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Medtronic ups dividend by 14 pct, to buy back more shares

Fri Jun 22, 2007 12:25pm EDT

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June 22 (Reuters) - Medtronic Inc. (MDT.N) said its board approved a cash dividend of $0.125 per common share, and also authorized the repurchase of an additional 50 million common shares.

The dividend, a 14 percent increase over the last quarterly dividend, is payable on July 27 to shareholders of record at the close of business on July 6, the company said in a statement.

The increase in the share repurchase raises the total number of shares Medtronic is authorized to repurchase to about 60 million.

(Reporting by Shikhar Balwani in Bangalore)

((Editing by Pratish Narayanan; Reuters Messaging: shikhar.balwani.reuters.com@reuters.net; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800)) Keywords: MEDTRONIC DIVIDEND/BUYBACK

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