Medtronic Board Raises Dividend 9 Percent

MINNEAPOLIS (AP) — Medical device maker Medtronic Inc. said Thursday its board of directors increased its dividend by 9 percent to an annual rate of 82 cents.

The increase raises the quarterly amount to 20.5 cents.

The increase is effective for the 2010 fiscal year. The quarterly dividend is payable July 31 to shareholders of record as of July 10.

The board also approved the buyback of an additional 60 million shares of common stock under a current plan. The company has about 1.12 billion shares of common stock outstanding.

Shares of Medtronic rose 74 cents, or 2.3 percent, to $33.67 in afternoon trading.