Brown-Forman Announces $250M Share Buyback Program (BF-B)
Brown-Forman Corporation (BF-B) announced on Wednesday that its board has approved a $250 million share buyback program. .
The company will purchase up to $250 million of its outstanding Class A and Class B common shares between October 1, 2013 and September 30, 2014.
Paul Varga, CEO of BF-B commented: “This program is both a flexible and effective way for us to utilize our considerable cash flow for the benefit of shareholders. This, along with our previously announced production expansion at the Jack Daniel’s, Woodford Reserve, and Sonoma-Cutrer facilities reinforces our belief in the company’s long-term business prospects.”
Brown-Forman shares were mostly flat during pre-market trading Wednesday. The stock is up 10% YTD.
The Bottom Line
Shares of Brown-Forman Corporation (BF-B) have a 1.47% yield based on Tuesday’s closing price of $69.40.
Brown-Forman Corporation (BF-B) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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