Medical device maker Medtronic, Inc. (MDT) said Thursday that its board of directors has approved a 7.2% increase in its cash dividend for fiscal year 2013, raising the quarterly amount to $0.26 per share of the company's common stock for an annual amount of $1.04 per share.
The dividend is payable on July 27 to shareholders of record at the close of business on July 6.
"This 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 to generate value for our shareholders," said Omar Ishrak, chairman and CEO. "We are committed to returning 50 percent of our free cash flow each year through dividends and share repurchases, which still gives us ample flexibility to make disciplined investments for sustainable growth."
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