Business

St. Jude Board Declares Dividend, OKs Buyback

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CBS Minnesota (con't)

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ST. PAUL, Minn. (AP) — Medical device maker St. Jude Medical Inc. said Tuesday its board authorized a share repurchase of up to $300 million and declared a fourth-quarter dividend of 21 cents.

The St. Paul, Minn., company said the repurchases will occur at prices and times determined by management. The company had about 300 million shares outstanding as of Dec. 12.

The dividend is the same amount it declared in the first three quarters of 2011, and it brings the annual total to 84 cents per share. The dividend will be payable Jan. 31 to shareholders of record on Dec. 30.

St. Jude’s shares rose 10 cents to $35.06 in morning trading.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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