<p>醫療設備製造商 <strong>美敦力</strong>（MDT 2.59%）是醫療行業的中堅力量。該公司總部位於美國和愛爾蘭，是其細分市場中最大的公司之一，開發和銷售包括醫院設備和心血管護理及糖尿病設備在內的多樣化產品組合。</p>
<p>持續的成功使其能夠定期向股東提供不斷增長的股息。在連續 47 年提高分紅後，它正接近 “分紅之王” 的地位。</p>
<p>在過去的半個世紀裏，考慮到股息再投資，美敦力的總回報幾乎達到了 60000%——接近 600 倍，但今天的交易價格比 2021 年 9 月創下的歷史高點低了 20% 以上。現在這隻股票值得購買嗎？</p>
<h2>美敦力是烏龜，而不是兔子</h2>
<p>美敦力約一半的收入來自美國，這是全球最有利可圖的醫療市場。其餘收入來自國際銷售，面臨着未來幾十年可能更快增長的新興市場。例如，上個季度國際銷售同比增長了 7%，而美國銷售增長為 3.3%。從產品來看，美敦力的心血管、神經科學和外科部門佔據了大部分業務，糖尿病部門的貢獻較小。</p>
<p>這種多樣性有助於確保穩定性。當疫情初期無數醫療程序被推遲或取消時，美敦力的過去 12 個月銷售額首次自 1980 年代中期以來下降了 10%。然而，增長與穩定之間存在權衡：該公司不會以增長來令投資者驚豔。分析師預計其收益在未來三到五年內的年增長率僅為 6.5%。</p>
<p>這足以促進持續的股息增長和適度的股價升值。不過，尋找 “快速致富” 股票的人可能應該另尋他處。</p>
<h2>如何最大化美敦力股票的收益</h2>
<p>股息股票通常不會讓你一夜致富。投資於它們是一個緩慢的過程，就像製作美味的燒烤。</p>
<p>不，美敦力並不是一隻超高速增長的股票。然而，它是一家成熟、經過驗證的贏家，擁有穩定增長的利潤和可靠的股息。如果你有耐心，這可以是一個強有力的公式。</p>
<p>在當前的股價下，美敦力的股息收益率剛剛超過 3%。將其與 6% 到 7% 的收益增長結合起來，投資者可以平均獲得 9% 到 10% 的年回報。再説一次，這並不特別，但你可以依賴美敦力的表現優於大多數股票。這種安全性也有其價值。如果你想最大化投資結果，可以考慮將股息再投資。</p>
<p>當你使用股息自動購買更多股票時，你會解鎖更大的複利效應，這可以幫助你在長期內創造可觀的財富。</p>
<h2>美敦力值得購買嗎？</h2>
<p>投資者應避免為股息股票支付過高的價格。其基礎業務可能需要很長時間才能增長到足以抵消過高的估值。</p>
<p>美敦力在一個關注科技股的市場中可以説被忽視了。其股票的市盈率為 15.8。其市盈率與增長比率（PEG）為 2.4，略高，但我通常願意購買 PEG 在 2.0 到 2.5 之間的高質量股票。PEG 比率越低，價值越好，因為你以更低的價格獲得更多（預期的）收益增長。藍籌股股息股票通常會比其增長看起來合理的估值更高，因為它們有可靠性的聲譽。此外，收益預估僅僅是經過教育的猜測。</p>
<p>美敦力的股票在這些價格下可能不是一個令人驚豔的便宜貨，但它是一家優秀的企業，價值合理。可以安全地稱美敦力為一個穩健的買入，特別是如果你是一個打算長期持有股票並再投資股息的投資者。</p>

美敦力

<p>美敦力是一家領先的醫療設備製造商，被認為是長期投資者的穩健買入選擇。該公司擁有 47 年連續增長的豐厚分紅歷史，目前的股息收益率超過 3%。儘管其盈利增長預計為每年 6.5%，美敦力多樣化的產品組合和穩定性使其成為一個可靠的投資。儘管其股票的市盈率為 15.8，但被視為藍籌股分紅股票的合理價值。投資者被鼓勵將分紅再投資以獲得複利收益</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>醫療設備製造商 <strong>美敦力</strong>（MDT 2.59%）是醫療行業的中堅力量。該公司總部位於美國和愛爾蘭，是其細分市場中最大的公司之一，開發和銷售包括醫院設備和心血管護理及糖尿病設備在內的多樣化產品組合。</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>持續的成功使其能夠定期向股東提供不斷增長的股息。在連續 47 年提高分紅後，它正接近 “分紅之王” 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>在過去的半個世紀裏，考慮到股息再投資，美敦力的總回報幾乎達到了 60000%——接近 600 倍，但今天的交易價格比 2021 年 9 月創下的歷史高點低了 20% 以上。現在這隻股票值得購買嗎？</p>
</div><h2>Medtronic is the tortoise, not the hare</h2>
<div class="lb-trans"><h2>美敦力是烏龜，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>美敦力約一半的收入來自美國，這是全球最有利可圖的醫療市場。其餘收入來自國際銷售，面臨着未來幾十年可能更快增長的新興市場。例如，上個季度國際銷售同比增長了 7%，而美國銷售增長為 3.3%。從產品來看，美敦力的心血管、神經科學和外科部門佔據了大部分業務，糖尿病部門的貢獻較小。</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>這種多樣性有助於確保穩定性。當疫情初期無數醫療程序被推遲或取消時，美敦力的過去 12 個月銷售額首次自 1980 年代中期以來下降了 10%。然而，增長與穩定之間存在權衡：該公司不會以增長來令投資者驚豔。分析師預計其收益在未來三到五年內的年增長率僅為 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>這足以促進持續的股息增長和適度的股價升值。不過，尋找 “快速致富” 股票的人可能應該另尋他處。</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>股息股票通常不會讓你一夜致富。投資於它們是一個緩慢的過程，就像製作美味的燒烤。</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，美敦力並不是一隻超高速增長的股票。然而，它是一家成熟、經過驗證的贏家，擁有穩定增長的利潤和可靠的股息。如果你有耐心，這可以是一個強有力的公式。</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>在當前的股價下，美敦力的股息收益率剛剛超過 3%。將其與 6% 到 7% 的收益增長結合起來，投資者可以平均獲得 9% 到 10% 的年回報。再説一次，這並不特別，但你可以依賴美敦力的表現優於大多數股票。這種安全性也有其價值。如果你想最大化投資結果，可以考慮將股息再投資。</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>當你使用股息自動購買更多股票時，你會解鎖更大的複利效應，這可以幫助你在長期內創造可觀的財富。</p>
</div><h2>Is Medtronic a buy?</h2>
<div class="lb-trans"><h2>美敦力值得購買嗎？</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>投資者應避免為股息股票支付過高的價格。其基礎業務可能需要很長時間才能增長到足以抵消過高的估值。</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>美敦力在一個關注科技股的市場中可以説被忽視了。其股票的市盈率為 15.8。其市盈率與增長比率（PEG）為 2.4，略高，但我通常願意購買 PEG 在 2.0 到 2.5 之間的高質量股票。PEG 比率越低，價值越好，因為你以更低的價格獲得更多（預期的）收益增長。藍籌股股息股票通常會比其增長看起來合理的估值更高，因為它們有可靠性的聲譽。此外，收益預估僅僅是經過教育的猜測。</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>美敦力的股票在這些價格下可能不是一個令人驚豔的便宜貨，但它是一家優秀的企業，價值合理。可以安全地稱美敦力為一個穩健的買入，特別是如果你是一個打算長期持有股票並再投資股息的投資者。</p>
</div>

美敦力的股票是否值得購買？