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Boston Scientific Corporation Message Board

  • bsxisgood bsxisgood Jul 27, 2012 7:57 AM Flag

    Share Repurchases

    From Seeking Alpha conference call transcript......Jeffrey D. Capello comments on share buybacks:

    "Turning to share repurchases. We repurchased 18 million shares for approximately $112 million in the second quarter. During the past 4 quarters, we have repurchased 122 million or approximately 8% of our outstanding shares. At our current stock price, we estimate that we have almost $500 million of remaining capacity under our authorized share repurchase programs. We continue to believe that our stock price is undervalued and now expect to utilize approximately 1/2 of our full year adjusted free cash flow of $1.1 billion for share repurchases in 2012, subject to business development opportunities, market conditions, our stock price, regulatory trading windows and other factors."

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    • BSX bought 122mil shares over the past 4 quarters. That represents 8% of the float now off the market. With $500mil of remaining capacity under the already authorized share repurchase program, and a commitment to use 1/2 of their 2012 cash flow for new repurchases, it is pretty easy to figure out that BSX will be taking back a very meaningful portion of the stock. A significantly lower float alone will lend to higher prices, but with second half of the year financials improving, and also improving into 2013, price per share will increase. My calculations figure they will take back about 15% of the float.

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