Henry Schein (HSIC) Bolsters Stock Buyback Plan by $400M

October 19, 2016 7:06 AM EDT

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Henry Schein, Inc. (Nasdaq: HSIC) announced that its Board of Directors has authorized the repurchase of up to $400 million of shares of the Company's common stock. This program is in addition to the $400 million repurchase program announced in December 2015, which as of today has approximately $29 million remaining authorized for future repurchases.

The Company had approximately 82 million shares outstanding as of July 27, 2016, and this new authorization represents approximately 3.0 percent of shares outstanding at the current stock price. Purchases may be made from time to time in the open market, or through negotiated transactions.

"Henry Schein's share repurchase program demonstrates our long-term commitment to create further value for our shareholders, and reflects our confidence in the long-term prospects of our business," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. "We are pleased that Henry Schein's strong balance sheet provides us with the financial flexibility to return capital to our shareholders, as we continue to pursue new markets and geographies while strengthening and broadening our health care product and service offerings."

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