Medtronic PLC to Issue Quarterly Dividend of $0.46 (MDT)
Medtronic PLC (NYSE:MDT) declared a quarterly dividend on Monday, August 28th, Zacks reports. Shareholders of record on Friday, September 29th will be paid a dividend of 0.46 per share by the medical technology company on Friday, October 20th. This represents a $1.84 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Thursday, September 28th.
Medtronic PLC has increased its dividend payment by an average of 24.2% per year over the last three years and has increased its dividend every year for the last 39 years. Medtronic PLC has a dividend payout ratio of 38.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Medtronic PLC to earn $5.13 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 35.9%.
Shares of Medtronic PLC (NYSE MDT) traded down 0.48% on Tuesday, reaching $79.21. 510,537 shares of the company’s stock were exchanged. Medtronic PLC has a 52-week low of $69.35 and a 52-week high of $89.72. The company’s 50 day moving average price is $84.48 and its 200-day moving average price is $83.39. The stock has a market cap of $107.88 billion, a P/E ratio of 26.66 and a beta of 1.02.
Medtronic PLC (NYSE:MDT) last released its earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.04. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The business had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.44 billion. During the same period in the previous year, the company posted $1.03 earnings per share. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. Equities analysts forecast that Medtronic PLC will post $4.76 EPS for the current fiscal year.
MDT has been the topic of several analyst reports. BidaskClub raised Medtronic PLC from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 17th. Cowen and Company reissued an “outperform” rating and issued a $95.00 target price (up from $86.00) on shares of Medtronic PLC in a report on Sunday, May 28th. CIBC reissued a “buy” rating on shares of Medtronic PLC in a report on Friday, May 26th. Jefferies Group LLC reissued a “buy” rating and issued a $103.00 target price on shares of Medtronic PLC in a report on Thursday, August 3rd. Finally, Goldman Sachs Group, Inc. (The) initiated coverage on Medtronic PLC in a report on Tuesday, May 16th. They issued a “neutral” rating and a $87.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $88.78.
In related news, Director Richard H. Anderson purchased 5,600 shares of Medtronic PLC stock in a transaction on Wednesday, June 21st. The stock was acquired at an average price of $88.90 per share, for a total transaction of $497,840.00. Following the completion of the transaction, the director now directly owns 71,910 shares in the company, valued at approximately $6,392,799. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Bryan C. Hanson sold 12,000 shares of the company’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $88.57, for a total value of $1,062,840.00. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.
Medtronic PLC Company Profile
Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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