Medtronic plc (NYSE:MDT) Increases Dividend to $0.69 Per Share

Medtronic plc (NYSE:MDT – Get Rating) announced a quarterly dividend on Thursday, May 25th, RTT News reports. Shareholders of record on Friday, June 23rd will be given 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 yield of 3.30%. This is a positive change 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 every year for the last 46 years. Medtronic has a dividend 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 Down 4.5 %

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

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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.01. Medtronic had a return on equity of 13.37% and a net margin of 13.20%. The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.25 billion. During the same period in the previous year, the business posted $1.52 earnings per share. Medtronic’s quarterly revenue was up 5.6% on a year-over-year basis. On average, research analysts anticipate that Medtronic will post 5.28 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on MDT shares. Deutsche Bank Aktiengesellschaft increased their target price on Medtronic from $80.00 to $87.00 in a report on Wednesday, February 22nd. Truist Financial lifted their price objective on Medtronic from $88.00 to $93.00 in a report on Monday, April 24th. StockNews.com began coverage on shares of Medtronic in a report on Thursday, May 18th. They issued a “buy” rating on the stock. UBS Group cut shares of Medtronic from a “buy” rating to a “sell” rating and dropped their target price for the stock from $127.00 to $79.00 in a research report on Wednesday, March 29th. Finally, Sanford C. Bernstein reduced their price target on shares of Medtronic from $100.00 to $99.00 in a research report on Friday. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average target price of $90.58.

Hedge Funds Weigh In On Medtronic

Several institutional investors and hedge funds have recently made changes to their positions in the company. Fairfield Bush & CO. bought a new position in Medtronic in the first quarter valued at approximately $47,000. MAS Advisors LLC increased its holdings in Medtronic by 10.3% during the 1st quarter. MAS Advisors LLC now owns 2,388 shares of the medical technology company’s stock worth $266,000 after purchasing an additional 223 shares in the last quarter. LSV Asset Management raised its stake in shares of Medtronic by 34.5% in the 1st quarter. LSV Asset Management now owns 7,400 shares of the medical technology company’s stock valued at $821,000 after purchasing an additional 1,900 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of Medtronic by 22.8% in the first quarter. NewEdge Advisors LLC now owns 74,914 shares of the medical technology company’s stock valued at $8,312,000 after purchasing an additional 13,895 shares in the last quarter. Finally, Kinneret Advisory LLC boosted its position in shares of Medtronic by 2.3% during the first quarter. Kinneret Advisory LLC now owns 15,340 shares of the medical technology company’s stock worth $1,712,000 after buying an additional 343 shares during the period. Institutional investors and hedge funds own 80.37% of the company’s stock.

About Medtronic

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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.