Baxter Plans Stock Buyback

The company can repurchase up to $1.5 billion of stock.
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Baxter International

(BAX) - Get Report

said its board has authorized the repurchase of up to $1.5 billion of the company's common stock.

The company, a provider of medical products and services, can still buy back about $250 million of stock under its previous repurchase program. Shares will be repurchased from time to time in the open market.

"Our strong cash position and balance sheet now provide us significant flexibility to both invest in our future growth, including acquisitions and other business development activities, and provide greater value to our shareholders through periodic share repurchases," Baxter said. "We plan to do both in a balanced and disciplined manner."

Shares of Baxter were up 95 cents, or 2.5%, to $38.33.