Sotheby’s Share Buyback Will Total $400m, Increased by $75m Recently

Still digesting Sotheby’s 10-Q filed this morning, the share repurchase program was increased by $75m recently and will now total $400m with $286m spent and $114m remaining. At today’s stock price of $35m, that program has the potential to reduce the float in BID by another 5-6%:

On September 30, 2016, the Board of Directors approved a $75 million increase to the share repurchase authorization.

For the nine months ended September 30, 2016 , Sotheby’s repurchased 11,092,832 shares of its Common Stock for approximately $286 million (including fees and commissions) at an average price of $25.79 per share through open market purchases and purchases made pursuant to a Rule 10b5-1 plan.

As of September 30, 2016, Sotheby’s had $114 million remaining under the increased authorization.