Courtesy of Benzinga.
Tech Data Corporation (Nasdaq: TECD) announced today that its Board of Directors has authorized a share repurchase program of up to $100 million of the company’s common stock. Since 2005, the company has purchased $900 million of Tech Data stock, buying back 22.6 million shares to date.
“Our Board’s decision to authorize another $100 million repurchase program demonstrates our confidence in Tech Data’s financial performance and future growth opportunities,” said Robert M. Dutkowsky, chief executive officer, Tech Data Corporation. “With this latest program, our Board has authorized, to date, the return of $1 billion of value to our investors through share repurchases. This clearly reflects our ongoing commitment to enhancing shareholder value, while maintaining a strong capital structure that provides us with a solid platform for growth.”
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