If large enough in size, passive income can be life-changing to the investor receiving it. As an income investor, it's probably not surprising that my favorite form of passive income is dividends.

This is because, when an investor selects the right dividend stocks, dividend income also tends to grow over time. The medical device stock Medtronic (NYSE: MDT) just hiked its quarterly dividend per share by 7.9% to $0.68 for the 45th consecutive year, comfortably making it a Dividend Aristocrat. But should dividend growth investors buy the stock?

In late May, Medtronic shared its earnings results for its fiscal year ended April 29. And the company didn't disappoint, delivering impressive revenue and non-GAAP (adjusted) diluted earnings per share (EPS) growth in its fiscal year 2022. 

Continue reading

Source Fool.com