BRIEF: Walgreens OKs $2B share buyback

Thu. October 15, 2009; Posted: 04:59 PM

Oct 15, 2009 (Chicago Tribune - McClatchy-Tribune Information Services via COMTEX) -- WAG | Quote | Chart | News | PowerRating -- Walgreen Co.'s board of directors authorized a $2 billion share repurchase program as part of what it terms a "new capital allocation policy."

The Deerfield-based drugstore chain's board also declared a regular quarterly dividend of 13.75 cents a share, a 22.2 percent gain over the year-ago dividend, that is payable Dec. 12 to shareholders of record Nov. 16.The board also set a long-term dividend payout target of 30 to 35 percent of net earnings.

The new share buyback program, which expires at the end of 2013, replaces a $1 billion plan that was announced in January 2007 and had about $655 million remaining. Since 2004, Walgreen said it has repurchased more than $1.3 billion of common stock.

"We remain confident in our growth strategy and ability to drive earnings growth, increase return on invested capital and generate strong cash flow," Walgreens President and CEO Greg Wasson said in a statement.

In the past year, the company paid more than $470 million in dividends to shareholders.

mepodmolik@tribune.com

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For full details on Walgreen Co (WAG) click here. Walgreen Co (WAG) has Short Term PowerRatings of 5. Details on Walgreen Co (WAG) Short Term PowerRatings is available at This Link.

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