Medtronic plc (NYSE:MDT) Announces Quarterly Dividend of $0.69

Medtronic plc (NYSE:MDT – Get Rating) announced 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 of this dividend is Thursday, June 22nd. This is an increase from Medtronic’s previous quarterly dividend of $0.68.

Medtronic has increased its dividend payment by an average of 8.0% per year over the last three years and has increased its dividend annually for the last 46 consecutive years. Medtronic has a payout ratio of 48.1% indicating that 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 Price Performance

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

Medtronic (NYSE:MDT – Get Rating) last released its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates 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%. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.52 earnings per share. As a group, research analysts expect that Medtronic will post 5.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Medtronic

A number of hedge funds have recently bought and sold shares of the business. Aspire Private Capital LLC grew its stake 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 stake in shares of Medtronic by 0.6% in the 4th quarter. Vestcor Inc now owns 31,544 shares of the medical technology company’s stock valued at $2,452,000 after purchasing an additional 185 shares in the last quarter. Silvercrest Asset Management Group LLC raised its holdings in Medtronic by 0.9% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 23,043 shares of the medical technology company’s stock valued at $1,858,000 after buying an additional 200 shares during the last quarter. Dearborn Partners LLC raised its holdings in Medtronic by 1.7% in the 3rd quarter. Dearborn Partners LLC now owns 12,308 shares of the medical technology company’s stock valued at $994,000 after buying an additional 207 shares during the last quarter. Finally, DF Dent & Co. Inc. raised its holdings in Medtronic by 2.8% during the 1st quarter. DF Dent & Co. Inc. now owns 7,720 shares of the medical technology company’s stock worth $622,000 after purchasing an additional 208 shares during the last quarter. 80.37% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of recent research reports. StockNews.com initiated coverage on shares of Medtronic in a research note on Thursday, May 18th. They set a “buy” rating for the company. Stifel Nicolaus upped their price target on shares of Medtronic from $90.00 to $92.00 in a report on Friday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $89.00 price target on shares of Medtronic in a report on Friday, April 21st. Sanford C. Bernstein reduced their target price on shares of Medtronic from $100.00 to $99.00 in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Medtronic from $80.00 to $87.00 in a report on Wednesday, February 22nd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $90.68.

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.