Patterson Companies Board Approves New Share Repurchase Authorization and Declares Regular Quarterly Cash Dividend

Rhea-AI Summary

Patterson Companies (Nasdaq: PDCO) announced a new share repurchase authorization of up to $500 million for its common stock, effective through March 16, 2024. This replaces an expired authorization with no repurchases made. Additionally, the Board declared a quarterly cash dividend of $0.26 per share, payable around April 30, 2021 to shareholders of record by April 16, 2021.

Positive

• New share repurchase authorization of up to $500 million enhances shareholder value.
• Quarterly cash dividend of $0.26 per share reflects commitment to returning value to shareholders.

Negative

• None.

On March 16, 2021 the Board of Directors of Patterson Companies, Inc. (Nasdaq: PDCO) approved a new share repurchase authorization for up to $500 million of its common stock through March 16, 2024, replacing a prior authorization which had expired and under which no repurchases had been made.

The Board also declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on, or about, April 30, 2021, to shareholders of record as of the close of business on April 16, 2021.

About Patterson Companies Inc.

Patterson Companies Inc. (Nasdaq: PDCO) connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. Our comprehensive portfolio, distribution network and supply chain is equaled only by our dedicated, knowledgeable people who deliver unrivalled expertise and unmatched customer service and support.
Learn more: pattersoncompanies.com

SOURCE: Patterson Companies Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210316006112/en/

FAQ

What is Patterson Companies' new share repurchase authorization?

Patterson Companies has authorized up to $500 million for share repurchases, effective through March 16, 2024.

When will the dividend for Patterson Companies be paid?

The dividend of $0.26 per share will be payable on or about April 30, 2021, to shareholders of record as of April 16, 2021.

How does the share repurchase impact PDCO's stock price?

Share repurchase programs typically aim to boost stock prices by reducing the number of outstanding shares, thereby increasing earnings per share.