Medtronic nears Dividend King status amid analyst rating updates

Medtronic is approaching 'Dividend King' status, having raised its dividend for 49 consecutive years. Despite a 31% decline in stock value over the last five years due to supply chain issues, inflation, and regulatory hurdles, the company has seen recent revenue growth, particularly in its cardiovascular business.

Financial analysts have recently updated their outlooks for both Medtronic and its spun-off diabetes unit, MiniMed Group. Barclays upgraded Medtronic to a 'hold' rating, while Wells Fargo and Royal Bank of Canada issued positive outlooks with higher price targets.

Following the spin-off of MiniMed Group in March, analysts have also begun covering the new entity. Barclays set an 'equal weight' rating for MiniMed with a $22.00 price target, while other institutions like Bank of America and Citigroup have issued 'buy' ratings with increased price objectives.