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Stryker announces new $2 billion share repurchase program

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Stryker recently announced its board of directors has authorized a new $2 billion share repurchase program. 

The new repurchase program, in addition to current programs offered by Stryker consisting of $583 million of existing authorization, increases the overall share repurchase authorization to $2.58 billion, according to a company press release.

The times and prices of the share repurchases are to be determined by Stryker, both of which can be influenced by any number of factors, including transactions in the open market, privately negotiated transactions and accelerated share repurchase programs, the release stated.

"While [mergers and acquisitions] activity across the breadth of our product and service offerings will remain the primary focus of our long-term growth strategy, this new authorization recognizes that the strength of our balance sheet is sufficient to enable more significant share repurchases,” Kevin A. Lobo, chairman and CEO of Stryker, said in the release. “ We believe that efficiently deploying our balance sheet will enable growth in sales and earnings and maximize shareholder returns."

Reference: www.stryker.com.