12.11.13
St. Paul, Minn.-based medical device St. Jude Medical’s board of directors has authorized a share repurchase plan of up to $700 million of its outstanding common stock. The repurchase will happen as the company deems advantageous. As of Dec. 6, 2013, the company had approximately 292 million shares of common stock issued and outstanding. St. Jude expects to fund this program with cash on hand as well as other sources of available liquidity.
Since the beginning of 2010 and excluding today’s announcements, St. Jude has reportedly returned $3.8 billion of capital to shareholders, consisting of $770 million in dividends and $3 billion in share repurchases.
“This share repurchase program reflects our confidence in the continued growth of St. Jude Medical’s business, our sustainable free cash flow and our commitment to enhancing shareholder value,” said St. Jude Medical’s Chairman, President and CEO Daniel J. Starks.
Since the beginning of 2010 and excluding today’s announcements, St. Jude has reportedly returned $3.8 billion of capital to shareholders, consisting of $770 million in dividends and $3 billion in share repurchases.
“This share repurchase program reflects our confidence in the continued growth of St. Jude Medical’s business, our sustainable free cash flow and our commitment to enhancing shareholder value,” said St. Jude Medical’s Chairman, President and CEO Daniel J. Starks.