Coca-Cola reminds the world of what corporate America is doing with its cash:The Board of Directors of The Coca-Cola Company today authorised a new share repurchase program of 500 million additional shares of the Company’s common stock. The new program will take effect upon the conclusion of the Company’s current program, which began in 2006. This will not impact the Company’s previously announced targeted range of $2.5 to $3.0 billion in net share repurchases this year.
The Board’s authorization of the new share repurchase program builds on the Company’s 28-year history of ongoing share repurchases. “Our new share repurchase program reflects the Board’s continued confidence in the Company’s future performance and our long-term cash flow generation,” said Muhtar Kent, Chairman and Chief Executive Officer. “This new plan, combined with 50 years of consecutive annual dividend increases, underscores our continued commitment to delivering increased value to shareowners.”
500 million shares at around $38/share is about $19 billion authorised.