shares of medtronic plc plc dropped 32 in premarket trading thursday after the medical technology company missed fiscal fourthquarter profit and sales expectations and provided a downbeat earnings outlook citing pressure from inflation supply chain constraints and covid19 controls in china net income rose to 149 billion or 110 a share from 136 billion or 100 a share in the yearago period excluding nonrecurring items adjusted earnings per share of 152 missed the factset consensus of 156 sales fell 12 to 809 billion below the factset consensus of 843 billion for fiscal 2023 the company expects adjusted eps of 553 to 565 below the factset consensus of 579 with chief financial officer karen parkhill saying supply chain inflation and foreign exchange expected to create nearterm pressure separately the company raised its quarterly dividend by 79 to 68 cents a share from 63 cents with the new dividend payable july 15 to shareholders of record on june 24 the company also announced it was working with davita inc dva to form a new independent kidney care medical device company coowned by both companies medtronics stock has gained 20 year to date through wednesday while the sp 500 spx has lost 165