Abbott approves $3 billion share buyback

Abbott Laboratories said Thursday its board approved spending up to $3 billion to buy back the health conglomerate’s stock.

The company, which makes Similac infant formula, medical devices and pharmaceutical drugs, said it will by stock from time to time depending on market conditions. It still has buyback authority to repurchase $511 million in shares from a buyback it announced in June 2013.

North Chicago-based Abbott also approved a dividend of 22 cents that will be paid on Nov. 15 to shareholders of record as of Oct. 15.

Abbott shares slipped 39 cents to $42.51 in afternoon trading Thursday. Its shares had risen more than 22 percent over the past year.

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THE ASSOCIATED PRESS