Henry Schein Inc.’s board of directors has approved a two-for-one split of the company’s common stock, the health care products distributor announced before the market open Wednesday.
Shares of the Melville-based multinational closed up 1.4 percent to $170.31 in Wednesday trading. The stock is up about 3 percent over the last 12 months.
The stock split doubles the number of shares and cuts the per-share price in half.
Holders of Henry Schein stock as of the close of business Sept. 1 will receive one additional share for every share held. After the split, Henry Schein will have about 158 million shares outstanding.
Trading will begin on a split-adjusted basis on Sept. 15.
The split is Henry Schein’s second since the company went public in November 1995.
“We believe this stock split . . . will make equity ownership in Henry Schein more accessible,” Steven Paladino, Henry Schein executive vice president and chief financial officer, said in a statement.
Splits do not affect the underlying value of securities, but allow some investors to afford to purchase shares in round lots, such as 100 shares.
Henry Schein had the largest market capitalization among Long Island companies as of May 31, but was overtaken by Altice USA, which staged an initial public offering in June. Henry Schein’s market capitalization was $13.3 billion as of Wednesday morning.