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AmerisourceBergen sets $1 billion stock buyback program

40194 amerisourcebergen sets 1 billion stock buyback program

AmerisourceBergen Corp. ABC, -1.32% said Wednesday that it set a new $1 billion stock repurchase program. That represents 3.1% of the pharmaceutical and health care products company’s market capitalization of $32.42 billion at Tuesday’s stock closing price. As of May 31, the company said it had $321 million remaining from the buyback program it set in May 2020. The company also reiterated its fiscal 2022 guidance for earnings per share of $10.80 to $11.05, which compares with the current FactSet consensus of $10.93. The stock, which is still inactive in premarket trading, has rallied 16.5% year to date, while the S&P 500 SPX, -0.63% has declined 13.3%.

Source: Marketwatch

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