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FedEx Corp. announced plans to buy back as many as 32 million, or 10%, of its shares.
The Oct. 15 announcement from the Memphis, Tenn.-based company said the move is in addition to the remaining 7.4 million shares from an earlier repurchase program. The earlier program was approved by FedEx’s board in March.
Before the announcement, FedEx had 316.6 million shares outstanding based on its latest Securities and Exchange Commission filing.
Over the past year, FedEx’s shares have gained nearly 30%, rising to more than $115 on the New York Stock Exchange from about $90 per share a year earlier.
The announcement from FedEx, which ranks No. 2 on Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers, said its shares “may be repurchased from time to time in the open market or in privately negotiated transactions.”