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Investing.com -- Hims & Hers Health, Inc. (NYSE:HIMS) stock rose 1.5% on Monday after the health and wellness platform announced a new $250 million share repurchase program. The authorization comes after the company fully utilized its previous $100 million buyback program established in July 2024.
The newly approved program will span three years, allowing the company to repurchase shares through open market purchases, privately negotiated transactions, or other means, including through 10b5-1 trading plans. The company noted it would take a discretionary approach to buybacks, considering general business conditions and other investment opportunities.
"We continue to see opportunities where the market value of our Class A common stock may not fully reflect what we believe is its intrinsic value," said Co-founder and CEO Andrew Dudum in a statement. "With our strong balance sheet and projected future cash flows, this new program gives us the flexibility to capitalize on those moments and continue delivering value for our shareholders."
Earlier in the session, HIMS shares had traded slightly lower following reports that Novo Nordisk would reduce cash prices for its weight-loss medications Wegovy and Ozempic.
The company indicated that the repurchase program demonstrates its balanced approach to capital allocation, as it continues to focus on growth strategy and innovation investments while maintaining flexibility to act when it believes its stock is undervalued.
The buyback program may be commenced, suspended, or discontinued at any time, according to the company’s announcement.
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