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.
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
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.
- Get a free copy of the StockNews.com research report on Medtronic (MDT)
- 3 Electrical Gear Makers: Hidden Gems Amid Growing Digitization
- Can ULTA’s Defensive Product Line Stand Against This Down Cycle
- A Reversal Is Brewing For Medtronic: Buying The Dip
- Ralph Lauren’s Styled Dividend Is Still In Season
- Dollar Tree Falls As Theft Cuts Into Bottom Line
Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.