Dividend Aristocrat Medtronic raises dividend by 7.4 percent in 2020
The next dividend will be paid on July 17,2020, to shareholders of record at the close of business on June 26, 2020. A new annual dividend of $2.32 per share yields 2.4% at Thursday's closing price of $95.41.
Geoff Martha, Medtronic chief executive officer, commented on the dividend hike in the company's press release announcing fourth quarter and fiscal year 2020 results: “Our financial position remains strong, and we’re differentially using our balance sheet during the pandemic. Today, we announced a significant increase in our dividend, and we are purposely investing to drive not only a strong recovery, but also consistent, long-term growth,” said Martha. “As we emerge, the investments that we’ve made will be evident in our attraction and retention of top talent, and in the new, innovative products and solutions that we’ll offer physicians, patients, and healthcare systems.”
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Medtronic is a Dividend Aristocrat, included in the Standard & Poor's index. The company has been raising dividends for 43 years in a row, with no dividend increase of less than 7% in recent years. Medtronic's average dividend increase over the last ten years is more than 10%. In the last four years, the dividend has increased by 7 to 9% each time. Medtronic, which has been paying dividends since at least 1977, currently pays approximately $ 2.4 billion in annual dividends to its shareholders.
Medtronic plc, headquartered in Dublin, Ireland, is a medical technology, services, and solutions company. The company has four operating segments that primarily develop, manufacture, distribute, and sell device-based medical therapies and services: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group and Diabetes Group.
