St. Jude Medical Board Authorizes $700M Share Buyback
St. Jude Medical (NYSE: STJ) announced today that its Board of
Directors has authorized a share repurchase of up to $700 million of its
outstanding common stock. The repurchases will occur at such times and
at such prices as the management of the company determines and may be
effected through transactions in the open market, in privately
negotiated transactions or otherwise. As of Dec. 6, 2013, the company
had approximately 292 million shares of common stock issued and
outstanding. The company 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 Medical has returned $3.8 billion of capital to shareholders,