Richard H. Anderson, independent director of Medtronic Inc. (NYSE: MDT), this week, bought 5,200 shares of MDT common stock at $37.94 per share.
This is the second time in the past year, Anderson has bough shares in MDT. His earlier purchase was made at $35.23 per share.
MDT shares are marginally higher in trading today. At last check, the stock was trading 0.79% higher at $38.10 on volume of 752,095. Year-to-date, MDT shares fell 0.42%, underperforming the S&P 500.
Minneapolis, Minnesota-based Medtronic is engaged in the development and manufacturing of a range of products and therapies providing a continuum of care to diagnose, prevent and monitor chronic conditions.
Earlier this week, Medtronic announced that its Board of Directors authorized a 7.2% increase in its cash dividend for fiscal year 2013. The company will now pay a quarterly dividend of $0.26 per share.
Chairman and CEO Omar Ishrak said that the dividend increase demonstrates the confidence of the board of directors and management team in the strength of the company’s cash flow generation and ability generate value for shareholders.
Ishrak said that MDT is committed to returning 50% of its free cash flow each year through dividends and share repurchases, which still gives the company ample flexibility to make disciplined investments for sustainable growth.
Last month, Medtronic reported its fourth-quarter financial results. The company posted fourth-quarter revenue of $4.3 billion, representing an increase of 4% over the same period in the previous year on a constant currency basis.
MDT’s non-GAAP diluted earnings per share growth for the quarter was 10%. The company’s emerging market revenue rose 20% on a constant currency basis.
For fiscal year 2013, the company expects revenue growth to be in the range of 2% to 4% on a constant currency basis. Diluted earnings per share for fiscal 2013 is expected to be between $3.62 and $3.70.
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