The board of directors of CR Bard (BCR) recently authorized the repurchase of up to $500 million of the company’s common stock. This authorization is over and above the $107 million remaining under its earlier authorization in April 2009. CR Bard will repurchase its shares from time to time in the open market or through privately negotiated deals.
CR Bard’s board of directors also recently increased its quarterly dividend to 18 cents per share, an increase of 6%. This dividend is payable on Aug 6, 2010, to shareholders of record as of Jul 26, 2010.
CR Bard is dedicated to creating innovative products and services that meet the needs of healthcare providers and patients. The company has a leadership position in Disease State Management with a focus on three critical areas: Vascular, Urology and Oncology. To complement its core focus, CR Bard maintains a line of advanced Surgical Specialty Products and Services.
CR Bard’s strategy has helped the company establish market leadership position in its segments. In 2009, approximately 80% of the company’s net sales were derived from product lines in which the company holds a number one or number two market share position.
CR Bard reported net sales of $650.8 million in the first quarter of fiscal 2010, up 9% on a reported basis and 6% on a constant currency basis. The company recorded sales of $454.5 million in the US and $196.3 million outside US, a reported increase of 8% and 13%, respectively, in the first quarter of 2010. Earnings per share were $1.25, on an adjusted basis, in the first quarter of fiscal 2010 compared with $1.17 in the prior-year period.
We have a Neutral rating on CR Bard.
Read the full analyst report on “BCR”
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