This Top Dividend Stock Is Trading at 52-Week Lows| MENAFN.COM

Wednesday, 28 September 2022 10:00 GMT

This Top Dividend Stock Is Trading at 52-Week Lows

(MENAFN- This Top Dividend Stock Is Trading at 52-Week Lows

Friday was a rough day on the markets after a new COVID variant spooked investors, sending the Dow Jones down more than 900 points to its worst day of the year. But with the selloff come opportunities for investors to buy some quality stocks on the dip.

One healthcare stock to consider is medical device maker Medtronic (NYSE:MDT). Its shares are now trading around 52-week lows as investors worry that a lack of a recovery in the healthcare industry could impact the number of hospital procedures, and thus, demand for Medtronic's devices.

However, the company is still in solid shape. Medtronic released its most recent quarterly results on Nov. 23, reporting sales of $7.8 billion for the period ending Oct. 29. Even though the company says it was negatively impacted by COVID-19 its sales still managed to rise 3% year over year. For longer term investors, it could make for a great recovery stock; CEO Geoff Martha calls the business,“one of the best positioned companies in healthcare” as it launched new products to help fuel its growth.

The company anticipates that for fiscal 2022 (the current fiscal year), its adjusted diluted EPS will come in at around $5.70. That's more than double the $2.52 it pays out in dividends over the course of the year. Its current dividend yield of 2.2%, is above the S&P 500 average of 1.4%.

The stock is down more than 17% over the past three months and now could be an excellent time for dividend investors to load up on Medtronic.


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