Thomson Reuters Proposes to Buyback up to $1.0B of its Shares
Portfolio Pulse from Benzinga Newsdesk
Thomson Reuters has announced plans to repurchase up to $1.0 billion of its shares under a new normal course issuer bid (NCIB). The company has received approval from the Toronto Stock Exchange for the renewal of its NCIB. Up to 10 million common shares, representing approximately 2.19% of the company’s issued and outstanding common shares, may be repurchased between November 3, 2023, and November 2, 2024.
November 01, 2023 | 10:50 am
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Thomson Reuters' announcement of a $1.0 billion share buyback could potentially increase the company's stock price in the short term as it indicates confidence in the company's future prospects.
Share buybacks often lead to an increase in the stock price as they reduce the number of shares in circulation, potentially increasing earnings per share. Additionally, they signal that the company believes its shares are undervalued, which can boost investor confidence.
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