In the second installment of Oppenheimer's ‘Following the Cash' report, “we check in on the balance sheet and cash flow generation of the large cap medical device group through year-end 2010.”
“As we looked through the 4Q comments of the major medical device companies, cash was indeed a theme,” Oppenheimer writes. “Market growth remains challenged, and investors continue to press managements on how cash will be deployed.
“Acquisition activity has picked up over the past year, but there is balance sheet room for more. We believe Outperform-rated Medtech's MDT cash flow generation remains underappreciated. The company leads traditional Medtech in free cash flow yield and dividend yield, and is among the leaders in share buybacks.”
Medtech closed Friday at $38.08.
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