Kellogg Announces $1.5 Billion Stock Repurchase Program

On December 15, Kellogg Company (K) announced that its Board of Directors authorized a new $1.5 billion stock repurchase program. This authorization is good through the end of 2019 and replaces a previous stock repurchase program that expires on December 31, 2017. Kellogg strategically repurchases stock as a way to avoid share dilution after granting stock or large stock option exercises and also to return cash to current shareholders.

 

Sonal detected the news and issued an alert at 4:20 pm. The next trade took place at 4:23 pm for $64.99. After being closed for the weekend, regular market trading opened at $65.10 on December 18. The stock price moved higher and stayed near its closing price of $65.64 for a moderate gain on the trading day after the event. The price continued to trend higher over the next few trading sessions before closing at $68.15 on December 26.

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