AmerisourceBergen Announces New $750 Mln Stock Buyback Program

(RTTNews) - AmerisourceBergen Corp. (ABC) said Thursday that its Board of Directors has authorized a new $750 million share repurchase program.

The company expects to use the new program to repurchase its outstanding shares of common stock, subject to market conditions. The Company has $446.1 million remaining on its prior November 2012 authorization, bringing the total amount authorized for repurchases to $1.2 billion. To date in fiscal year 2013, which ends September 30, 2013, the Company has spent $401.1 million to repurchase its outstanding shares of common stock.

The company currently has about 231 million common shares outstanding.

AmerisourceBergen also declared a cash dividend of $0.21 per share, payable September 4 to stockholders of record on August 21.