KALAMAZOO, Mich., Dec. 8, 2010 /PRNewswire-FirstCall/ — Stryker
SYK) announced today that its Board of Directors has increased
its dividend by 20% by declaring a quarterly dividend of $0.18
per share payable on January 31, 2011, to shareholders of
record at the close of business on December 31, 2010.
Stryker also announced today that its Board of Directors has
authorized the Company to repurchase an additional $500 million of
its common stock. The manner, timing and amount of any
purchases will be determined by the Company’s management based on
their evaluation of market conditions, stock price and other
factors and will be subject to regulatory considerations.
Purchases may be made from time to time in the open market,
in privately negotiated transactions or otherwise.
The strength of Stryker’s balance sheet and considerable cash
flow allow for the return of significant value to shareholders
through both dividends and share repurchases while simultaneously
making the necessary investments that will drive continued sales
and earnings growth. Since the start of 2010, Stryker has returned
approximately $238 million to shareholders through dividends. In
addition, under the existing $750 million share repurchase program,
the Company has repurchased approximately $410 million as of
December 7, 2010, of which approximately $300 million was purchased
since the beginning of the fourth quarter.
“Our strong performance in 2010 has allowed us to both
meaningfully boost our R&D spending, while also continuing our
pattern over the last few years of consistently and significantly
increasing our dividend,” said Stephen P. MacMillan, Chairman,
President and Chief Executive Officer of Stryker. “The 20% dividend
increase, coupled with the additional share repurchase
authorization resulting from our strong cash flow generati