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Schein boosts stock buyback program by $300M
Health products provider Henry Schein Inc. announced on Tuesday it is increasing its stock buyback program by an additional $300 million.
“Our strong balance sheet provides us with the financial flexibility to return capital to shareholders while continuing to invest in our business and maintaining our ability to capitalize on our growth opportunities,” chief executive Stanley Bergman said in a statement.
Schein had previously authorized a $300 million stock buyback program in November 2012. Of that program, about $12.3 million remains for stock repurchases, the company said.
The latest funding represents roughly 3 percent of the 86 million outstanding shares as of Sept. 28 at current stock prices.
The Melville-based company, which operates around the world in the dental, animal and medical markets, started as a storefront pharmacy in Queens in 1932.
Shares of the company closed up $1.74, or 1.5 percent, at $115.22 Tuesday, near its all-time high of $115.59 set earlier this month.