A Dark Vector Cognition product

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

9K characters. Original on sec.gov · Markdown

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

On August 16, 2017, we announced that our Board of Directors approved a two-for-one stock split of our common stock. Each Henry Schein, Inc. stockholder of record at the close of business on September 1, 2017 received a distribution of one additional share for every share held. Trading began on a split-adjusted basis on September 15, 2017. The effects of the stock split on share and per share amounts have been retroactively reflected for all periods presented in this form 10-K.

Our common stock is traded on the NASDAQ Global Select Market tier of the NASDAQ Stock Market, or NASDAQ, under the symbol HSIC. On October 2, 2007, our common stock became a component of the NASDAQ-100 stock market index. The following table sets forth, for the periods indicated, the high and low reported sales prices of our common stock as reported on NASDAQ for each quarterly period in fiscal 2017 and 2016:

HighLow
Fiscal 2017:
1st Quarter ...................................................................................................................................................................$88.25$75.51
2nd Quarter ..................................................................................................................................................................93.5083.11
3rd Quarter ...................................................................................................................................................................93.1478.56
4th Quarter ...................................................................................................................................................................84.8865.28
Fiscal 2016:
1st Quarter ...................................................................................................................................................................$85.12$71.32
2nd Quarter ..................................................................................................................................................................90.4982.58
3rd Quarter ...................................................................................................................................................................91.5079.27
4th Quarter ...................................................................................................................................................................82.2473.12

On February 15, 2018, there were approximately 467 holders of record of our common stock and the last reported sales price was $68.38.

Purchases of Equity Securities by the Issuer

Our share repurchase program, announced on June 21, 2004, originally allowed us to repurchase up to $100 million of shares of our common stock, which represented approximately 3.5% of the shares outstanding at the commencement of the program. As summarized in the table below, subsequent additional increases totaling $2.8 billion, authorized by our Board of Directors, to the repurchase program provide for a total of $2.9 billion of shares of our common stock to be repurchased under this program.

Date ofAmount of Additional
AuthorizationRepurchases Authorized
October 31, 2005$100,000,000
March 28, 2007100,000,000
November 16, 2010100,000,000
August 18, 2011200,000,000
April 18, 2012200,000,000
November 12, 2012300,000,000
December 9, 2013300,000,000
December 4, 2014300,000,000
November 30, 2015400,000,000
October 18, 2016400,000,000
September 15, 2017400,000,000

As of December 30, 2017, we had repurchased approximately $2.7 billion of common stock (55,670,990 shares) under these initiatives, with $200.0 million available for future common stock share repurchases.

The following table summarizes repurchases of our common stock under our stock repurchase program during the fiscal quarter ended December 30, 2017:

Total NumberMaximum Number
Totalof Sharesof Shares
NumberAveragePurchased as Partthat May Yet
of SharesPrice Paidof Our PubliclyBe Purchased Under
Fiscal MonthPurchased (1)Per ShareAnnounced ProgramOur Program (2)
10/01/17 through 11/04/17$-5,473,914
11/05/17 through 12/02/171,821,63168.621,821,6314,245,684
12/03/17 through 12/30/171,417,54370.541,417,5432,862,051
3,239,1743,239,174
(1)All repurchases were executed in the open market under our existing publicly announced authorized program.
(2)The maximum number of shares that may yet be purchased under this program is determined at the end of each month based on the
closing price of our common stock at that time.

Dividend Policy

We have not declared any cash or stock dividends on our common stock during fiscal years 2017 or 2016. We currently do not anticipate declaring any cash or stock dividends on our common stock in the foreseeable future. We intend to retain earnings to finance the expansion of our business and for general corporate purposes, including our share repurchase program. Any declaration of dividends will be at the discretion of our Board of Directors and will depend upon the earnings, financial condition, capital requirements, level of indebtedness, contractual restrictions with respect to payment of dividends and other factors.

Stock Performance Graph

The graph below compares the cumulative total stockholder return on $100 invested, assuming the reinvestment of all dividends, on December 29, 2012, the last trading day before the beginning of our 2013 fiscal year, through the end of our 2017 fiscal year with the cumulative total return on $100 invested for the same period in the Dow Jones U.S. Health Care Index and the NASDAQ Stock Market Composite Index.

COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN

ASSUMES $100 INVESTED ON DECEMBER 29, 2012
ASSUMES DIVIDENDS REINVESTED
December 29,December 28,December 27,December 26,December 31,December 30,
201220132014201520162017
Henry Schein, Inc. ................................................................................................................................................................$100.00$143.12$171.81$196.47$189.74$174.79
Dow Jones U.S. Health
Care Index .......................................................................................................................................................................100.00143.42182.80193.68187.95230.88
NASDAQ Stock Market
Composite Index ................................................................................................................................................................100.00142.22166.42176.82190.97247.56

Previous: Item 4. Mine Safety Disclosures · Next: Item 6. Selected Financial Data