Medtronic raises dividend 9%, to buy back 60 Million more shares

Medical device maker Medtronic Inc. said Thursday its board of directors increased its dividend by 9 percent to an annual rate of 82 cents. The increase raises the quarterly amount to 20.5 cents.

The increase is effective for the 2010 fiscal year. The quarterly dividend is payable July 31 to shareholders of record as of July 10.

The board also approved the buyback of an additional 60 million shares of common stock under a current plan. The company has about 1.12 billion shares of common stock outstanding.

Shares of Medtronic rose 74 cents, or 2.3 percent, to $33.67 in afternoon trading.

ABOUT MEDTRONIC(MDT)

Founded in 1949, Medtronic has grown to become the world's largest independent medical technology company. At the core of all we do is our Mission: to alleviate pain, restore health and extend life. It provides a clear path for all employees as we work together to take Medtronic to the next level.

Medtronic was first incorporated April 23, 1957 and became a public company as the result of a convertible debenture offering. The first shares were issued under these debentures on December 17, 1959 to our company founders, Earl Bakken and Palmer Hermundslie. Medtronic shares were traded Over-the-Counter (OTC) until we were listed on the NASDAQ in 1964. Medtronic began trading on the New York Stock Exchange on November 21, 1977 and continues to be traded on the NYSE today under the ticker symbol MDT.

Disclosure I am long MDT shares.