Medtronic plc (MDT) to Issue Quarterly Dividend of $0.69 on October 13th

Medtronic plc (NYSE:MDT) announced a quarterly dividend on Thursday, August 17th, RTT News reports. Investors of record on Friday, September 22nd will be paid a dividend of 0.69 per share by the medical technology company on Friday, October 13th. This represents a $2.76 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Thursday, September 21st.

Medtronic has increased its dividend payment by an average of 8.0% per year over the last three years and has increased its dividend every year for the last 47 years. Medtronic has a payout ratio of 50.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Medtronic to earn $5.47 per share next year, which means the company should continue to be able to cover its $2.76 annual dividend with an expected future payout ratio of 50.5%.

Medtronic Stock Performance

NYSE MDT opened at $82.77 on Tuesday. The firm’s fifty day moving average price is $84.16 and its two-hundred day moving average price is $84.35. The stock has a market cap of $110.13 billion, a PE ratio of 30.54, a PEG ratio of 2.87 and a beta of 0.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.79 and a current ratio of 2.42. Medtronic has a fifty-two week low of $75.76 and a fifty-two week high of $92.02.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.09. The company had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.57 billion. Medtronic had a return on equity of 13.81% and a net margin of 11.47%. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.13 earnings per share. On average, equities analysts expect that Medtronic will post 5.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Hoedt Rob Ten sold 5,514 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $86.58, for a total transaction of $477,402.12. Following the transaction, the executive vice president now directly owns 43,802 shares of the company’s stock, valued at $3,792,377.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Medtronic news, EVP Hoedt Rob Ten sold 5,514 shares of the business’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $86.58, for a total transaction of $477,402.12. Following the completion of the sale, the executive vice president now owns 43,802 shares in the company, valued at approximately $3,792,377.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brett A. Wall sold 2,000 shares of the firm’s stock in a transaction on Friday, July 14th. The shares were sold at an average price of $87.97, for a total transaction of $175,940.00. Following the completion of the transaction, the executive vice president now directly owns 23,948 shares in the company, valued at $2,106,705.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,866 shares of company stock worth $1,688,839. Corporate insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MDT. SRS Capital Advisors Inc. raised its position in Medtronic by 19.6% in the 2nd quarter. SRS Capital Advisors Inc. now owns 782 shares of the medical technology company’s stock valued at $69,000 after buying an additional 128 shares during the last quarter. Aspire Private Capital LLC lifted its position in shares of Medtronic by 36.2% during the fourth quarter. Aspire Private Capital LLC now owns 561 shares of the medical technology company’s stock valued at $43,605,661,000 after purchasing an additional 149 shares in the last quarter. Vestcor Inc lifted its position in shares of Medtronic by 0.6% during the fourth quarter. Vestcor Inc now owns 31,544 shares of the medical technology company’s stock valued at $2,452,000 after purchasing an additional 185 shares in the last quarter. Silvercrest Asset Management Group LLC boosted its holdings in Medtronic by 0.9% during the first quarter. Silvercrest Asset Management Group LLC now owns 23,043 shares of the medical technology company’s stock worth $1,858,000 after purchasing an additional 200 shares during the last quarter. Finally, Dearborn Partners LLC grew its position in Medtronic by 1.7% in the 3rd quarter. Dearborn Partners LLC now owns 12,308 shares of the medical technology company’s stock worth $994,000 after purchasing an additional 207 shares in the last quarter. Institutional investors own 80.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MDT. UBS Group lifted their price target on shares of Medtronic from $79.00 to $82.00 and gave the stock a “sell” rating in a report on Wednesday, August 23rd. CL King began coverage on Medtronic in a research report on Friday, June 30th. They issued a “buy” rating and a $106.00 price target on the stock. 22nd Century Group restated an “initiates” rating on shares of Medtronic in a research report on Friday, June 30th. Royal Bank of Canada restated a “sector perform” rating and issued a $89.00 price target on shares of Medtronic in a research report on Wednesday, August 23rd. Finally, Wells Fargo & Company upped their price objective on shares of Medtronic from $100.00 to $102.00 and gave the company an “overweight” rating in a research note on Wednesday, August 23rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $91.67.

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.