Medtronic (MDT) is one of the largest healthcare companies in the world. It manufactures and sells medical devices.

It was founded in 1949 as a medical equipment repair shop by Earl Bakken and his brother-in-law, Palmer Hermundslie. Today, Medtronic has more than 85,000 employees, and operates in more than 155 countries around the world.

Medtronic is has raised its dividend each year for the past 39 consecutive years.

Source: Medtronic Investor Relations

The company’s history of rising dividends makes it one of only 50 Dividend Aristocrats – stocks with 25+ years of consecutive dividend increases.You can see the full Dividend Aristocrats list here, to find more high quality dividend growth stocks like Medtronic.

Medtronic has been a fantastic dividend growth stock. According to the company, over the 39-year period it has raised its dividend by 18% per year on average. In the past 10 years, it has nearly quadrupled its dividend.

Business Overview

Medtronic operates in four segments, which are cardiac and vascular, restorative therapies, minimally invasive therapies, and diabetes. Its revenue breakdown according to operating segment is as follows:

Source: Investor Relations

All told, Medtronic’s lineup of devices and health care products treat nearly 40 different medical conditions. Its four operating segments each manufacture medical devices to serve a different market. The company has had great success with its diversified business model. Over the past decade, the company grew earnings-per-share by 7.9% compounded annually.

Last year, Medtronic increased its organic revenue, excluding the effects of foreign exchange and acquisitions, by 7% year over year.

It is off to a good start to the new fiscal year as well. Revenue, excluding currency fluctuations and the extra week of the prior fiscal year, rose 5% last quarter. The best-performing segment for the company was its diabetes group, which grew revenue in the high single-digit range on a constant-currency basis.