Stryker Declares a 25% Increase in Quarterly Dividend and Announces Increase in Its Share Repurchase Authorization to $1 Billion
Kalamazoo, Michigan - December 5, 2012 - Stryker Corporation (NYSE:SYK) announced today that its Board of Directors has increased its dividend 25% by declaring a quarterly dividend of $0.265 per share payable on January 31, 2013, to shareholders of record at the close of business on December 31, 2012.
Stryker also announced today that its Board of Directors has authorized the Company to repurchase an additional $405 million of its common stock, which raises the total share repurchase authorization to $1 billion. The repurchases will occur at such times and prices as the management of the company determines and may be effected through transactions in the open market, in privately negotiated transactions or otherwise.
"Given the considerable strength of our balance sheet and strong cash flow generation, we are well positioned to pursue a capital allocation strategy that includes highly focused M&A, an increasingly robust dividend and share buybacks," said Kevin A. Lobo, President and Chief Executive Officer of Stryker. "We are committed to a strategy that will help drive our sales and earnings growth while simultaneously returning capital to shareholders at meaningful and consistent levels."
The press release contains information that includes or is based on forward-looking statements within the meaning of the federal securities law that are subject to various risks and uncertainties that could cause the Company's actual results to differ materially from those expressed or implied in such statements. Such factors include, but are not limited to: weakening of economic conditions that could adversely affect the level of demand for the Company's products; pricing pressures generally, including cost-containment measures that could adversely affect the price of or demand for the Company's products; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; resolution of tax audits; changes in financial markets; changes in the competitive environment; the Company's ability to integrate acquisitions; and the Company's ability to realize anticipated cost savings as a result of workforce reductions and other restructuring activities. Additional information concerning these and other factors are contained in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Stryker is one of the world's leading medical technology companies and is dedicated to helping healthcare professionals perform their jobs more efficiently while enhancing patient care. The Company offers a diverse array of innovative medical technologies, including reconstructive, medical and surgical, and neurotechnology and spine products to help people lead more active and more satisfying lives. For more information about Stryker, please visit www.stryker.com.
For investor inquiries please contact:
Katherine A. Owen, Stryker Corporation, 269-385-2600 or firstname.lastname@example.org
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Stryker Corporation via Thomson Reuters ONE
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