Medtronic plc (NYSE:MDT – Get Rating) declared a quarterly dividend on Thursday, May 25th, 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 dividend on an annualized basis and a dividend yield of 3.30%. This is a positive change from Medtronic’s previous quarterly dividend of $0.68.
Medtronic has raised its dividend 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% meaning its dividend is sufficiently covered by earnings. 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 Trading Down 4.5 %
NYSE MDT opened at $83.54 on Friday. The stock has a market capitalization of $111.14 billion, a P/E ratio of 27.48, a P/E/G ratio of 2.11 and a beta of 0.71. The business has a 50 day simple moving average of $84.78 and a 200 day simple moving average of $82.11. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.76 and a quick ratio of 1.39. Medtronic has a one year low of $75.76 and a one year high of $101.39.
Hedge Funds Weigh In On Medtronic
Several institutional investors have recently added to or reduced their stakes in MDT. Certified Advisory Corp purchased a new position in Medtronic in the first quarter valued at about $31,000. Fairfield Bush & CO. purchased a new position in Medtronic in the first quarter valued at approximately $47,000. Aspire Private Capital LLC grew 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 valued at $43,605,661,000 after purchasing an additional 149 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in shares of Medtronic in the first quarter valued at $47,000. Finally, Coppell Advisory Solutions Corp. purchased a new position in shares of Medtronic during the 4th quarter valued at $62,000. Institutional investors own 80.37% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have recently commented on MDT shares. Royal Bank of Canada restated a “sector perform” rating and issued a $89.00 target price on shares of Medtronic in a research note on Friday, April 21st. UBS Group downgraded Medtronic from a “buy” rating to a “sell” rating and decreased their price objective for the company from $127.00 to $79.00 in a report on Wednesday, March 29th. Sanford C. Bernstein cut their target price on Medtronic from $100.00 to $99.00 in a report on Friday. StockNews.com initiated coverage on shares of Medtronic in a research note on Thursday, May 18th. They set a “buy” rating for the company. Finally, Truist Financial raised their price objective on shares of Medtronic from $88.00 to $93.00 in a research note on Monday, April 24th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $90.58.
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.
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