Medtronic plc (MDT) to Issue Quarterly Dividend of $0.69 on July 14th

Posted by ABMN Staff on May 26th, 2023

Medtronic plc (NYSE:MDT – Get Rating) declared a quarterly dividend on Wednesday, May 24th, RTT News reports. Stockholders of record on Friday, June 23rd will be paid a dividend of 0.69 per share by the medical technology company on Friday, July 14th. This represents a $2.76 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Thursday, June 22nd. This is an increase from Medtronic’s previous quarterly dividend of $0.68.

Medtronic has increased its dividend by an average of 8.0% per year over the last three years and has raised its dividend annually for the last 46 consecutive years. Medtronic has a payout ratio of 48.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Medtronic to earn $5.18 per share next year, which means the company should continue to be able to cover its $2.72 annual dividend with an expected future payout ratio of 52.5%.

Medtronic Stock Performance

Shares of MDT stock opened at $83.54 on Friday. The stock has a market capitalization of $111.14 billion, a price-to-earnings ratio of 27.48, a PEG ratio of 2.11 and a beta of 0.71. Medtronic has a one year low of $75.76 and a one year high of $101.39. The company’s 50-day simple moving average is $84.78 and its 200-day simple moving average is $82.11. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.39 and a current ratio of 1.76.

Medtronic (NYSE:MDT – Get Rating) last released its quarterly earnings data on Thursday, May 25th. The medical technology company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.01. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.25 billion. Medtronic had a net margin of 13.20% and a return on equity of 13.37%. Medtronic’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.52 earnings per share. Equities analysts anticipate that Medtronic will post 5.28 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Barclays upgraded shares of Medtronic from an “equal weight” rating to an “overweight” rating in a research note on Monday, April 24th. Sanford C. Bernstein dropped their price objective on shares of Medtronic from $100.00 to $99.00 in a research note on Friday. Stifel Nicolaus increased their price objective on shares of Medtronic from $90.00 to $92.00 in a research note on Friday. Royal Bank of Canada restated a “sector perform” rating and issued a $89.00 price target on shares of Medtronic in a research note on Friday, April 21st. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Medtronic from $80.00 to $87.00 in a research note on Wednesday, February 22nd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $90.68.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Aspire Private Capital LLC boosted its holdings in Medtronic by 36.2% during the fourth quarter. Aspire Private Capital LLC now owns 561 shares of the medical technology company’s stock worth $43,605,661,000 after buying an additional 149 shares in the last quarter. Vestcor Inc boosted its holdings in Medtronic by 0.6% during the fourth quarter. Vestcor Inc now owns 31,544 shares of the medical technology company’s stock worth $2,452,000 after buying an additional 185 shares in the last quarter. Silvercrest Asset Management Group LLC boosted its holdings in Medtronic by 0.9% during the first quarter. Silvercrest Asset Management Group LLC now owns 23,043 shares of the medical technology company’s stock worth $1,858,000 after buying an additional 200 shares in the last quarter. Dearborn Partners LLC boosted its holdings in Medtronic by 1.7% during the third quarter. Dearborn Partners LLC now owns 12,308 shares of the medical technology company’s stock worth $994,000 after buying an additional 207 shares in the last quarter. Finally, DF Dent & Co. Inc. boosted its holdings in Medtronic by 2.8% during the first quarter. DF Dent & Co. Inc. now owns 7,720 shares of the medical technology company’s stock worth $622,000 after buying an additional 208 shares in the last quarter. Institutional investors and hedge funds own 80.37% of the company’s stock.

Medtronic Company Profile

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Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.