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Aug. 12, 2020, 12:28 p.m. EDT

Deathcare products company Service Corp. boosts stock buyback program to $500 million

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By Tomi Kilgore

Service Corp. International /zigman2/quotes/200293647/composite SCI +0.70% said Wednesday it has boosted its stock repurchase program to $500 million, effective immediately. That represents an increase of $431 million to the current program, which had $69 million remaining. The deathcare products company's stock rose 0.4% in midday trading toward a five-month closing high. Based on current prices, the company could now buy back up to 10.43 million shares, or about 5.9% of the shares outstanding. The company spent $210.6 million on share repurchases during the six months ended June 30. Separately, the company declared a regular quarterly dividend of 19 cents a share, payable Sept. 30 to shareholders of record on Sept. 15. At current stock prices, the implied dividend yield is 1.58%, compared with the implied yield for the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.05% of 1.66%. Service Corp.'s stock has rallied 26.5% over the past three months, while the S&P 500 has advanced 17.8%.

/zigman2/quotes/200293647/composite
US : U.S.: NYSE
$ 40.55
+0.28 +0.70%
Volume: 1.06M
Sept. 22, 2020 4:00p
P/E Ratio
18.36
Dividend Yield
1.87%
Market Cap
$7.10 billion
Rev. per Employee
$132,471
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/zigman2/quotes/210599714/realtime
US : S&P US
3,315.57
+34.51 +1.05%
Volume: 2.36B
Sept. 22, 2020 5:07p
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