Medtronic plc (MDT) to Issue Quarterly Dividend of $0.70 on October 11th

Medtronic plc (NYSE:MDT) declared a quarterly dividend on Thursday, August 15th, Zacks reports. Stockholders of record on Friday, September 27th will be given a dividend of 0.70 per share by the medical technology company on Friday, October 11th. This represents a $2.80 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Friday, September 27th.

Medtronic has increased its dividend payment by an average of 6.5% per year over the last three years and has increased its dividend every year for the last 48 years. Medtronic has a dividend payout ratio of 48.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Medtronic to earn $5.84 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 47.9%.

Medtronic Stock Performance

Shares of NYSE MDT traded up $0.95 during midday trading on Friday, hitting $84.60. The company’s stock had a trading volume of 5,374,797 shares, compared to its average volume of 6,239,440. Medtronic has a 1-year low of $68.84 and a 1-year high of $89.18. The firm’s fifty day moving average price is $80.00 and its 200-day moving average price is $82.37. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The firm has a market cap of $108.48 billion, a P/E ratio of 30.76, a P/E/G ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating the consensus estimate of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same period in the previous year, the business posted $1.57 EPS. The company’s quarterly revenue was up .5% on a year-over-year basis. On average, sell-side analysts forecast that Medtronic will post 5.44 EPS for the current fiscal year.

Insider Transactions at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 target price for the company. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their target price for the company from $76.00 to $90.00 in a research note on Thursday. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, July 17th. Citigroup reduced their target price on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, Truist Financial reduced their target price on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $91.30.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.