Shares of Sprouts Farmers Market Inc. /zigman2/quotes/209197151/composite SFM -0.04% rose 1.2% in premarket trading Thursday, after the fresh produce grocer authorized a new $300 million stock repurchase program. The program represents about 11.1% of the company's market capitalization at Wednesday's close. "Our new share repurchase program reflects our commitment to strong cash flow generation and driving shareholder return, while at the same time deploying capital to drive growth over the long term," said Chief Financial Officer Denise Paulonis. The company did not repurchase any shares in 2020, after spending about $176 million on buybacks in 2019. The stock has rallied 36.7% over the past 12 months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.33% has gained 22.0%.