Cerner Corp. said Tuesday that its board of directors has approved a stock repurchase of up to $300 million of the company’s common stock. No time limit was set for the purchases.
The purchases will be based on the March 7 closing price and could represent about 5.7 million shares, or 1.7 percent of the company’s outstanding shares. Monday’s closing price on the New York Stock Exchange was $52.61.
“The repurchase is intended to offset a portion of the dilution created by future equity grants and will be funded from working capital,” the company said.