The company said it plans to repurchase the first $100 million of stock in its current fiscal year. The other $250 million worth of shares will be repurchased in the next two years.
"On the capital allocation front, we have made meaningful progress in our efforts to deploy our significant cash resources to drive value" TiVo president and CEO Tom Rogers said in a press release. "We are taking another step forward by announcing a new $350 million stock repurchase program, representing a significant portion of our current cash & short-term investments."
Must Read: Warren Buffett's 25 Favorite Stocks
TheStreet Ratings team rates TIVO INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TIVO INC (TIVO) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, notable return on equity, reasonable valuation levels and compelling growth in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."