St. Jude Medical approves $1 billion stock buyback

St. Jude Medical board approves the repurchase of up to $1 billion in shares

Associated Press

ST. PAUL, Minn. (AP) -- Medical device maker St. Jude Medical Inc. said Thursday its board approved the repurchase of up to $1 billion in company stock.

St. Jude said it had about 308 million shares on the market on Wednesday.

That follows a $300 million share repurchase plan authorized in mid-October, when the company reported it had about 316 million shares outstanding.

Shares of St. Jude Medical rose 79 cents, or 2.4 percent, to $33.69 on Thursday. The stock has declined 1.8 percent in the year to date, while the benchmark S&P 500 index has gained 13 percent.

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