dividend of $0.54 on July 25th

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.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.07. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. The firm had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.12 billion. During the same period in the prior year, the company earned $1.42 EPS. The firm’s revenue was up .0% compared to the same quarter last year. On average, research analysts expect that Medtronic will post 5.46 EPS for the current fiscal year.

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.

About Medtronic

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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Dividend History for Medtronic (NYSE:MDT)

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