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Medtronic Hikes Dividend by 9%, Marking the 44th Consecutive Increase

Medtronic plc (MDT) is one of the world’s largest medical technologies, services and solutions companies, serving hospitals, physicians, clinicians and patients in more than 150 countries around the world.

The company generated 35% of its revenue from its Cardiac & Vascular Group, 30% of its revenue from its Minimally Invasive Therapies Group, 27% of its revenue from its Restorative Therapies Group and 8% of its revenue from its Diabetes Group during the quarter ended January 29, 2021. In FY 2020, 52% of sales came from the U.S., 32% came from non-U.S. developed markets and 16% came from emerging markets.

Strong Q4 Financial Results

Medtronic reported revenue that rose 37% to $8.19 billion, beating consensus estimates by $60 million, and non-GAAP earnings came in at $1.50 per share, beating consensus estimates by eight cents. Moving forward, the company expects FY2022 revenue growth to reach about 9% year-over-year on an organic basis.

Analysts have remained bullish on the stock. For instance, Argus analyst David Toung maintained a Buy rating and raised his price target in June, citing the reinvestment of operating cash flow to support product launches and accelerate new product development along with its solid market position in minimally invasive therapies, brain therapies and pain therapies.

The company raised its quarterly dividend by 8.6% to $0.63 per share, which represents a 2.02% forward yield. The dividend is payable on July 16, 2021, to shareholders on record as of June 25, 2021.

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