Abbott to buy back $3 billion in stock

Libertyville Township-based Abbott Laboratories' board of directors recently approved a new share repurchase program for up to $3 billion in common stock.

The program replaces the recently completed $5 billion program that was announced in October 2008, the company said in a release. The purchases may be made from time to time as market conditions warrant and subject to regulatory considerations.

The board also declared a quarterly common dividend of 14 cents per share. It is the 358th consecutive quarterly dividend to be paid by Abbott since 1924. The cash dividend is payable August 15, to shareholders of record at the close of business on July 15.

Abbott has increased its dividend payout for 41 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for 25 consecutive years.