The Walt Disney Co. will buy back up to $8 billion in stock next year. This will give a boost to investor returns, the company’s chief financial officer Jay Rasulo said.
Rasulo cited confidence in the return on Disney‘s investments, and its stock price, which has increased from 25% to $65.49 a share.
“We really see the opportunity, given where the share price is, given where the capital markets are, to target at least $6 [billion] and possibly up to $8 billion in buy back,” he said.
This is a significant increase in the company’s program to return capital to investors. The company probably will have to borrow to reach that target. Still, Rasulo said the company would be able to increase the buyback while maintaining its debt rating of “A.”
The company’s market capitalization is now nearly $117 billion. The company boosted its dividend by 25% to 75 cents a share, last year.
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