Clorox sets new $2 billion stock buyback program
Clorox Co. said it set a new $2 billion stock repurchase program, to replace the existing $750 million program. Based on Wednesday’s stock closing price of $119.44, and with 129.5 million shares outstanding as of April 18, the new program represents up to 13% of the consumer products company’s shares outstanding. “The company is initiating this stock repurchase program, which demonstrates our commitment to driving value for our stockholders while maintaining a strong balance sheet,” said Chief Executive Benno Dorer. The stock, which was indicated up slightly in premarket trade, has tumbled 19.7% year to date through Wednesday, while the SPDR Consumer Staples Select Sector ETF has shed 12.4% and the S&P 500 has gained 2.2%.
Source : MTV
