Brown-Forman Corporation announced on Monday that its board of directors approved a new $400M share repurchase authorization. The buyback program will end on October 2 and run through October 1, 2024.
Brown-Forman can repurchase Class A and Class B common shares for cash, in open market transactions, block transactions, purchases made in accordance with SEC rule 10b5-1. The company's share repurchase program does not necessitate the company to repurchase a minimum number of shares of Class A or Class B common stock, and this share repurchase program can be modified, suspended, or terminated at any time without prior notice.
Brown-Forman shares are down almost 13% on a year-to-date basis, and closed Monday less than $0.40 from their 52-week low of $57.19.