Wholesale drug distributor AmerisourceBergen Corp. (ABC) said Thursday that its board of directors has authorized a new $750 million share repurchase program, effective immediately. The board has also declared a cash dividend of $0.13 per share.
Pennsylvania-based AmerisourceBergen said it has completed its previous $750 million share repurchase program, which was authorized on August 11, 2011. The company noted that to date in fiscal year 2012, it has spent $500 million to repurchase its outstanding shares of common stock.
Steven Collis, President & Chief Executive Officer of AmerisourceBergen said, "Our $500 million in share repurchases during this fiscal year and our new share repurchase program demonstrate our continued commitment to delivering long-term shareholder value."
AmerisourceBergen currently has about 250.8 million common shares outstanding, and has previously said it expected to repurchase $500 million of its shares in fiscal year 2012. The company's fiscal 2012 ends September 30, 2012.
In addition, AmerisourceBergen's board declared a cash dividend of $0.13 per share on common stock. The dividend is payable on June 4, 2012, to stockholders of record at the close of business on May 21. In late April, AmerisourceBergen reported a small decline in net income for the second quarter, while revenues edged up 1.6 percent. At that time, the company said it has increased its expectations for share repurchases and expects to spend about $500 million to repurchase its common shares in fiscal year 2012, subject to market conditions.
In Thursday's session, ABC is trading at $36.78, up $0.77 or 2.14 percent on a volume of 493,691 shares.
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