Medtronic plc (MDT) To Go Ex-Dividend on December 27th

Medtronic plc (NYSE:MDT) declared a quarterly dividend on Thursday, December 5th,RTT News reports. Stockholders of record on Friday, December 27th will be given 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 dividend yield of 3.33%. The ex-dividend date is Friday, December 27th.

Medtronic has raised its dividend payment by an average of 6.5% annually over the last three years and has increased 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 Performance

Shares of MDT opened at $83.99 on Friday. The company’s 50 day moving average price is $88.35 and its 200 day moving average price is $85.00. Medtronic has a 52 week low of $75.96 and a 52 week high of $92.68. The company has a market capitalization of $107.70 billion, a PE ratio of 25.69, a PEG ratio of 2.42 and a beta of 0.82. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MDT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Oppenheimer upped their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Wells Fargo & Company reduced their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Piper Sandler upped their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average price target of $95.27.

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.