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CR Bard to buyback $500M in common stock

MURRAY HILL, N.J. (AP) -- Medical device maker C.R. Bard said Wednesday that its board authorized the repurchase of $500 million in company common stock. The new stock buyback is in addition to the $30 million authorization remaining under the company's June 2012 buyback plan.

In a separate statement, the company said it would increase its quarterly dividend by 5 percent, to 21 cents per share. The dividend will be payable on Aug. 2 to shareholders of record on July 22.

Shares of C.R. Bard Inc. rose 40 cents to close at $105.11.