McGraw-Hill to Buy Back $500M in Shares (MHP)
Information services provider, The McGraw-Hill Companies, Inc. (MHP) reported on Monday that it will buy back $500 million in shares.
The company will resume its current repurchase plan which has a remaining 8 million shares to be bought back. MHP will also buy back an additional $500 million in shares.
MHP will use proceeds of $1.9 billion from the sale of McGraw-Hill Education to fund the repurchase program.
Chairman, President and CEO of the company, Harold McGraw III commented, “this transaction demonstrates our ongoing ability to create value for shareholders.”
McGraw-Hill shares were mostly flat during premarket trading Monday. The stock has been mostly flat in the past year.
The Bottom Line
Shares of The McGraw-Hill Companies, Inc. (MHP) have a 2.32% yield, based on Friday’s closing price of $48.37.
The McGraw-Hill Companies, Inc. (MHP) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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