St. Jude Medical Board of Directors Authorizes Share Repurchase
August 03 2011 - 8:03AM
Business Wire
St. Jude Medical, Inc. (NYSE:STJ) announced today that its Board
of Directors has authorized a share repurchase of up to $500
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.
Any shares acquired in the $500 million program will be
available for general corporate purposes, including offsetting
dilution associated with stock option and other equity-based
employee benefit plans. The Company had approximately 330 million
shares of common stock outstanding as of August 1, 2011.
Commenting on the new share repurchase program, St. Jude Medical
Chairman, President and Chief Executive Officer Daniel J. Starks
said, “St. Jude Medical has a strong balance sheet and cash flow,
which allows us to initiate this repurchase while remaining
committed to the development of new growth drivers, funding our
dividend program and our plans for superior long-term growth.”
About St. Jude Medical
St. Jude Medical develops medical technology and services that
focus on putting more control into the hands of those who treat
cardiac, neurological and chronic pain patients worldwide. The
company is dedicated to advancing the practice of medicine by
reducing risk wherever possible and contributing to successful
outcomes for every patient. St. Jude Medical is headquartered in
St. Paul, Minn. and has four major focus areas that include:
cardiac rhythm management, atrial fibrillation, cardiovascular and
neuromodulation. For more information, please visit sjm.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. Such forward-looking
statements include the expectations, plans and prospects for the
Company, including potential clinical successes, anticipated
regulatory approvals and future product launches, and projected
revenues, margins, earnings and market shares. The statements made
by the Company are based upon management’s current expectations and
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. These risks and uncertainties include
market conditions and other factors beyond the Company’s control
and the risk factors and other cautionary statements described in
the Company’s filings with the SEC, including those described in
the Risk Factors and Cautionary Statements sections of the
Company’s Annual Report on Form 10-K for the fiscal year ended
January 1, 2011 and Quarterly Report on Form 10-Q for the fiscal
quarter ended April 2, 2011. The Company does not intend to update
these statements and undertakes no duty to any person to provide
any such update under any circumstance.
SJM (NYSE:STJ)
Historical Stock Chart
From May 2024 to Jun 2024
SJM (NYSE:STJ)
Historical Stock Chart
From Jun 2023 to Jun 2024