Irvine-based Edwards Lifesciences Corp. said last week that its board authorized a $750 million buyback of its stock.
The heart valve maker said it still had about $140 million of its current $500 million share repurchase program authorized in September 2011 and that it expects to use the remainder of that authorization in the current quarter.
Investors generally like stock buybacks because they prop up the value of a company’s stock by shrinking the pool of outstanding shares.
Edwards’ stock is down some 37% since the start of the year. It took a big hit in late April after reporting disappointing first-quarter earnings and lowering its full-year outlook.
The company also said its chief finan- cial officer, Thomas Abate, plans to re- tire.
―Vita Reed
