Western Digital Corp. (NYSE: WDC) today announced an increased authorization of $1.5 billion of its common stock under its share repurchase program.
The additional repurchase authorization is effective immediately and extends the program by five years, during which time additional shares can be authorized for repurchase. The amount of purchases will depend on market conditions and corporate considerations. Share repurchases will be made on the open market.
"The decision to increase WD's stock repurchase program is part of our capital allocation strategy to efficiently deploy cash to shareholders while maintaining strategic flexibility," said John Coyne, chief executive officer of WD. "We believe that Western Digital's stock is a compelling investment based on our ability to create additional value for our customers and shareholders in the growth markets we serve."
As reported in the company's Form 10-Q filed with the SEC for its third fiscal quarter ended March 31, 2012, as of May 4, 2012, the company had approximately 260 million shares outstanding. The company may suspend or discontinue the stock repurchase program at any time.
Latest News Posts
- Windows Store being re-branded as Microsoft Store
- Blizzard announces full Overwatch League teams
- NieR: Automata shipped and sold over 2 million copies
- New Red Dead Redemption 2 updates coming next week
- Vivendi may take over Ubisoft in November
- Upgrading USB ports on top of case
- Areca ARC-8050T3 12-Bay Thunderbolt 3 RAID DAS Review
- GA-P67A-UD3P-B3 can't change multiplier past 38, can't change turbo ratio with i5 3570k
- TP-Link Archer C3150 Dual-Band Wireless Router Review
- Using Netgear wndr3700 as router extender problem
- AOC announces retail availability of AGON curved QHD gaming monitor
- Seasonic presents the PRIME Ultra power supplies
- EVGA announces GeForce GTX 1080 Ti FTW3 ELITE video card
- G.Skill releases AMD Ryzen-optimized Trident Z RGB DDR4 memory
- Hear the difference feel the beat of the DRUM