Credit rating provider, Moody’s Corporation(MCO) reported on Tuesday that they have approved a plan to buyback an additional $1 billion in shares.
The company had $677 million in share buyback authorization left in 2012, with approximately $227 million in shares left on the market in the fourth quarter. On February 12, the board approved another $1 billion in share buybacks.
MCO said that this plan is subject to available cash, market conditions and other ongoing capital allocation decisions. The company stated that the plan may vary from quarter to quarter.
Moody’s shares were mostly flat during premarket trading Wednesday. The stock has increased 20% in the past year.
The Bottom Line
Shares of Moody’s Corporation(MCO) have a 1.74% yield, based on Tuesday’s closing price of $46.09.
Moody’s Corporation(MCO) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.