TeleTech Holdings, Inc.
) recently announced its board of directors' approval of an
authorization to purchase additional shares worth $25 million
under the share repurchase program. The buyback plan does not
have an expiration date. Earlier in May this year, TeleTech had
extended its share repurchase program by a similar amount.
During the first six months ended Jun 30, 2013, TeleTech
repurchased 1.4 million shares for $31 million at an average
price of $22.14 each. Out of these, 937,000 shares were bought
back during the last reported quarter for $21.2 million.
Moreover, as of Jun 30, 2013, the company had $19.4 million worth
of share repurchase authorization remaining under the buyback
The company intends to use its cash from operations for the
stock repurchase. In the last reported quarter, TeleTech
generated $33.7 million from its operating activities, while cash
and cash equivalents aggregated $150.6 million at
TeleTech presently pays no quarterly dividends and uses only
share repurchase programs to return cash to its shareholders.
Consequently, by augmenting its share repurchase tally, the
company plans to return additional cash to provide attractive
risk-adjusted returns to stockholders.
TeleTech provides technology-enabled solution, which helps its
client companies to maximize their revenues, transform customer
experience and build an optimum business model.
TeleTech currently carries a Zacks Rank #3 (Hold).
Better-placed stocks in the same industry that are worth a look
Barrett Business Services Inc
Cap Gemini S.A.
R.R. Donnelley & Sons Company
). All of them carry a Zacks Rank #1 (Strong Buy).
BARRETT BUS SVS (BBSI): Free Stock Analysis
CAPGEMINI SA (CGEMY): Get Free Report
DONNELLEY (RR) (RRD): Free Stock Analysis
TELETECH HLDGS (TTEC): Free Stock Analysis
To read this article on Zacks.com click here.