Stryker to buy back up to $750 million in stock, declares dividend of 15 cents

Stryker to buy back up to $750 million in stock

KALAMAZOO, Mich. — Stryker Corp. said Thursday its board approved plans to buy back up to $750 million in stock and declared a quarterly dividend of 15 cents.

The company, which makes surgical instruments, had roughly 398 million shares outstanding at the end of October. The stock has traded between $30.82 and $51.32 over the past year.

The latest dividend is Stryker’s first since converting from an annual schedule. It will be payable Jan. 29 to shareholders on record by Dec. 30.

Stryker paid a total of 50 cents per share in dividends during 2009.