HOLX - Hologic announces $1B share buyback program

• Hologic, Inc. ( NASDAQ: HOLX ), a Marlborough, Massachusetts-based maker of diagnostic products, has announced a stock repurchase program to buy up to $1B worth of the company’s outstanding common stock over five years.
• The program took effect as of the market close on Sep. 23 following the authorization from the company’s board of directors on the previous day, HOLX said in a regulatory filing.
• The new buyback program replaces the company’s previous $1B repurchase program, which had about $150M remaining as of Sep. 22.
• The plan to repurchase shares comes at a time when HOLX is slightly underperforming the broader market.
• The stock has lost ~19% over the past 12 months, compared to a ~17% decline in the S&P 500, while the analysts’ bullish ratings on the company have gradually dropped from a peak in Sep. 2021.

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