According to RTT News, Medtronic plc (NYSE:MDT) declared a quarterly dividend on December 8th. The company that specializes in medical technology will pay a dividend of $0.68 per share to shareholders of record on December 21st. This one is worth $2.72 and yields a dividend at a rate of 3.50 percent annually.
Medtronic has increased its dividend every year for the preceding 45 years; over the last three years, it has increased by an average of 8.0% a year. With a payout ratio of 51.4%, Medtronic is profitable enough to pay its dividend. If Medtronic generates $5.47 per share in 2019, analysts forecast that it will be able to maintain its $2.72 annual dividend with a predicted future payout ratio of 49.7%.
Shares of MDT stock rose $0.88 during Thursday’s lunch hour to reach $77.79. Compared to an average of 8,231,337 shares, 213,680 shares of the company’s stock were traded in total. The debt-to-equity ratio, current ratio, quick ratio, and other ratios for the company are each 0.40, 1.76, and 1.41, respectively. The market value of the company is $103.47 billion; its PE ratio is 23.89; its PEG is 2.41; and its beta is 0.73. The company’s moving averages over the past 50 and 200 days are $82.07 and $88.10, respectively. The cost of Medtronic annually ranges from $75.83 to $114.31.
The most recent quarterly earnings report from Medtronic (NYSE:MDT) was made public on Tuesday, November 22. The quarterly profits per share of the medical technology business were $1.30, $0.02 higher than the $1.28 average expectation. The company’s revenue for the quarter was $7.59 billion, as opposed to the average expectation of $7.70 billion. For Medtronic, the net margin was 14.03% and the return on equity was 13.52%. The company’s quarterly revenue declined by 3.3% as compared to the same quarter last year. For the same period a year ago, the company produced $1.32 EPS. The typical prediction of equity research analysts is that Medtronic will report 5.26 EPS for the current year.
Other Medtronic news includes EVP Hoedt Rob Ten’s selling of 2,404 shares of the business’s stock on Friday, October 14. On Friday, October 14, the shares were sold for a total of $196,022.16, with an average price of $81.54. Rob Ten, EVP HoedtThe average price paid for the shares, which totaled $196,022.16, was $81.54. The executive vice president bought 43,483 company shares for a total market value of $3,545,603.82 once the purchase was finalized. A legal document submitted to the SEC and made available online details the transaction. 0.29% of the shares are owned by insiders.
Many institutional investors and hedge funds recently modified the percentage of shares they were holding. Industrial Alliance Investment Management Inc. grew its stake in Medtronic by 50.8% during the third quarter. Industrial Alliance Investment Management Inc. now owns 9,447 shares of the medical technology company’s stock, worth $763,000, after acquiring an additional 3,183 shares in the last recent quarter. Kayne Anderson Rudnick Investment Management LLC grew its stake in Medtronic by 1.9% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now directly owns 52,298 shares of the $4,223,000 market cap company’s stock after acquiring an additional 955 shares in the most recent quarter. Captrust Financial Advisors increased its holding in Medtronic by 38.2% during the third quarter. Captrust Financial Advisors now owns 167,560 shares of the medical technology company’s stock, valued at $13,530,000, after acquiring an additional 46,308 shares during the period. Ascent Group LLC increased its holdings in Medtronic by 27.4% during the third quarter. Ascent Group LLC now owns 5,414 shares of the stock of the $470,000 market cap business after purchasing an additional 1,166 shares during that time. Not to mention, Fred Alger Management LLC increased its holdings in Medtronic by 15.9% during the third quarter. Institutions control a stunning 79.81% of the stock of the medical technology firm, which Fred Alger Management LLC now owns 23,999 shares of, worth $1,938,000 after acquiring an additional 3,290 shares during the quarter.
Several stock analysts recently released reports on the company. Mizuho started covering Medtronic in a report that was released on Wednesday, October 12th. The stock was recommended to be “purchased” with a price goal of $100. On Wednesday, October 12, Jefferies Financial Group released its initial assessment of Medtronic. They gave the firm a “hold” rating and a price objective of $87.00. Barclays lowered their price target on Medtronic from $90.00 to $85.00 in a research report published on Friday, November 25th, and rated the stock as “equal weight.” Deutsche Bank Aktiengesellschaft reduced its target price for Medtronic from $85.00 to $80.00 in a research report on November 23. In a research report published on November 23, Oppenheimer downgraded Medtronic from “outperform” to “market perform,” cutting their target price for the company from $106.00 to $85.00. The stock has received buy ratings from seven research analysts, hold ratings from sixteen, and sell ratings from one analyst. According to Bloomberg.com, the company has a consensus “Hold” rating and an average price objective of $97.58.
