St. Jude Medical (STJ) Approves $1B Buyback

St. Jude Medical, Inc. (NYSE: STJ) has authorized a share repurchase of up to $1 billion 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 Nov. 28, 2012, the company had approximately 308 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.

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