Medtronic Has Raised Its Dividend for 49 Years. These 2 Rivals Have Even Longer Streaks

Medical device makers sell things hospitals can’t put off for long: pacemakers, glucose sensors, ablation catheters, and surgical systems. That steady demand pays for some of the longest dividend growth records on Wall Street. Each company below has raised its payout for decades, and Medtronic (NYSE:MDT) has the shortest streak in the group, at 49 consecutive years of dividend increases. Here is how safe each payout looks today, and what each one adds to an income portfolio.

Medtronic: Top Yield in the Group, With Free Cash Flow Rising Fast

Medtronic yields 2.95% at a share price of $94.05. The quarterly dividend is $0.72, which works out to an annual rate of $2.88 per share. That makes it the highest yield of the three.

Dividend safety: Free cash flow is the place to start. Medtronic generated $5.43 billion of free cash flow in fiscal 2026. In the first quarter of fiscal 2027 alone, free cash flow came in at $1.29 billion (up 120.89% year over year), while dividends paid in that quarter totaled $921 million. Management raised its fiscal 2027 non-GAAP EPS guidance to $5.94 to $6.00. Even at the low end, the annual dividend equals about 48.5% of expected earnings, which leaves room for future raises. On the balance sheet, the chief financial officer told analysts, “We’ve got a strong balance sheet,” and the stock has a beta of 0.567. The dividend record shows steady, small raises: the quarterly payment went from $0.69 in 2024 to $0.72 now.

Bull case: Growth has picked up. First-quarter revenue rose 13.7% to $9.76 billion, and Cardiac Ablation Solutions grew 88%, passing $2 billion in trailing 12-month revenue. Chief Executive Geoff Martha said the results “reinforce our confidence in the durability of our growth.” Even with that momentum, the stock trades at about 14 times forward earnings, compared with a trailing multiple of 23. Medtronic matches the group’s top yield with its lowest forward valuation.

Risk: Medtronic still plans to separate its MiniMed diabetes business, and the company hasn’t set a firm timeline. Management says the deal will happen when “the economics are optimal for our shareholders and for our stakeholders.” Until then, separation costs and complexity could weigh on reported results.

Abbott Laboratories: A Dividend King Trading Well Below Its Highs

Abbott Laboratories (NYSE:ABT | ABT Price Prediction) yields 2.46% at $102.42 a share. The quarterly dividend is $0.63, up from $0.59 in 2025 and $0.55 in 2024.

Dividend safety: Abbott has a long record of consistency. Its latest payment was the 410th consecutive quarterly dividend and marked the 54th consecutive year of dividend increases. That streak keeps Abbott in the S&P 500 Dividend Aristocrats and puts it past the 50-year mark that defines a Dividend King. The annualized dividend of $2.52 equals about 48.9% of full-year 2025 adjusted EPS of $5.15. GAAP coverage is tighter. Trailing diluted EPS sits at $2.69 because of charges tied to the $21 billion Exact Sciences acquisition. The balance sheet has also taken on more debt: quarterly interest expense rose to $299 million from $50 million because of the acquisition financing. Even so, Abbott returned $2.1 billion to shareholders through dividends and buybacks in the second quarter.

Bull case: The device business is doing well. Medical Devices revenue rose 9.0% to $5.85 billion in the second quarter, and continuous glucose monitors brought in $2.19 billion. Abbott recently announced plans to spin off its nutrition business, which shrank 3.1% in the second quarter, leaving a company more focused on devices and diagnostics (Reuters). The shares are down 16.24% year to date and trade far below their 52-week high of $128.83, at about 19 times forward earnings.

Risk: Along with the nutrition spinoff, Abbott lowered its 2026 sales growth outlook (Reuters), and the stock fell 2.35% in the most recent session. Income investors need to see how the dividend will be split between the two companies once the separation happens.

Johnson & Johnson: 64 Straight Years of Raises Backed by a Huge MedTech Business

Johnson & Johnson (NYSE:JNJ) is classified as a drug maker, but its MedTech segment brought in $8.926 billion in the second quarter alone. That makes J&J one of the largest medical device businesses in the world. The stock yields 2%, and the quarterly dividend is $1.34, for an annualized forward payout of $5.36.

Dividend safety: J&J’s most recent raise lifted the quarterly dividend 3.1%, from $1.30 to $1.34. The company says that marks its 64th consecutive year of dividend increases, the longest streak in this group. Payment history shows raises every year in recent years: the quarterly rate rose from $0.80 in 2017 to today’s level. Free cash flow reached $19.7 billion in 2025, and the forward dividend equals about 49.7% of 2025 EPS of $10.79. J&J is also one of only two U.S. companies with a AAA credit rating, and the stock’s beta of 0.206 makes it the least volatile name here.

Bull case: J&J has several growth drivers behind the payout. In MedTech, second-quarter Electrophysiology revenue was $1.533 billion, and Shockwave grew 14.6%. On the drug side, DARZALEX sales rose 18.9%. For retirees, that mix means one quarterly check supported by both device demand and blockbuster drugs.

Risk: Biosimilar competition is eroding a key drug franchise. STELARA sales fell 55.2% year over year in the second quarter. More patent expirations will force newer products to keep making up for lost revenue.

Three Dividend Streaks Backed by Steady Hospital Demand

All three pay out about half of their earnings, and each sells products that hospitals keep buying when the economy slows. Medtronic offers the highest yield and the lowest forward valuation. Abbott offers a Dividend King streak at a share price well below its 52-week high as it reshapes the company. Johnson & Johnson offers the longest streak and a top-tier balance sheet.

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