St Jude Medical declares ten percent dividend increase

St Jude Medical has announced an increase to its quarterly dividend, demonstrating the business's ongoing financial strength.

The medical device company's board of directors has declared a ten percent dividend increase to $0.23 (15 pence) per common share, which is payable as of April 30th 2012 to shareholders of record on March 30th.

At this new rate, the firm's annual dividend will stand at $0.92 per share, compared to the previous rate of $0.84 per share.

Daniel Starks, the company's chairman, president and chief executive officer, said this new dividend rate is indicative of St. Jude Medical's success in returning capital to 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," he added.

In 2011, St Jude Medical achieved a net sales total of $5.61 billion, up by nine percent compared to 2010.