In a regulatory filing, Seagate (STX) disclosed that the board of directors of the company approved the repurchase of up to a total of $5B of the company’s common stock under its existing share repurchase program. The company may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including accelerated share repurchase transactions or other structured repurchase transactions, block trades or pursuant to trading plans intended to comply with Rule 10b5-1 of the U.S. Securities Exchange Act of 1934, as amended. “The company is hosting an analyst and investor day today in New York City, both in-person and via webcast, where the company will discuss this share repurchase approval and new financial targets through its fiscal year ending in 2028,” the filing noted.
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