WASHINGTON, Feb 25 (Reuters) - A longtime director at Medtronic Inc (MDT.N) recently bought up $13.7 million of the medical device maker’s common stock after the company reported sharply lower net earnings on charges but an optimistic outlook.
Jack Schuler bought 279,100 shares for about $48.91 each on Feb. 20 and 21, according to filings with the U.S. Securities and Exchange Commission on Friday.
The transactions increase his holdings to 495,100 shares, according to a research note from filing tracker InsiderScore.com.
Schuler bought the shares after Medtronic reported on Feb. 19 that its fiscal third-quarter earnings fell sharply on charges related to the acquisition of spinal products company Kyphon Inc.
But the company said its earnings excluding the charges beat Wall Street expectations and said it would not be surprised if the consensus estimate for its full-year earnings rose.
On the day it reported earnings, Medtronic’s shares closed up 3 cents to $49.15.
Schuler has been a director at Medtronic since 1990 and is one of seven company insiders to buy stock during the past five years, but the only one to buy shares since September 2006, the research note said. (Reporting by Karey Wutkowski, editing by Gerald E. McCormick)