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Starbucks expands buyback plans by 25M shares
Thursday - 11/15/2012, 6:03pm EST
SEATTLE (AP) - Starbucks says it may repurchase up to 25 million additional shares of its common stock.
The Seattle-based coffee company says that its board approved the plans in addition to the 12.1 million shares still available under a prior authorization. The company has an estimated 749.3 million shares outstanding.
Starbucks says the plan reflects its strong cash flow and commitment to return value to shareholders. The move comes a day after Starbucks announced the acquisition of Teavana, which sells loose leaf teas, for $620 million.
Companies reward investors when the repurchase shares by increasing the value of remaining shares. The company's per-share earnings also get a boost as results are divided among fewer shares.
Shares of Starbucks Corp. fell 41 cents to $48.43.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)