Melville-based Henry Schein announced a new share repurchase program last week of up to $400 million of shares of the company’s common stock.
The move is on top of the $400 million repurchase program announced last August, which the company expects to be completed by the end of the first quarter of 2023.
Henry Schein is the world’s largest provider of healthcare products and services to office-based dental and medical practitioners. The Fortune 500 Company has a market cap of over $11 billion. In 2021, Henry Schein reported sales of $12.4 billion.
As of February 10, 2023, the company had approximately 131.5 million shares outstanding. The new authorization represents approximately 3.8 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.
Ronald N. South, senior vice president and chief financial officer of Henry Schein, said, “Henry Schein’s share repurchase program reflects our confidence in the Company’s 2022-2024 BOLD +1 Strategic Plan for sustainable growth and value creation.”
South added, “We are pleased that our strong balance sheet provides us with the flexibility and financial stability to pursue new markets while strengthening and broadening our comprehensive offering of health care solutions.”