Stryker Corp. (SYK) recently announced that share repurchases of up to $750 million has been authorized by its Board of Directors. The manner, timing and amount of any purchases will depend on market conditions, stock price and other factors and will be subject to regulatory considerations. Share repurchases can be made from the open market and in privately negotiated transactions.

Stryker had a strong cash, cash equivalents and short-term investments of roughly $2.9 billion at the end of the third quarter of 2009. The company may make use of this cash for repurchases of shares. Stryker had 397.7 million shares outstanding as of Oct 31, 2009.

Stryker’s Board of Directors also declared a quarterly dividend of 15 cents per share. The dividend is payable on Jan 29, 2010 to shareholders of record at the close of business on Dec 30, 2009. This is the first time the company has announced a quarterly dividend. Stryker’s Board of Directors has modified its dividend policy to adopt a quarterly payment schedule in place of an annual one.

The share repurchases and dividend payment programs will boost shareholder value for Stryker’s shareholders by returning them significant capital on their investment. Stryker is one of the world’s largest medical devices companies operating in the global orthopedic market. In the orthopedic space, Stryker faces competition from major players like Zimmer Holdings Inc. (ZMH), CONMED Corp. (CNMD), Smith & Nephew (SNN), Johnson & Johnson/DePuy (JNJ) and Wright Medical (WMGI).

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