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SAIC Board Approves 5M Share Buyback Plan; Tony Moraco Comments

Tony Moraco - SAIC,  ExecutiveMosaic
Tony Moraco

Science Applications International Corp.’s (NYSE: SAI) board of directors has approved a plan to repurchase up to 5 million shares of the company’s common stock.

SAIC has also declared a cash dividend of 28 cents per outstanding share on the company’s common stock, SAIC said Thursday.

Leidos Holdings (NYSE: LDOS) and SAIC began trading on the New York Stock Exchange as independent companies Monday.

“The initiation of a quarterly dividend and share repurchase authorization are consistent with our stated capital allocation policies, ” CEO Tony Moraco said.

“The board’s action reflects the company’s strong current financial position and the expectation of cash generation in excess of its operating needs.”

Shareholders of record as of the close of business on Oct. 15 will be paid the dividend on Oct. 30.

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