St. Jude Medical, Inc. (NYSE:STJ), a global medical device company, today announced that its Board of Directors declared a 10 percent increase in the company's quarterly dividend to $0.23 per common share. At the new rate, the annual dividend would be $0.92 per share, compared to the previous annual dividend of $0.84 per share. The dividend is payable April 30, 2012, to shareholders of record on March 30, 2012.
Commenting on the dividend increase, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, "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."