Investing for sustainable income is as simple as buying and holding businesses with track records of success and decades of dividend growth. This strategy filters out subpar companies because only the best are capable of delivering prolonged growth in dividend payouts.

A Dividend Aristocrat with 45 consecutive years of dividend hikes to its credit, Medtronic (NYSE: MDT) rises above most businesses when it comes to dividend stability and growth. But can this dividend growth streak continue? And is the stock a buy for income investors? Let's dig into Medtronic's fundamentals and valuation to answer these questions.

In late August, the medical devices juggernaut shared its financial results for its first quarter of fiscal year 2023. This was an especially challenging quarter: Revenue came in at $7.4 billion, down 7.7% year over year. While this appears to be quite bleak for such a well-established business, the headline revenue figure is deceiving. This is because unfavorable foreign currency translations stemming from a stronger U.S. dollar accounted for a $351 million decline in revenue. Adjusting for this factor, Medtronic's revenue decline was a more modest 3.3% year over year.

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Source Fool.com