Medtronic PLC (MDT) to Issue Quarterly Dividend of $0.71 on July 11th

Medtronic PLC (NYSE:MDT) announced a quarterly dividend on Wednesday, May 21st, RTT News reports. Investors 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 yield of 3.30%. The ex-dividend date of this dividend is Friday, June 27th. This is a 1.4% increase from Medtronic’s previous quarterly dividend of $0.70.

Medtronic has a dividend payout ratio of 47.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Medtronic to earn $5.83 per share next year, which means the company should continue to be able to cover its $2.84 annual dividend with an expected future payout ratio of 48.7%.

Medtronic Stock Up 0.2%

Shares of MDT opened at $86.12 on Wednesday. The stock’s 50-day moving average price is $84.60 and its two-hundred day moving average price is $86.29. Medtronic has a 12 month low of $75.96 and a 12 month high of $96.25. The company has a market capitalization of $110.45 billion, a PE ratio of 23.79, a PEG ratio of 2.32 and a beta of 0.79. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same period last year, the company earned $1.46 earnings per share. The firm’s revenue was up 3.9% compared to the same quarter last year. On average, analysts anticipate that Medtronic will post 5.46 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MDT. Robert W. Baird lowered their target price on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Leerink Partners began coverage on Medtronic in a research report on Monday, June 16th. They set an “outperform” rating and a $110.00 target price on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Finally, Mizuho dropped their price target on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.87.

Institutional Trading of Medtronic

An institutional investor recently raised its position in Medtronic stock. Brighton Jones LLC raised its holdings in Medtronic PLC (NYSE:MDT) by 1,368.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 82.06% of the company’s stock.

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.