Medtronic approves buyback of 80M shares and raises dividend, buys 2 companies for about $200M

Industrials Associated Press

Medical device maker Medtronic said Friday it expanded its stock repurchase authorization, raised its quarterly dividend, and completed two acquisitions for about $200 million total.

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The company said it will buy back up to an additional 80 million shares, or about 6 percent of its outstanding stock. It said there is no specific time frame associated with the share repurchase.

Medtronic PLC raised its quarterly dividend to 38 cents from 30.5 cents.

The company also said it bought Aptus Endosystems for $110 million. The Sunnyvale, California-company makes devices used to repair aneurysms.

Medtronic paid $93 million to buy CardioInsight Technologies, a Cleveland company that makes devices used to non-invasively map the electrical activity of patient's hearts.

Medtronic moved its headquarters to Ireland in January after it bought surgical equipment maker Covidien in a $42.9 billion deal. The company's stock has risen 6.2 percent in 2015 and closed at $76.71 on Friday.