Medtronic Boosts Dividend

The board of Medtronic (MDT Quote - Cramer on MDT - Stock Picks) approved a 15% cash dividend increase over each of the previous four quarterly payments.

The maker of stents said the move was consistent with its history of paying out about 20% of the prior year's earnings to shareholders.

Medtronic will next pay a dividend of 9.625 cents a share. Medtronic has paid a dividend since the beginning of fiscal 1978 and has increased its dividend each year.

The dividend is payable July 29 to shareholders of record at the close of business July 1. The company's prior dividend rate was 8.375 cents.

Shares of Medtronic closed Thursday at $51.64, down 30 cents on the day.