Henry Schein to buy back $400 million in stock
Henry Schein Inc., Long Island's largest public company by revenue, announced that its board of directors has authorized the repurchase of up to $400 million in stock. Credit: Ed Betz
Henry Schein Inc., Long Island’s largest public company based on revenue, Tuesday announced that its board of directors had authorized the repurchase of up to $400 million in common stock.
The new program represents about 3 percent of the 83 million shares outstanding at current prices.
In a research note, Michael Cherny, analyst for investment banking firm Evercore ISI, said that the action suggests that Henry Schein, based in Melville, will continue deploying capital through mergers and acquisitions, and share buybacks rather than institute a dividend like competitor Patterson Companies Inc.
Shares of Henry Schein, a distributor of dental, medical and veterinary products, climbed 1.8 percent to close at $159.24.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
Takeaways from the governor debate ... Pope recovering after cancer surgery ... 'Forever chemicals' in LI surface water ... Trendy Bites: Apple Bay pizza
Takeaways from the governor debate ... Pope recovering after cancer surgery ... 'Forever chemicals' in LI surface water ... Trendy Bites: Apple Bay pizza
