Cerner (CERN) Approves $500M Common Stock Buyback Plan
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Cerner Corporation (Nasdaq: CERN) announced that its board of directors approved a stock repurchase program on November 10, 2016, authorizing the repurchase of up to $500 million of its common stock. The company plans to repurchase shares from time to time in the open market, by block purchase, or possibly through other transactions managed by broker-dealers. No time limit was set for completion of the program.
Based on the November 11, 2016 closing price, approximately 10.3 million shares, or 3.1 percent of the company’s outstanding shares, could be repurchased. The repurchase will be funded from working capital. The previous $300 million stock repurchase program approved by Cerner’s board of directors in March 2016 has been completed.
“We believe the repurchase of our stock is a good use of funds at current prices,” said Marc Naughton, executive vice president and CFO of Cerner. “This program reflects our confidence in Cerner’s growth prospects and our commitment to enhancing long-term shareholder value.”
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