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

/ / News

Service Corp. International 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 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%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.