BRIEF: Walgreens OKs $2 billion share-buyback program

Fri. October 16, 2009; Posted: 04:45 AM

Look up the PowerRating of WAG and see how it has performed over the past week as well as the current proprietary PowerRating.

Oct 16, 2009 (Chicago Tribune - McClatchy-Tribune Information Services via COMTEX) -- WAG | Quote | Chart | News | PowerRating -- Walgreen Co.'s board authorized a $2 billion share-repurchase program as part of what it called a "new capital allocation policy."

The Deerfield-based drugstore chain's directors also declared a regular quarterly dividend of 13.75 cents a share, up 22 percent 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.

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

Shares rose $1.08, or 2.8 percent, to $39.83.

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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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