Medtronic plc (MDT) to Issue Quarterly Dividend of $0.70 on January 10th

Medtronic plc (NYSE:MDT) declared a quarterly dividend on Thursday, December 5th,RTT News reports. Shareholders 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% annually over the last three years and has raised its dividend every year for the last 48 years. Medtronic has a payout ratio of 47.9% indicating that its dividend is sufficiently covered by earnings. Research 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 MDT stock opened at $81.54 on Wednesday. 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 has a one year low of $75.96 and a one year high of $92.68. The company’s fifty day moving average price is $86.56 and its 200-day moving average price is $84.97. The company has a market capitalization of $104.56 billion, a price-to-earnings ratio of 24.94, a PEG ratio of 2.33 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the firm earned $1.25 earnings per share. Sell-side analysts expect that Medtronic will post 5.45 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on MDT. Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Sanford C. Bernstein lifted their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Robert W. Baird decreased their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Finally, Barclays boosted their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average price target 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.