Medtronic plc (NYSE:MDT) to Issue Quarterly Dividend of $0.71

Medtronic plc (NYSE:MDT - Get Free Report) declared a quarterly dividend on Wednesday, May 21st, RTT News reports. Stockholders of record on Friday, June 27th will be given a dividend of 0.71 per share by the medical technology company on Friday, July 11th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.33%. This is a 1.4% increase from Medtronic's previous quarterly dividend of $0.70.

Medtronic has raised its dividend payment by an average of 4.1% per year over the last three years and has raised its dividend annually for the last 48 consecutive years. Medtronic has a payout ratio of 44.6% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Price Performance

Shares of NYSE MDT traded down $1.11 during midday trading on Wednesday, reaching $85.26. 1,870,191 shares of the stock traded hands, compared to its average volume of 6,745,002. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The stock has a market capitalization of $109.35 billion, a PE ratio of 25.99, a P/E/G ratio of 2.22 and a beta of 0.81. Medtronic has a one year low of $75.96 and a one year high of $96.25. The company's 50 day moving average is $85.71 and its 200 day moving average is $86.57.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.46 EPS. On average, equities research analysts anticipate that Medtronic will post 5.46 earnings per share for the current year.

Hedge Funds Weigh In On Medtronic

An institutional investor recently raised its position in Medtronic stock. Brighton Jones LLC increased its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 1,368.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,989 shares of the medical technology company's stock after buying 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 quarter. Institutional investors own 82.06% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MDT. Truist Financial lowered their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a research report on Friday, April 11th. UBS Group raised their price target on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and raised their price target for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Monday. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $96.14.

Medtronic Company Profile

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.

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