Medtronic, Inc. (NYSE:MDT) increased the size of its Share Repurchase Plan by 50 million shares or approximately 4.4% of shares outstanding. The increase brings the size of the total authorization to approximately 60 million shares. In addition, the company increased its dividend by 14% to a quarterly figure of $0.125 per share of the Company’s common stock.
During the past two fiscal years, Medtronic has paid $969 million in dividend payments and repurchased 90.6 million shares of its common stock with a value of more than $4.6 billion, for a combined total cash return to shareholders of more than $5.7 billion. The company committed to to continue to explore ways to further enhance shareholder return as Medtronic achieves its growth goals.
Medtronic, Inc. is a global leader in medical technology, alleviating pain, restoring health and extending life for millions of people around the world.
PAYOUT YIELD ANALYSIS
With 1.14 billion shares outstanding, the current authorization of 60 million shares would yield $2.74 per share. Combined with the new, higher annual dividend of $0.50, the Total Payout will be $3.24. At a share price of $52, the Total Payout Yield would be 6.2% if the repurchase is completed over the next 4 quarters.
- Payout Yield Staff