St. Jude Medical Inc. said on Friday that it raised its quarterly dividend by 7.4% to 29 cents a share from 27 cents a share. The new dividend will be paid on April 30, to shareholders of record on March 31. At current prices, the medical device maker's new annual dividend of $1.16 a share would imply a dividend yield of 1.71%, compared with an implied yield of 1.98% for the S&P 500, according to FactSet. The stock was up 1.1% in afternoon trade. It has rallied 5.7% over the past three months, compared with a 2.6% gain in the S&P 500.
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