St. Jude Medical, Inc. (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, consisting of $770 million in dividends and $3.0 billion in share repurchases.
Commenting on the new share repurchase program, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “This share repurchase program reflects our confidence in the continued growth of St. Jude Medical’s business, our sustainable free cash flow and our commitment to enhancing shareholder value.”