Schein’s board of directors authorized another $300 million in buybacks, adding to the $300 million authorized in Nov. 2012, of which only $12.3 remained, the company said.
"Henry Schein’s share repurchase program demonstrates our long-term commitment to increasing shareholder value," board chairman & CEO Stanley Bergman said in prepared remarks. "Our strong balance sheet provides us with the financial flexibility to return capital to shareholders while continuing to invest in our business and maintaining our ability to capitalize on our growth opportunities."
Schein had about 86 million outstanding shares as of Sept. 28, 2013, the company said. The new buyback represents about 3% of its outstanding shares at the current valuation.
The news garnered some Wall Street favor, with shares up 1% to $114.60 as of about 2:15 p.m. on the day of the announcement.