Intel Corporation announces that its board of directors has approved a $15 billion increase in its authorized stock repurchase program.
Source: www.businesswire.com
Chip giant, Intel Corp. (NASDAQ: INTC) recently approved a $15.0 billion increase in its authorized stock repurchase program. The company currently has $4.7 billion remaining under its existing repurchase authorization as of September 2018. Under this authorization, Intel is not obligated to purchase shares, it only has the capacity to repurchase ~ $20 billion worth of stock, and has not indicated anything about the potential timing of repurchases. Intel trades at a market capitalization of $222.8 billion and the share repurchase authorization amounts to ~8.8% of the company’s total shares outstanding. Intel has returned approximately $177 billion to stockholders through dividends and stock repurchases from 1990 through the third-quarter of 2018.
