Tyco International Ltd. (NYSE: TYC) has decided to re-join the stock buyback regime seen elsewhere now that it has been a year since its break-up. The company has announced that its Board of Directors has authorized a new share buyback program to repurchase up to $1 Billion of the company’s common stock.
The company expects to repurchase shares from time to time based on market conditions. This new buyback program is in addition to the existing $1 Billion buyback program that was authorized in September 2007. That existing plan is nearing completion.
Tyco has also noted that up to this point in fiscal 2008, it has repurchased approximately 4% of its outstanding shares of common stock. As far as the size of this buyout and how it compares to the company overall, it is a decent sized buyback. Tyco had 2007 revenues of more than $18 Billion and its market cap is about $18.7 Billion.
Shares are actually up 5% this morning at $40.86 and its 52-week trading range is $31.01 to $51.89.
Jon C. Ogg
July 10, 2008
Top Gaining Stocks
Top Losing Stocks