Exciting news for Medtronic shareholders. Our Client Medtronic have found themselves with an estimated $9 Billion (approx. £6.3 billion) in freed up funds acquired from their global acquisition of Covidien. They have recently announced exciting plans to use the capital to buy back $5 billion worth of shares back for its holders.
Chief Executive Omar Ishrak says the company aim to buy back the stock by early 2018 as part of its commitment to return 50% of its free cash flow each year to shareholders. Medtronic announced they had enhanced the lower range of its earnings guidance for the current fiscal year by three cents per share, to $4.36 to $4.40 a share.
Medtronic is considered one of the world’s biggest medical device companies and was founded in 1949 in Minneapolis, Minnesota in the USA.
Nicola Lawler, Marketing and Business Operations Executive