St. Jude Medical OKs $1B share repurchasing plan
St. Jude Medical's board approves a $1 billion share repurchasing plan to buy back its own stock.
St. Jude Medical [1] (NYSE:STJ [2]) said its board of directors approved a share repurchasing program worth $1 billion.
The St. Paul, Minn.-based medical device company's shares have been under pressure lately, losing about 22% of their value since Oct. 17, when CEO Daniel Starks cautioned investors about a possible negative report from the FDA over issues with a California manufacturing plant that makes its Durata pacemaker leads.
The FDA released its report [3] slamming St. Jude for 11 problems with its plant in Sylmar, Calif., a week ago, sending STJ shares down 10%. Shares were up 2.4% this morning, trading at $34.51 as of about 10:45 a.m.