Research Desk Line-up: MGC Diagnostics Post Earnings Coverage
LONDON, UK / ACCESSWIRE / June 26, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Medtronic PLC (NYSE: MDT), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MDT. The Company's Board of Directors announced on June 23, 2017, that it has approved a 7% increase in its quarterly cash dividend, raising the quarterly amount to $0.46 per ordinary share for Q1 FY17. This surge is the 40th consecutive increase in Medtronic's history and would translate into an annual amount of $1.84 per ordinary share, or a dividend per share payout ratio of 40% with respect to FY16 non-GAAP diluted EPS. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Discover more of our free reports coverage from other companies within the Medical Appliances & Equipment industry. Pro-TD has currently selected MGC Diagnostics Corporation (NASDAQ: MGCD) for due-diligence and potential coverage as the Company reported on June 01, 2017, its financial results for Q2 FY17 which ended on April 30, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on MGC Diagnostics when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on MDT; also brushing on MGCD. Go directly to your stock of interest and access today's free coverage at:
http://protraderdaily.com/optin/?symbol=MDT
http://protraderdaily.com/optin/?symbol=MGCD
The Announcement
Medtronic views this agreement as a demonstration of the constant cash flow generation, and the ability to generate value for shareholders. The Company plans to return a minimum of 50% of free cash flow each year through dividends and share repurchases, balancing the return of cash to its shareholders with disciplined reinvestment in its business to drive sustainable growth.
The Company additionally authorized the expenditure of up to $5.0 billion for new share repurchases where there is no specific time-period associated with the current repurchase authorization. The authorization process replaces the previous 2015 repurchase authorization to redeem up to an aggregate number of ordinary shares.
Medtronic's Diabetes-treatment Portfolio
Medtronic has led the diabetes-treatment segment in the recent years where it developed the first Hybrid Closed Loop System for people with Type-1 Diabetes. The product, known as MiniMed 670G system, featured the Company's most advanced SmartGuard HCL technology and Guardian Sensor 3, which reportedly is the only insulin pump approved by the FDA, and enables personalized and automated delivery of basal insulin. Basal insulin helps is the background insulin needed to maintain stable blood sugar levels, where the product works to self-adjust basal insulin delivery, every five minutes, on the basis of real-time needs.
Atrial Fibrillation-treatment Segment
Atrial Fibrillation (AF), according to the Company, is a debilitating disease imposes a significant burden on the entire healthcare community, and impacts all the aspects involved: progressing along with the disease. According to the data on the clinical impact of Reactive ATP Therapy and the first in-patients with ICDs and CRT devices, released on June 18, 2017, the process slows the progression of AF in patients with implanted cardiac devices.
Medtronic also announced new data, representing the use of its cardiac resynchronization therapy (CRT) devices, with its proprietary AdaptivCRT(TM) and Effective CRT(TM) algorithms on June 20, 2017. The device resulted in lower healthcare system costs and improved therapy delivery in heart patients who had AF.
On March 21, 2017, the Company announced that its wholly-owned subsidiary, Medtronic Global Holdings, S.A., has priced an offering of $1.0 billion principal amount of 1.7% senior notes due 2019 and $850 million principal amount of 3.35% senior notes due 2027. The Company planned to use the net proceeds of the offerings for general corporate purposes.
The announced dividend, according to the Company, is payable on July 25, 2017, to shareholders of record at the close of business on July 07, 2017.
Last Close Stock Review
At the closing bell, on Friday, June 23, 2017, Medtronic's stock was slightly up 0.12%, ending the trading session at $89.20. A total volume of 6.71 million shares have exchanged hands, which was higher than the 3-month average volume of 4.33 million shares. The Company's stock price surged 10.12% in the last three months, 24.62% in the past six months, and 4.00% in the previous twelve months. Moreover, the stock rallied 25.23% since the start of the year. The stock is trading at a PE ratio of 30.79 and has a dividend yield of 1.93%. The stock currently has a market cap of $122.11 billion.
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SOURCE: Pro-Trader Daily