ST. PAUL, Minn. (AP) – Medical device maker St. Jude Medical Inc. said Monday its board of directors approved the start of a regular quarterly cash dividend of 21 cents per share.

The St. Paul, Minn., company said the dividend shows its confidence in its growth potential, product pipeline and balance sheet.

“We believe that we are now at a scale where we are able to return a portion of shareholder value in the form of a cash dividend, while continuing to invest in (St. Jude’s) long-term growth programs,” the company said in a statement.

The dividend will be paid April 29 to shareholders of record at the close of business on March 31.

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