Check Point announces 100% increase to share repurchase program
Check Point announced that its board has authorized the expansion of the company's on-going share repurchase program. Under the updated repurchase plan, effective immediately, Check Point is authorized to increase the quarterly repurchase of its outstanding shares by 30%, up to $325M, and the overall program by 100%, to an aggregate of $2B. As of June 30, 2018, Check Point has approximately 156.2M ordinary shares outstanding. Check Point began its share repurchase program in 2003, and since then has repurchased approximately 154.5M shares for a total purchase price of approximately $7.3 billion. The updated plan expands the company's existing repurchase plan announced in August 2017, which had provided for the repurchase of up to $250M shares each quarter, up to an aggregate of $1B, which is expected to be completed in Q3.