Conduent Adopts $75M Share Buyback Program

Conduent Inc CNDT board of directors has approved a share repurchase program of up to $75 million shares.
The repurchase will happen over a period of the next three years.
"This announcement demonstrates our belief in Conduent's business strategy and the growth opportunities over the long term," said Cliff Skelton, Conduent President and CEO.
"This plan underscores the commitment outlined in our recent Investor Briefing to deliver long-term value to our shareholders through a balanced capital allocation strategy and reflects confidence in our cash flow trajectory, balance sheet strength, portfolio rationalization program and belief that our shares are an attractive investment opportunity."
The repurchase program may be modified, suspended or discontinued at any time at the company's discretion without prior notice.
Conduent held $526 million in cash and equivalents as of March 31, 2023.
Price Action: CNDT shares are trading higher by 9.11% at $3.17 on the last check Tuesday.