Courtesy of Benzinga.
Hewlett-Packard Company (NYSE: HPQ) on Wednesday announced it will resume its buyback program under the current authorization. The program had previously been suspended due to the company's possession of "material non-public information."
The company intends on returning at least 50 percent of its free cash flow to shareholders through dividends and repurchases.
"We are confident in our strategy and our ability to execute, and continue to believe our share price does not reflect HP's intrinsic value," said Executive Vice President and CFO, Cathie Lesjak.
In addition to resuming its share repurchase activity, Hewlett-Packard has reaffirmed its outlook for 2014 and 2015 and is guiding a non-GAAP EPS in the range of $3.70-3.74 and $3.83-4.03, respectively.
Shares rose as much as 3 percent, but were last trading up 1.7 percent ($32.81) in the premarket.
