Top 10 Dividend Stocks

8. Medtronic plc (NYSE:MDT)

Dividend Yield as of July 25: 3.00%

Medtronic plc (NYSE:MDT) is a Dublin-based medical device company that also provides solutions related to medical technology. The company posted its FY22 results in May and reported nearly $6 billion in free cash flow, up 22% from the previous year. Moreover, it also reported an 18% year-over-year growth in its cash flow from operations at $7.3 billion. Medtronic plc (NYSE:MDT) has been raising its dividends consecutively for the past 44 years. Its current quarterly payout stands at $0.68 per share, with a dividend yield of 3%, as of the close of July 25.

In July, Stifel lowered its price target on Medtronic plc (NYSE:MDT) to $105 due to multiple economic and geopolitical headwinds. However, the firm maintained its Buy rating on the stock.

As per Insider Monkey’s data, 54 hedge funds owned roughly $2 billion worth of stakes in Medtronic plc (NYSE:MDT) in Q1 2022. Diamond Hill Capital was the largest stakeholder of the company in the first quarter.

Polen Capital mentioned Medtronic plc (NYSE:MDT) in its Q1 2022 investor letter. Here is what the firm has to say:

“Ireland-based Medtronic is a leading health care company focused on supplying many important life-saving devices like pacemakers, defibrillators, and insulin pumps. This is another company with attractive pricing power and a business model that can hold up well during inflationary periods. Medtronic has increased market share across almost 70% of its portfolio since the start of the pandemic, which is a higher percentage than even before the pandemic. With growth-oriented companies falling out of favor over the quarter, the stock’s relatively discounted valuation (at approximately 19x earnings) also bolstered its performance.”