Maximus (NYSE: MMS) has announced an increase in the purchase program for Maximus common stock, with the board of directors authorizing a $200 million raise. This decision was made in light of the previous $200 million authorization, which had been completed. As of September 30, 2024, the previous authorization had $171.4 million available capacity. However, recent share purchase activity in the current quarter consumed the remaining capacity.
The company's intention is to engage in opportunistic share purchases at prevailing market prices. This may be executed through open market transactions, via 10b5-1 plans, or in privately negotiated transactions. The amount and timing of these purchases will be contingent upon market conditions, corporate needs, and other factors. Importantly, this program does not obligate the company to acquire any particular amount of common stock, has no specified expiration date, and may be extended, modified, suspended, or discontinued at any time at the company’s discretion.
Bruce Caswell, the president and chief executive officer of Maximus, expressed confidence in the company's future and its ability to be an effective and efficient partner to the government. He emphasized that increasing the amount authorized under this program is consistent with the company's opportunistic approach to purchasing its common stock. Caswell also reaffirmed that the company's capital allocation priorities remain unchanged and are based on a disciplined approach to maximize value for shareholders.
Maximus, as a leading strategic partner to the government, is dedicated to improving the delivery of public services amid complex challenges. The company's focus on program service delivery, operational excellence, and an understanding of the needs of the people being served enables it to advance the critical missions of its partners. Maximus delivers 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. As a result of these announcements, the company's shares have moved 1.0% on the market, and are now trading at a price of $71.47. If you want to know more, read the company's complete 8-K report here.
