Medtronic PLC (NYSE:MDT) Plans Quarterly Dividend of $0.71

Medtronic PLC (NYSE:MDT) announced a quarterly dividend on Wednesday, May 21st, RTT News reports. Shareholders of record on Friday, June 27th will be paid a dividend of 0.71 per share by the medical technology company on Friday, July 11th. This represents a $2.84 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend is Friday, June 27th. This is a 1.4% increase from Medtronic’s previous quarterly dividend of $0.70.

Medtronic has a payout ratio of 47.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Medtronic to earn $5.83 per share next year, which means the company should continue to be able to cover its $2.84 annual dividend with an expected future payout ratio of 48.7%.

Medtronic Stock Performance

Shares of Medtronic stock opened at $86.12 on Wednesday. Medtronic has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The business has a 50 day moving average price of $84.60 and a 200-day moving average price of $86.29. The company has a market cap of $110.45 billion, a PE ratio of 23.79, a price-to-earnings-growth ratio of 2.32 and a beta of 0.79.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the prior year, the company posted $1.46 earnings per share. Medtronic’s revenue was up 3.9% compared to the same quarter last year. Equities analysts anticipate that Medtronic will post 5.46 earnings per share for the current fiscal year.

Institutional Trading of Medtronic

A hedge fund recently raised its stake in Medtronic stock. Brighton Jones LLC grew its holdings in Medtronic PLC (NYSE:MDT) by 1,368.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,989 shares of the medical technology company’s stock after purchasing an additional 37,265 shares during the period. Brighton Jones LLC’s holdings in Medtronic were worth $3,194,000 at the end of the most recent quarter. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

MDT has been the subject of several analyst reports. Royal Bank Of Canada lowered their target price on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. Truist Financial reduced their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Mizuho reduced their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. Finally, Robert W. Baird decreased their price target on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $97.87.

About Medtronic

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.