Stryker Corp. (NYSE:SYK) said its board of directors authorized it to buy back up to $750 million worth of its own stock and released its first quarterly dividend.
The Kalamazoo, Mich.-based medical device maker said it had 397.7 million shares of common stock outstanding as of Oct. 31. As for the 15-cent dividend, payable Jan. 29, 2010, to shareholders of record on Dec. 30, Stryker said its the company’s first quarterly payout to stockholders since it moved from an annual dividend structure in October.
Stryker posted third-quarter net earnings of $277 million, or 69 cents per share, compared with a $274-million profit, or 66 cents per share, during the third quarter of 2008. Reported revenues were $1.7 billion, unchanged from last year.