- Conduent Inc (NASDAQ:CNDT) board of directors has approved a share repurchase program of up to $75 million shares.
- The repurchase will happen over a period of the next three years.
- “This announcement demonstrates our belief in Conduent’s business strategy and the growth opportunities over the long term,” said Cliff Skelton, Conduent President and CEO.
- “This plan underscores the commitment outlined in our recent Investor Briefing to deliver long-term value to our shareholders through a balanced capital allocation strategy and reflects confidence in our cash flow trajectory, balance sheet strength, portfolio rationalization program and belief that our shares are an attractive investment opportunity.”
- The repurchase program may be modified, suspended or discontinued at any time at the company’s discretion without prior notice.
- Conduent held $526 million in cash and equivalents as of March 31, 2023.
- Price Action: CNDT shares are trading higher by 9.11% at $3.17 on the last check Tuesday.
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