St. Jude Medical
This article was originally published in The Gray Sheet
Mechanical heart valve manufacturer announces it will continue a stock repurchase program authorized by its board of directors in July ("The Gray Sheet" July 20, 1992, p. 24). Under the program, the company may repurchase up to 5% of its outstanding common stock, or approximately 2.4 mil. of the roughly 48 mil. shares outstanding. Only 265,000 shares have been repurchased to date under the program. St. Jude President and CEO Ronald Matricaria says the continuation of the repurchase program stems from the firm's belief that its stock is "significantly undervalued." He notes that "anticipation of the Clinton Administration's reform proposals, coupled with the prospect of an increasingly competitive heart valve market, has resulted in a depression of our stock price".
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