Dividend Aristocrat Medtronic raises dividend for 41st year

Dividend Aristocrat Medtronic plc (MDT) will raise its dividend by almost nine percent to $0.50 per share quarterly this year, marking 41 consecutive years of dividend increases.

Medtronic's dividend per share has grown by 300 percent since fiscal year 2008 and has grown at a 17 percent compounded annual growth rate over the past 41 years.

"We are committed to creating shareholder value through efficient and disciplined capital allocation, and this starts with providing a strong and growing dividend to our shareholders. Today's dividend increase reflects the confidence of our board and management team in the strength of the company's cash flow generation," said Omar Ishrak, Medtronic chairman and chief executive officer. "We are focused on continuing to improve our cash flow conversion, creating additional capital that can be both reinvested to drive future growth and returned to our shareholders."

Medtronic has a strong track record of returning capital to its shareholders, including returning $4.3 billion in fiscal year 2018.  The company remains committed to returning a minimum of 50 percent of its free cash flow to shareholders through dividends and share repurchases. Medtronic continues to expect to grow its dividend in line with earnings, and it is focused on maintaining a payout ratio on prior fiscal year non-GAAP EPS around 40 percent. The dividend is payable on July 25, 2018, to shareholders of record at the close of business on July 6, 2018.

Last year Medtronic raised its dividend for the 40th consecutive year.

Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world's largest medical technology, services and solutions companies - alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 86,000 people worldwide, serving physicians, hospitals and patients in more than 150 countries.

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