<p>医疗设备制造商 <strong>美敦力</strong>（MDT 2.59%）是医疗行业的中坚力量。该公司总部位于美国和爱尔兰，是其细分市场中最大的公司之一，开发和销售包括医院设备和心血管护理及糖尿病设备在内的多样化产品组合。</p>
<p>持续的成功使其能够定期向股东提供不断增长的股息。在连续 47 年提高分红后，它正接近 “分红之王” 的地位。</p>
<p>在过去的半个世纪里，考虑到股息再投资，美敦力的总回报几乎达到了 60000%——接近 600 倍，但今天的交易价格比 2021 年 9 月创下的历史高点低了 20% 以上。现在这只股票值得购买吗？</p>
<h2>美敦力是乌龟，而不是兔子</h2>
<p>美敦力约一半的收入来自美国，这是全球最有利可图的医疗市场。其余收入来自国际销售，面临着未来几十年可能更快增长的新兴市场。例如，上个季度国际销售同比增长了 7%，而美国销售增长为 3.3%。从产品来看，美敦力的心血管、神经科学和外科部门占据了大部分业务，糖尿病部门的贡献较小。</p>
<p>这种多样性有助于确保稳定性。当疫情初期无数医疗程序被推迟或取消时，美敦力的过去 12 个月销售额首次自 1980 年代中期以来下降了 10%。然而，增长与稳定之间存在权衡：该公司不会以增长来令投资者惊艳。分析师预计其收益在未来三到五年内的年增长率仅为 6.5%。</p>
<p>这足以促进持续的股息增长和适度的股价升值。不过，寻找 “快速致富” 股票的人可能应该另寻他处。</p>
<h2>如何最大化美敦力股票的收益</h2>
<p>股息股票通常不会让你一夜致富。投资于它们是一个缓慢的过程，就像制作美味的烧烤。</p>
<p>不，美敦力并不是一只超高速增长的股票。然而，它是一家成熟、经过验证的赢家，拥有稳定增长的利润和可靠的股息。如果你有耐心，这可以是一个强有力的公式。</p>
<p>在当前的股价下，美敦力的股息收益率刚刚超过 3%。将其与 6% 到 7% 的收益增长结合起来，投资者可以平均获得 9% 到 10% 的年回报。再说一次，这并不特别，但你可以依赖美敦力的表现优于大多数股票。这种安全性也有其价值。如果你想最大化投资结果，可以考虑将股息再投资。</p>
<p>当你使用股息自动购买更多股票时，你会解锁更大的复利效应，这可以帮助你在长期内创造可观的财富。</p>
<h2>美敦力值得购买吗？</h2>
<p>投资者应避免为股息股票支付过高的价格。其基础业务可能需要很长时间才能增长到足以抵消过高的估值。</p>
<p>美敦力在一个关注科技股的市场中可以说被忽视了。其股票的市盈率为 15.8。其市盈率与增长比率（PEG）为 2.4，略高，但我通常愿意购买 PEG 在 2.0 到 2.5 之间的高质量股票。PEG 比率越低，价值越好，因为你以更低的价格获得更多（预期的）收益增长。蓝筹股股息股票通常会比其增长看起来合理的估值更高，因为它们有可靠性的声誉。此外，收益预估仅仅是经过教育的猜测。</p>
<p>美敦力的股票在这些价格下可能不是一个令人惊艳的便宜货，但它是一家优秀的企业，价值合理。可以安全地称美敦力为一个稳健的买入，特别是如果你是一个打算长期持有股票并再投资股息的投资者。</p>

美敦力

<p>美敦力是一家领先的医疗设备制造商，被认为是长期投资者的稳健买入选择。该公司拥有 47 年连续增长的丰厚分红历史，目前的股息收益率超过 3%。尽管其盈利增长预计为每年 6.5%，美敦力多样化的产品组合和稳定性使其成为一个可靠的投资。尽管其股票的市盈率为 15.8，但被视为蓝筹股分红股票的合理价值。投资者被鼓励将分红再投资以获得复利收益</p>

<p>Medical device manufacturer <strong>Medtronic</strong>(MDT 2.59%) is a healthcare industry stalwart. The company, based in the U.S. and Ireland, is one of the largest in its segment, developing and selling a diverse portfolio of products that includes hospital equipment and devices for cardiovascular care and diabetes.</p>
<div class="lb-trans"><p>医疗设备制造商 <strong>美敦力</strong>（MDT 2.59%）是医疗行业的中坚力量。该公司总部位于美国和爱尔兰，是其细分市场中最大的公司之一，开发和销售包括医院设备和心血管护理及糖尿病设备在内的多样化产品组合。</p>
</div><p>Sustained success has enabled it to reward shareholders with regularly growing dividends. After 47 consecutive years of payout hikes, it's approaching Dividend King status.</p>
<div class="lb-trans"><p>持续的成功使其能够定期向股东提供不断增长的股息。在连续 47 年提高分红后，它正接近 “分红之王” 的地位。</p>
</div><p>Over the past half-century, with dividends reinvested, Medtronic has delivered a total return of almost 60,000% -- a near 600-bagger -- but today, it's trading more than 20% below the all-time high it hit in September 2021. Is the stock a buy now?</p>
<div class="lb-trans"><p>在过去的半个世纪里，考虑到股息再投资，美敦力的总回报几乎达到了 60000%——接近 600 倍，但今天的交易价格比 2021 年 9 月创下的历史高点低了 20% 以上。现在这只股票值得购买吗？</p>
</div><h2>Medtronic is the tortoise, not the hare</h2>
<div class="lb-trans"><h2>美敦力是乌龟，而不是兔子</h2>
</div><p>About half of Medtronic's revenue comes from the United States, the world's most lucrative healthcare market. The rest comes from international sales, where it's exposed to emerging markets that could grow faster over the coming decades. For example, international sales rose 7% year over year last quarter compared to 3.3% for U.S. sales. Product-wise, Medtronic's cardiovascular, neuroscience, and surgical segments comprise most of the business, with a minor contribution from its diabetes unit.</p>
<div class="lb-trans"><p>美敦力约一半的收入来自美国，这是全球最有利可图的医疗市场。其余收入来自国际销售，面临着未来几十年可能更快增长的新兴市场。例如，上个季度国际销售同比增长了 7%，而美国销售增长为 3.3%。从产品来看，美敦力的心血管、神经科学和外科部门占据了大部分业务，糖尿病部门的贡献较小。</p>
</div><p>That diversity helps ensure stability. When countless medical procedures were delayed or canceled during the first few years of the pandemic, it was the first time Medtronic's trailing 12-month sales dropped by 10% since the mid-1980s. However, there's a trade-off between growth and stability: The company isn't going to wow investors with growth. Analysts estimate its earnings will grow at an annualized rate of only 6.5% over the next three to five years.</p>
<div class="lb-trans"><p>这种多样性有助于确保稳定性。当疫情初期无数医疗程序被推迟或取消时，美敦力的过去 12 个月销售额首次自 1980 年代中期以来下降了 10%。然而，增长与稳定之间存在权衡：该公司不会以增长来令投资者惊艳。分析师预计其收益在未来三到五年内的年增长率仅为 6.5%。</p>
</div><p>That would be enough to foster continued dividend growth and modest share price appreciation. Still, those looking for &#34;get rich quick&#34; stocks should probably look elsewhere.</p>
<div class="lb-trans"><p>这足以促进持续的股息增长和适度的股价升值。不过，寻找 “快速致富” 股票的人可能应该另寻他处。</p>
</div><h2>How to get the most from Medtronic stock</h2>
<div class="lb-trans"><h2>如何最大化美敦力股票的收益</h2>
</div><p>Dividend stocks generally will not make you wealthy overnight. Investing in them is a slow process, like making good barbecue.</p>
<div class="lb-trans"><p>股息股票通常不会让你一夜致富。投资于它们是一个缓慢的过程，就像制作美味的烧烤。</p>
</div><p>No, Medtronic isn't a hypergrowth stock. However, it is a mature, proven winner with steadily growing profits and a reliable dividend. If you're patient, that can be a potent formula.</p>
<div class="lb-trans"><p>不，美敦力并不是一只超高速增长的股票。然而，它是一家成熟、经过验证的赢家，拥有稳定增长的利润和可靠的股息。如果你有耐心，这可以是一个强有力的公式。</p>
</div><p>At the current share price, Medtronic's dividend yields just over 3%. Combine that with 6% to 7% earnings growth, and investors could average 9% to 10% annual returns. Again, it's not extraordinary, but you can depend on Medtronic to perform better than most stocks. That safety has value, too. If you want to maximize your investment results, consider reinvesting your dividends.</p>
<div class="lb-trans"><p>在当前的股价下，美敦力的股息收益率刚刚超过 3%。将其与 6% 到 7% 的收益增长结合起来，投资者可以平均获得 9% 到 10% 的年回报。再说一次，这并不特别，但你可以依赖美敦力的表现优于大多数股票。这种安全性也有其价值。如果你想最大化投资结果，可以考虑将股息再投资。</p>
</div><p>When you use your dividends to automatically buy more shares of stock, you unlock greater compounding effects that can help you generate meaningful wealth over the long haul.</p>
<div class="lb-trans"><p>当你使用股息自动购买更多股票时，你会解锁更大的复利效应，这可以帮助你在长期内创造可观的财富。</p>
</div><h2>Is Medtronic a buy?</h2>
<div class="lb-trans"><h2>美敦力值得购买吗？</h2>
</div><p>Investors should avoid overpaying for dividend stocks. It can take a long time for their underlying businesses to grow by enough to offset an excessive valuation.</p>
<div class="lb-trans"><p>投资者应避免为股息股票支付过高的价格。其基础业务可能需要很长时间才能增长到足以抵消过高的估值。</p>
</div><p>Medtronic has arguably been overlooked in a market where the focus has been on technology stocks. Its shares trade at a price-to-earnings ratio of 15.8. Its price/earnings-to-growth PEG ratio of 2.4 is a touch high, but I'm generally willing to buy high-quality stocks with PEG ratios between 2.0 and 2.5. The lower the PEG ratio, the better the value, because you're getting more (expected) earnings growth for less. Blue chip dividend stocks often command higher valuations than their growth might appear to warrant because they have a reputation for dependability. Plus, earnings estimates are just educated guesses.</p>
<div class="lb-trans"><p>美敦力在一个关注科技股的市场中可以说被忽视了。其股票的市盈率为 15.8。其市盈率与增长比率（PEG）为 2.4，略高，但我通常愿意购买 PEG 在 2.0 到 2.5 之间的高质量股票。PEG 比率越低，价值越好，因为你以更低的价格获得更多（预期的）收益增长。蓝筹股股息股票通常会比其增长看起来合理的估值更高，因为它们有可靠性的声誉。此外，收益预估仅仅是经过教育的猜测。</p>
</div><p>Medtronic's stock is probably not a jaw-dropping bargain at these prices, but it's an excellent business at a reasonable value. It's safe to call Medtronic a solid buy, especially if you're a long-term investor who intends to hold the stock and reinvest the dividends.</p>
<div class="lb-trans"><p>美敦力的股票在这些价格下可能不是一个令人惊艳的便宜货，但它是一家优秀的企业，价值合理。可以安全地称美敦力为一个稳健的买入，特别是如果你是一个打算长期持有股票并再投资股息的投资者。</p>
</div>

美敦力的股票是否值得购买？