Xilinx's board of directors authorized the company to repurchase up to $800 million worth of common stock. The buyback plan will let the company repurchase about 7% of all outstanding shares at its current stock price.
"Our repurchase authorization signals a high level of confidence in Xilinx's growth prospects as well as in our continued ability to consistently generate healthy operating cash flow," Xilinx president and CEO Moshe Gavrielov said in a statement.
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Xilinx previously repurchased about 50 million shares for about $1.6 billion since fiscal 010.
TheStreet Ratings team rates XILINX INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate XILINX INC (XLNX) a BUY. This is driven by several positive factors, 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 impressive record of earnings per share growth, revenue growth, notable return on equity, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow."