This article was originally published in The Gray Sheet
Executive SummaryAnnounces plan to repurchase up to 3 mil. shares of common stock, or 5.1% of its 58.5 mil. outstanding shares, following a recent stock slide to 53-1/4 on April 8; the April 8 stock close, a 52 week low for the issue, represents a 44.1% decline since the beginning of the year, when Medtronic traded at 95-1/4. The Minneapolis-based company already has repurchased 1.5 mil. shares since the beginning of its fiscal year (May 1, 1992) under previous buy-back authorizations. The company notes in an April 9 release announcing the repurchase program that it expects "solid growth" in sales and earnings per share for both the fourth quarter and the full year.
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