Medtronic PLC (NYSE:MDT) announced a quarterly dividend on Friday, August 23rd, Zacks reports. Shareholders of record on Friday, September 27th will be given a dividend of 0.54 per share by the medical technology company on Friday, October 18th. This represents a $2.16 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Thursday, September 26th.
Medtronic has raised its dividend by an average of 11.9% annually over the last three years and has increased its dividend annually for the last 41 consecutive years. Medtronic has a payout ratio of 42.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Medtronic to earn $6.00 per share next year, which means the company should continue to be able to cover its $2.16 annual dividend with an expected future payout ratio of 36.0%.
Shares of NYSE MDT traded down $1.08 during trading hours on Tuesday, hitting $109.76. The company’s stock had a trading volume of 6,249,683 shares, compared to its average volume of 5,353,932. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.20 and a current ratio of 2.67. The stock has a market cap of $149.17 billion, a price-to-earnings ratio of 21.03, a P/E/G ratio of 2.73 and a beta of 0.65. Medtronic has a 12 month low of $81.66 and a 12 month high of $112.05. The business has a 50-day simple moving average of $106.36 and a 200-day simple moving average of $96.66.
A number of brokerages recently weighed in on MDT. Morgan Stanley boosted their price objective on shares of Medtronic from $105.00 to $111.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 21st. Cowen reissued an “outperform” rating and set a $111.00 price objective (up previously from $99.00) on shares of Medtronic in a research report on Wednesday, August 14th. ValuEngine downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Barclays upped their target price on shares of Medtronic from $110.00 to $117.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Finally, Wells Fargo & Co upped their target price on shares of Medtronic from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $114.15.
In other Medtronic news, SVP Bradley E. Lerman sold 6,599 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $102.02, for a total transaction of $673,229.98. Following the completion of the transaction, the senior vice president now owns 105,960 shares in the company, valued at approximately $10,810,039.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Bradley E. Lerman sold 4,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $100.31, for a total transaction of $401,240.00. Following the transaction, the senior vice president now owns 52,906 shares of the company’s stock, valued at approximately $5,307,000.86. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,914 shares of company stock valued at $10,315,651. Company insiders own 0.28% of the company’s stock.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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