Tuesday, January 12, 2016
Medical device maker Medtronic Plc said it planned to buy back shares worth up to $5 billion over the next couple of years.
The company said on Monday an internal reorganization in September had resulted in cash and cash equivalents of $9.3 billion, which would be used to fund the buyback and to repay debt.
Medtronic also raised the lower end of its full-year adjusted earnings forecast range to $4.36 per share from $4.33, keeping the higher end unchanged at $4.40.
The revision reflects the benefit of a research and development tax credit.
Analysts on average were expecting a profit of $4.38 per share for the year ending April, according to Thomson Reuters I/B/E/S.
Medtronic shares were down 1 percent at $72.99 in afternoon trading on Monday.
reuters.com
