Quest Diagnostics Incorporated (NYSE: DGX), the world's leading provider of diagnostic testing, information and services, announced that its Board of Directors increased the company's share repurchase authorization by $750 million.
"The expansion of our share repurchase program reflects the company's financial strength and our ability to continue generating strong cash flows, and, in addition to continuing to invest in the growth of our business, provides another means to return value to our shareholders," said Surya N. Mohapatra, Ph.D., Chairman and Chief Executive Officer.
During 2009, the company repurchased approximately 10 million shares of common stock for $500 million, fully utilizing its previous authorization. The company had approximately 183 million shares outstanding as of December 31, 2009.
SOURCE Quest Diagnostics Incorporated