St. Jude Medical Declares 10 Percent Dividend Increase
St. Jude Medical announced today that the company will offer their shareholders a 10 percent dividend increase to $.23 per share each quarter.
Following the dividend increase, St. Jude Medical stock will offer investors a current dividend yield of approximately 2.1 percent.
St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks commented in a statement, “St. Jude Medical has a long track record of returning capital to our shareholders. This increase in our cash dividend demonstrates our commitment to maintaining a meaningful dividend payout over time without sacrificing our ability to invest in our robust portfolio of product development initiatives designed to accelerate our revenue growth.”
The St. Jude Medical dividend increase will go into effect on April 30, 2012 to shareholders of record as of March 30, 2012.
It was only a year ago that St. Jude Medical initiated a dividend of $.21 per share each quarter. Since that time the stock, which trades under the ticker symbol STJ, has declined 10 percent. However, STJ shares have now climbed 26 percent since the beginning of 2012. Today’s dividend increase could go a long way towards calming investor fears about the company’s future growth potential.