Laboratory Corp of America Holdings, Burlington, NC, has approved a new stock repurchase program allowing the company to purchase up to an aggregate of $500 million of its common stock from time-to-time.
The company repurchased $131 million of stock during the fourth quarter to date and has $198.2 million remaining authorization under the existing share repurchase plan.
LabCorp plans to pursue an accelerated pace of repurchases to tap the current share price, which it says undervalues its business and prospects. The program meshes with the company’s goal of making investments of its cash resources to enhance shareholder value.
Purchases may occur in the open market or in privately negotiated transactions, and may be initiated or discontinued at any time. Purchases may be effected through one or more accelerated or overnight-share repurchases or other repurchase arrangements through one or more financial institutions.
