UPDATE 1-Baxter to buy back $2 bln stock
*Baxter to buyback $2 bln stock
*less than $300 mln remaining from previous repurchase
*Baxter shares up 1.7 percent
NEW YORK, July 28 (Reuters) - The board of Baxter International Inc (BAX.N) authorized the repurchase of an additional $2 billion of shares once the company completes its current buyback program.
The Deerfield, Illinois-based company said on Tuesday that it has less than $300 million remaining under its current $2 billion share repurchase authorization, which commenced in March 2008.
The company also declared a regular quarterly dividend of 26 cents per share of common stock.
"The continuation of our share repurchase program reflects our confidence in achieving longer-term objectives while investing in R&D (research and development) and new business development opportunities," Chief Financial Officer Robert Davis said in a statement.
Shares of Baxter, which is developing a pandemic flu vaccine and sells blood therapy products and intravenous drug pumps, were up 91 cents, or 1.7 percent, at $55.50 in late morning trade on the New York Stock Exchange. (Reporting by I-Ching Ng, editing by Gerald E. McCormick)
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video