Medtronic narrows fiscal 2016 adjusted earnings forecast
NEW YORK (AP) — Medtronic is narrowing its fiscal 2016 adjusted earnings outlook.
The Dublin-based company now anticipates full-year earnings between $4.36 and $4.40 per share. Its prior guidance was for $4.33 to $4.40 per share.
Analysts surveyed by FactSet expect earnings of $4.38 per share.
The medical device maker also announced Monday that it plans to return $5 billion of the $9.3 billion that came from an internal reorganization to shareholders via stock buybacks. The share repurchases are to be made before the end of fiscal 2018.
Medtronic PLC said the $5 billion being returned to shareholders is in addition to its current commitment to give 50 percent of its free cash flow each year to stockholders through dividends and stock buybacks.
Shares fell $1.28, or 1.7 percent, to $72.50 in afternoon trading Monday. Its shares have fallen about 2.5 percent over the past year.