Alexeys
Brown-Forman Corporation (New York Stock Exchange: BF.A.) announced Monday that its board of directors approved a new stock buyback authorization worth $400 million. The buyback program will begin on October 2 and will run until October 1, 2024.
Under the buyback program, Brown-Forman (BF.A) (New York Stock Exchange: BF.B) may repurchase shares of Class A and Class B common stock for cash in open market purchases, block transactions, purchases made pursuant to SEC Rule 10b5-1. The stock repurchase program does not obligate the Louisville-based company to repurchase a minimum number of Class A or Class B common shares, and the company may modify, suspend or terminate this stock repurchase program at any time without notice. . .
CEO Update: “Brown-Forman is appropriately attentive to today’s uncertain market conditions while confident in the long-term potential of our portfolio of brands. We always strive to deliver leading returns for shareholders and believe this authorization repurchase agreement provides us with the flexibility to repurchase our shares when the market presents the right opportunity.
Brown-Forman (BF.A) shares are down nearly 13% so far this year, closing Monday less than $0.40 from their 52-week low of $57.19.
