Medtronic Raises Dividend for 34th Consecutive Year
Thu, Jun 23, 10:55 PM ET, by eDividendStocks.com
Medtronic (MDT: 38.34 -0.52%) announced today that the company will raise their quarterly dividend by 8 percent to $.2425 per share.
The dividend increase from Medtronic will raise the current yield on the medical device stock to 2.5 percent based on today's closing price.
This marks the 34th consecutive year that Medtronic has increased their dividend payout which has now doubled over the last five years. Last year Medtronic raised their dividend by 9 percent.
Medtronic also announced an increase to their stock repurchase program. The company now has authorization to repurchase an additional 75 million shares or about 7 percent of their outstanding shares.
Medtronic has been very committed to stock repurchases lately. In fact, the company has spent $9 billion repurchasing 195 million shares over the past six years.
Omar Ishrak, Medtronic chairman and chief executive officer, commented in a statement, “These actions highlight the confidence of both the board of directors and our management team in the long-term strength of the company’s cash flow generation and ongoing commitment to return capital to our shareholders. We remain committed to our shareholders, expecting to return 40 to 50 percent of our free cash flow each year through dividends and share repurchases while making disciplined, strategic investments for sustainable, long-term growth.”
The Medtronic dividend will be payable on July 29, 2011 to shareholders of record as of July 8, 2011.
Related Dividend Articles:
SDI Glossary: "price" Definition
SDI Glossary: "Dividend" Definition
This Article's Word Cloud:
More articles: 1 2 3 4 5 6 7 next »