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ST. PAUL, Minn.--([ BUSINESS WIRE ])--St. Jude Medical, Inc. (NYSE:STJ) announced today that its Board of Directors has authorized a share repurchase of up to $300 million of its outstanding common stock. The repurchases will occur at such times and at such prices as the management of the Company determines and may be effected through transactions in the open market, in privately negotiated transactions or otherwise.

"St. Jude Medical is making solid progress toward the development of new growth drivers while continuing to reduce costs and increase productivity. That progress allows us to initiate this repurchase while remaining committed to funding both our dividend program and our plans to position ourselves for superior long-term growth."

St. Jude Medical also announced that its Board of Directors declared a fourth quarter dividend of $0.21 per common share. This dividend amount is equal to the dividend paid in connection with the first, second and third quarters of 2011 and brings the total dividend declared for the year to $0.84 per share. The dividend is payable January 31, 2012 to shareholders of record on December 30, 2011.

Any shares acquired in the $300 million program will be available for general corporate purposes. The Company had approximately 320 million shares of common stock outstanding as of December 12, 2011.

Commenting on the new share repurchase program, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, aSt. Jude Medical is making solid progress toward the development of new growth drivers while continuing to reduce costs and increase productivity. That progress allows us to initiate this repurchase while remaining committed to funding both our dividend program and our plans to position ourselves for superior long-term growth.a

About St. Jude Medical

St. Jude Medical develops medical technology and services that focus on putting more control into the hands of those who treat cardiac, neurological and chronic pain patients worldwide. The company is dedicated to advancing the practice of medicine by reducing risk wherever possible and contributing to successful outcomes for every patient. St. Jude Medical is headquartered in St. Paul, Minn. and has four major focus areas that include: cardiac rhythm management, atrial fibrillation, cardiovascular and neuromodulation. For more information, please visit [ sjm.com ].

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements include the expectations, plans and prospects for the Company, including potential clinical successes, anticipated regulatory approvals and future product launches, and projected revenues, margins, earnings and market shares. The statements made by the Company are based upon management's current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond the Company's control and the risk factors and other cautionary statements described in the Company's filings with the SEC, including those described in the Risk Factors and Cautionary Statements sections of the Company's Annual Report on Form 10-K for the fiscal year ended January 1, 2011 and Quarterly Report on Form 10-Q for the fiscal quarter ended July 2, 2011. The Company does not intend to update these statements and undertakes no duty to any person to provide any such update under any circumstance.