Orthopedic devices titan Zimmer (NYSE:ZMH) launched a new open-ended buyback program under which the board approved the repurchase of up to $1 billion in shares.
The buyback has no definitive end-date and replaces the previous buyback, effective at the start of the new year. The previous buyback was originally slated to expire Dec. 31, 2014.
The news didn’t stir much activity on Wall Street, where shares were flat at $90.45 as of about 3:05 p.m. yesterday.
In conjunction with the repurchasing program, Zimmer also announced the payment of a 20¢-per-share cash dividend, payable Jan. 31, 2014, to all stockholders of record as of Dec. 27, 2013. The new payment represents an annual dividend rate of 80¢ per share, Zimmer noted.
