Medtronic plc (NYSE:MDT) Announces Quarterly Dividend of $0.70

Medtronic plc (NYSE:MDT) announced a quarterly dividend on Thursday, March 6th, RTT News reports. Stockholders of record on Friday, March 28th will be given a dividend of 0.70 per share by the medical technology company on Friday, April 11th. This represents a $2.80 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend is Friday, March 28th.

Medtronic has raised its dividend payment by an average of 4.1% annually over the last three years and has raised its dividend every year for the last 48 years. Medtronic has a payout ratio of 44.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Medtronic to earn $5.83 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 48.0%.

Medtronic Trading Down 1.8 %

NYSE:MDT opened at $88.50 on Wednesday. The company’s 50 day moving average is $90.90 and its 200-day moving average is $88.04. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic has a 12 month low of $75.96 and a 12 month high of $96.25. The firm has a market cap of $113.51 billion, a price-to-earnings ratio of 26.90, a P/E/G ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Equities analysts anticipate that Medtronic will post 5.46 EPS for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on MDT shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. Barclays raised their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Robert W. Baird boosted their target price on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Truist Financial reduced their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Finally, Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus target price of $96.07.

Insider Buying and Selling

In other news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Medtronic

A hedge fund recently raised its stake in Medtronic stock. Brighton Jones LLC grew its position in Medtronic plc (NYSE:MDT) by 1,368.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,989 shares of the medical technology company’s stock after acquiring an additional 37,265 shares during the period. Brighton Jones LLC’s holdings in Medtronic were worth $3,194,000 at the end of the most recent reporting period. 82.06% of the stock is owned by hedge funds and other institutional investors.

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.