Allscripts stock rallies after $200 million accelerated stock buyback plan

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Shares of Allscripts Healthcare Solutions Inc. rose 2.3% in premarket trading Tuesday, after the health care information technology company set a $200 million accelerated stock repurchase (ASR) plan. That represents about 9.3% of the company’s market capitalization of $2.16 billion, based on Monday’s stock closing price of $13.68. “The accelerated share repurchase demonstrates our commitment to delivering near-term value to our shareholders, our strong liquidity position and our confidence in the long-term strategy and earnings potential of Allscripts,” said Chief Financial Officer Rick Poulton. The ASR deal was entered into with JPMorgan Chase Bank, National Association and Wells Fargo Bank. Allscripts stock has run up 52.9% over the past three months through Monday, while the S&P 500 has edged up 2.7%.
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