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

Medtronic plc (NYSE:MDT) announced a quarterly dividend on Thursday, August 15th, Zacks reports. Shareholders of record on Friday, September 27th will be paid a dividend of 0.70 per share by the medical technology company on Friday, October 11th. This represents a $2.80 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Friday, September 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 dividend payout ratio of 47.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Medtronic to earn $5.83 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 48.0%.

Medtronic Price Performance

MDT stock opened at $89.76 on Wednesday. The firm has a 50 day moving average of $85.26 and a 200-day moving average of $83.02. The company has a market cap of $115.12 billion, a price-to-earnings ratio of 32.64, a PEG ratio of 2.56 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. Medtronic has a 12-month low of $68.84 and a 12-month high of $91.49.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter last year, the business posted $1.20 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities analysts expect that Medtronic will post 5.46 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MDT shares. Robert W. Baird lifted their price objective on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Wells Fargo & Company lifted their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Piper Sandler upped their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Stifel Nicolaus raised their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Finally, UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $92.92.

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.