Baxter International Inc (NYSE:BAX) reported a quarterly cash payout and an extended authorization for its share repurchase plan. The Board has announced a quarterly cash payout of $0.16 a share of common stock, to be paid on April 2, 2018, to shareholders as of record date March 2, 2018. The indicated yearly dividend rate is $0.64 a share of common stock.
Baxter’s Board also has approved an increase in authorization amounting to $1.5 billion for the firm’s existing share repurchase program. Depending on these initiatives, the share repurchase program has around $2.3 billion of repurchase authority accessible currently to make repurchases following current Rule 10b5-1 programs or otherwise. Shares will be rebought in the open market or via private transactions at different times and sums determined by the firm based on its assessment of market situations and other factors.
Jay Saccaro, the Chief Financial Officer of Baxter, expressed that over the preceding two years, the company has considerably enhanced its cash generation, enabling the firm to improve investments in the business to lead growth while also rewarding shareholders through share repurchases and increased dividends.
Baxter offer an extensive portfolio of essential healthcare offerings across its portfolio, including chronic and acute dialysis therapies; infusion systems and devices; sterile IV solutions; inhaled anesthetics; parenteral nutrition therapies; surgical hemostat and sealant offerings; and generic injectable pharmaceuticals. The firm’s international footprint and the major nature of its services and products play a vital role in increasing access to healthcare in developed and emerging nations. Baxter’s employees globally are building upon the firm’s rich heritage of medicinal breakthroughs to develop the next-gen of healthcare innovations that allow patient care.
In the last trading session, the stock price of Baxter declined more than 1% to close the day at $67.79. Post the recent decline, the market cap of firm was noted at $36.93 billion.