Medtronic Says It Expects to Return $20B to Investors Over Next Five Years

Shares of Medtronic (MDT) - Get Report rallied in Tuesday's trading session on the heels of the medical technology company's investor day meeting. At Monday's meeting, CEO Omar Ishrak said the company intends to generate $40 billion in free cash flow over the next five years. Of that, about $20 billion is expected to be returned to shareholders, $10 billion will be held  for M&A activity and debt reduction and the remaining $10 billion will be used for financial flexibility. Analysts at Deutsche Bank reiterated their BUY rating on the company following Monday's meeting saying, Medtronic's 'underlying fundamentals have improved.'

This article was written by a staff member of TheStreet.