St. Jude Medical Inc. (NYSE: STJ) said Friday its board of directors approved a plan to buy back as much as $500 million in stock, according to Associated Press.
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The company will buy back the shares on the open market or in privately negotiated deals
If the medical device maker were to buy back all the shares at Thursday's closing price of $34.43, it would repurchase 14.5 million shares.
St. Jude had 348 million shares on the market as of July 30.
The stock rose 27 cents to $34.70 in opening trading.
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