Henry Schein expands buyback plan by $300M
MELVILLE, N.Y. (AP) — Health care products company Henry Schein Inc. said Tuesday that its board of directors has authorized the repurchase of another $300 million in company stock.
Henry Schein said it had about 88.3 million shares on the market as of Sept. 29, and the new authorization will allow it to buy back about 4 percent of its outstanding stock. Buybacks help lift earnings per share and increase the percentage size of shareholders' stakes.
The Melville, N.Y., company approved the repurchase of $200 million in stock in April. It said about $57.5 million remains under that authorization. Henry Schein has said it plans to buy back $200 million to $300 million in shares each year.
Shares of Henry Schein rose 70 cents to $77.77 in afternoon trading. The stock has traded between $59.78 and $80.75 in the last year.