ST. PAUL, Minn. (AP) -- St. Jude Medical Inc. said on Monday that its board authorized increasing the company's quarterly dividend by 9 percent.
The medical device maker said it will pay a dividend of 25 cents per share on April 30 to shareholders of record as of March 29. That is up from its most recent dividend of 23 cents per share.
It's the second time that St. Jude has increased its dividend since the company began making quarterly payouts of 21 cents per share in early 2011.
Daniel J. Starks, St. Jude Medical's chairman, president and CEO, said that the latest increase demonstrates the company's commitment to investor payouts while continuing to focus on its own growth.
The company, based in St. Paul, Minn., creates products for use in treatment of cardiac, neurological and chronic pain patients.
Its shares rose 19 cents, to $41.37 in morning trading. That is near the upper end of their 52-week range of $30.25 to $44.80.