Henry Schein Board Approves $300M Share Buyback Increase
Henry Schein (NASDAQ: HSIC) today announced that its Board of Directors has authorized the repurchase of up to $300 million of shares of the Company's common stock. This program is in addition to the $200 million repurchase program announced in April 2012, which as of today has approximately $57.5 million remaining authorized for future repurchases.
The Company had approximately 88.3 million shares outstanding as of September 29, 2012, and this new authorization represents approximately 4 percent of shares outstanding at the current stock price. Purchases may be made from time to time in the open market, or through negotiated transactions.
"Earlier this year we stated our intention to repurchase $200 million to $300 million annually in Henry Schein shares reflective of the strength in our balance sheet and our confidence in the long-term prospects of our business," said Stanley M. Bergman, Chairman and Chief Executive Officer of Henry Schein. "In accordance with our strategic goals for capital allocation, since the start of this year we have repurchased 3.2 million shares and expect to meet our goals