Maximus (NYSE:MMS) has announced the authorization of an expansion to its stock purchase program, allowing for the acquisition of up to $200 million worth of Maximus common stock. This includes the approximately $6 million remaining availability under the existing stock purchase program. Since March 31, 2024, Maximus has already purchased 538,978 shares for approximately $44.5 million.
The expansion of the stock purchase program reflects Maximus' commitment to an opportunistic approach in purchasing its common stock. Bruce Caswell, the President and CEO of Maximus, stated that the company's capital allocation priorities remain unchanged and are based on a disciplined approach that is believed to be most beneficial to shareholders.
Maximus intends to carry out the purchase of shares opportunistically at prevailing market prices in the open market, or in privately negotiated transactions. The amount and timing of purchases will be dependent on market conditions, corporate needs, and other relevant factors.
As a leading strategic partner to governments worldwide, Maximus is focused on improving the delivery of public services amid complex challenges. The company's offerings include innovative business process management, impactful consulting services, and technology solutions aimed at providing improved outcomes for the public and higher levels of productivity and efficiency of government-sponsored programs. Following these announcements, the company's shares moved 3.6%, and are now trading at a price of $87.87. For more information, read the company's full 8-K submission here.
