Intuit Inc. (NASDAQ: INTU) today announced that its board of directors has authorized a three-year stock repurchase program for up to $500 million.
"Our goal is to continually look for ways to enhance shareholder value and we've taken a number of positive steps in that direction," said Steve Bennett, Intuit's president and chief executive officer. "First, we're executing well - delivering performance that is up from historical growth rates with improved margin percentages -- and we're delivering on our profit guidance. We're investing in emerging growth businesses at twice last year's levels. We've made a number of acquisitions and dispositions to better position our portfolio to drive profitable growth. And the new element we're announcing today is a stock buy back plan to enable us to drive higher EPS growth by minimizing dilution from employee stock programs."
This is the first stock repurchase program in Intuit's history.