Stryker's board of directors authorized a new $2 billion share repurchase program yesterday.
Here are five quick facts on the program:
1. The $2 billion is in addition to $583 million currently authorized under the company's share repurchasing program.
2. Stryker's total share repurchase authorization is now $2.583 billion.
3. Share repurchases will occur on Stryker's timeline when the company determines.
4. The repurchase could be offered through:
• Transactions on the open market
• Negotiated transactions
• Accelerated share repurchase programs
• Other options also available
5. The company is still committed to pursuing a capital allocation strategy including acquisitions, dividends and share repurchases, according to CEO and Chairman Kevin Lobo.
"While M&A activity across the breadth of our product and service offerings will remain the primary focus of our long-term growth strategy this new authorization recognizes that the strength of our balance sheet is sufficient to enable more significant share repurchases," said Mr. Lobo. "We believe that efficiency deploying our balance sheet will enable growth in sales and earnings and maximize shareholder returns."