Hologic Intends To Enter Into An Accelerated Share Repurchase Agreement For $500M Of The Company's Common Stock
Portfolio Pulse from Benzinga Newsdesk
Hologic plans to enter into an accelerated share repurchase (ASR) agreement for $500 million of its common stock. The ASR is expected to become effective later this month and be completed in Q2 2024. This is in addition to the company's prior share repurchase authorization, with $499 million remaining as of September 30, 2023. Hologic repurchased 3.2 million shares for $238 million in Q4 2023.
November 09, 2023 | 9:16 pm
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Hologic's announcement of a $500 million ASR could potentially boost investor confidence and increase demand for its shares, leading to a short-term increase in its stock price.
Share repurchases often lead to a rise in the stock price as they reduce the number of shares outstanding, thereby increasing earnings per share. Additionally, they signal that the company believes its stock is undervalued, which can boost investor confidence.
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