Morgan Keegan Retains ‘Outperform’ Rating for C.R. Bard Inc. (BCR)

C.R. Bard Inc.’s

Board of Directors has announced that the company is increasing the share purchase authorization by $500 million and the dividend by 6%. The total share purchase authorization now stands at $607 million, or 8% of the company’s market capitalization. According to Morgan Keegan, the announcement is a positive sign and the management is expected to use the recent weakness in the equity markets to buy back stock. Further, every $100 million in share repurchases above earlier 2010 estimates of $250 million is expected to add $0.05 to EPS. The report has also suggested that the stock is attractive at the current level due to expected accelerated revenue growth in 2011. Morgan Keegan has retained its ‘Outperform’ rating for C.R. Bard Inc. (

). The stock has been given a price target of $92. During today's session, BCR shares have gained 2.77% to $79.87.