Medtronic plc (MDT) To Go Ex-Dividend on March 28th

Medtronic plc (NYSE:MDT) announced a quarterly dividend on Thursday, March 6th, RTT News reports. Investors of record on Friday, March 28th will be paid 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 yield of 3.16%. The ex-dividend date of this dividend is Friday, March 28th.

Medtronic has increased its dividend by an average of 4.1% annually over the last three years and has increased its dividend every year for the last 48 years. Medtronic has a payout ratio of 44.5% indicating that its dividend is sufficiently covered by earnings. 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 opened at $88.50 on Wednesday. The firm’s 50 day moving average is $90.90 and its two-hundred day moving average is $88.04. The firm has a market capitalization of $113.51 billion, a P/E ratio of 26.90, a PEG ratio of 2.22 and a beta of 0.80. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic has a 52 week low of $75.96 and a 52 week high of $96.25.

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

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the sale, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.20% of the stock is owned by corporate insiders.

Institutional Trading of Medtronic

An institutional investor recently raised its position in Medtronic stock. Brighton Jones LLC grew its holdings in shares of Medtronic plc (NYSE:MDT) by 1,368.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 39,989 shares of the medical technology company’s stock after purchasing an additional 37,265 shares during the quarter. Brighton Jones LLC’s holdings in Medtronic were worth $3,194,000 as of its most recent filing with the Securities and Exchange Commission. 82.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on MDT. Royal Bank of Canada reissued an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. UBS Group boosted their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Barclays raised their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $96.07.

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.