The Board of Directors for business uniform and supply distributor Cintas Corporation has approved an authorization for an additional share repurchase program for $500 million of the company's common stock. The timing has yet to be determined.
Cintas currently has $151.1 million left on a previous $500 million buyback authorization that was approved in October 2011. Since that date, Cintas says it has purchased approximately 8.6 million shares of common stock with an average price of $40.43 per share, totaling $348.9 million. Shares closed yesterday at $47.24.
As of July 30, Cintas had $651.1 million total available under the two repurchase programs.
The article Cintas Authorizes Another $500 Million in Stock Buybacks originally appeared on Fool.com.Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool recommends Cintas. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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