Wal-Mart (WMT) Announces A New $15 Billion Share Buyback Plan
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Wal-Mart Stores, Inc. (NYSE: WMT) announced that its Board of Directors has approved a new share repurchase program that gives the company authorization to repurchase $15 billion of its shares.
The new plan replaces the previous $15 billion program, which was announced June 1, 2007 and had approximately $3.4 billion of remaining authorization.
CEO Mike Duke said, "We remain committed to returning value to our shareholders through share repurchase and dividends." In the last five years Wal-Mart has repurchased approximately $21 billion worth of its shares, Duke said.
The company is paying an annual dividend of $1.09 per share this fiscal year, a 15-percent increase from $0.95 paid last year.
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