Ferguson Plc (to Continue its $3.0B Share Buyback from December 18, 2023 to March 14, 2024
Portfolio Pulse from Benzinga Newsdesk
Ferguson Plc has announced the continuation of its $3.0 billion share repurchase program, with a new tranche commencing December 18, 2023, and ending by March 14, 2024. The company has allocated a maximum of $165 million for this tranche and has entered into a non-discretionary arrangement with Barclays Capital Inc. to manage the repurchases independently.
December 18, 2023 | 7:23 am
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Ferguson Plc is set to continue its share buyback program, with a new tranche worth $165 million managed by Barclays Capital Inc. This could signal confidence by management in the company's value and may support the stock price in the short term.
Share buyback programs often indicate a company's belief that its stock is undervalued and can lead to a reduction in the number of shares outstanding, potentially increasing earnings per share and the stock price. Given the substantial amount allocated for the buyback, this could be seen as a positive signal to investors and may have a bullish effect on the stock price in the short term.
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IMPORTANCE 80
RELEVANCE 100