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Medical equipment maker Stryker Corp. said Wednesday that it has increased its dividend by 20 percent and increased its share repurchase authority.

The new dividend of 18 cents per share will be paid Jan. 31 to shareholders of record as of Dec. 31.

Stryker also said Wednesday that its board has authorized the company to repurchase an additional $500 million of its common stock.

Under its existing $750 million share repurchase program, the company has bought back roughly $410 million in shares.

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