Chewy Also Announced That Its Board Of Directors Has Authorized A Share Repurchase Program Of Up To $500M Of Its Class A And/Or Class B Common Stock
Portfolio Pulse from Benzinga Newsdesk
Chewy announced that its Board of Directors has authorized a share repurchase program of up to $500 million of its Class A and/or Class B common stock.
May 29, 2024 | 11:55 am
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POSITIVE IMPACT
Chewy's Board of Directors has authorized a share repurchase program of up to $500 million of its Class A and/or Class B common stock. This move is likely to positively impact the stock price in the short term as it signals confidence in the company's future prospects and can reduce the number of shares outstanding, potentially increasing earnings per share.
Share repurchase programs are generally viewed positively by investors as they indicate that the company believes its stock is undervalued and is confident in its future performance. Additionally, buybacks can reduce the number of shares outstanding, which can increase earnings per share and potentially boost the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100