Stryker to buy back up to $750 million of its shares

KALAMAZOO, Michigan — Stryker Corp. saw its stock surge to a 52-week high Thursday morning after the orthopedics device maker reported that it’s been authorized to buy back up to $750 million of its shares.

The company’s share price hit $51.94 in early Thursday trading. On the year, its stock is up 30 percent. The company has about 398 million shares outstanding, according to a statement.

It’s been a good week for Stryker, whose stock on Monday was upgraded to “outperform” by an analyst from RBC Capital Markets. The analyst predicts that Stryker will beat Wall Street’s expectations in 2010 due to rising demand for orthopedic surgeries and increased spending by hospitals, the Associated Press reported.

Also on Monday, Stryker announced an agreement to acquire for $525 million medical device refurbishing firm Ascent Healthcare Solutions. The move could signal a shift in the device industry, which in the past has been wary of reprocessing devices.