Medtronic plc (NYSE:MDT) Declares $0.70 Quarterly Dividend

Medtronic plc (NYSE:MDT) declared a quarterly dividend on Thursday, December 5th,RTT News reports. Investors of record on Friday, December 27th will be paid a dividend of 0.70 per share by the medical technology company on Friday, January 10th. This represents a $2.80 annualized dividend and a yield of 3.43%. The ex-dividend date is Friday, December 27th.

Medtronic has increased its dividend payment by an average of 6.5% per year over the last three years and has raised its dividend annually for the last 48 consecutive years. Medtronic has a dividend payout ratio of 47.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Medtronic to earn $5.86 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 47.8%.

Medtronic Stock Up 0.2 %

Shares of NYSE:MDT opened at $81.54 on Wednesday. The firm has a market capitalization of $104.56 billion, a PE ratio of 24.94, a price-to-earnings-growth ratio of 2.33 and a beta of 0.82. The business has a 50 day simple moving average of $86.56 and a two-hundred day simple moving average of $84.97. Medtronic has a 1 year low of $75.96 and a 1 year high of $92.68. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the previous year, the business earned $1.25 EPS. Medtronic’s revenue was up 5.2% compared to the same quarter last year. On average, equities analysts predict that Medtronic will post 5.45 EPS for the current year.

Analyst Upgrades and Downgrades

MDT has been the topic of several recent analyst reports. Wells Fargo & Company reduced their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. JPMorgan Chase & Co. lowered their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Finally, Truist Financial cut their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average target price of $95.00.

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.