Item 5. Market for Registrant’s Common Equity
ITEM 5 MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Prices
Our common stock is traded on the Nasdaq Global Select Market under the symbol “BRKR.”
As of February 6, 2024, there were approximately 67 holders of record of our common stock. This number does not include individual beneficial owners of shares held in nominee name or within clearinghouse positions of brokerage firms and banks.
Dividends
In February 2016, we announced the establishment of a dividend policy and the declaration by our Board of Directors of an initial quarterly cash dividend in the amount of $0.04 per share of our issued and outstanding common stock. Beginning in 2022, we increased the quarterly cash dividend to our shareholders in the amount of $0.05 per share of our issued and outstanding common stock and in February 2024 announced that our Board had approved a quarterly dividend for the first quarter of 2024 of $0.05 per share, payable in March. Future dividend payments, if any, are subject to approval of our Board of Directors.
Stock Price Performance Graph
The graph below compares Bruker Corporation’s annual percentage change in cumulative total return on common shares over the past five years with the cumulative total return of companies comprising the Nasdaq US Benchmark TR Index and the SIC Code 3826 Laboratory Analytical Instruments Index. This presentation assumes that $100 was invested in shares of the relevant issuers on December 31, 2018, and that dividends received were immediately invested in additional shares. The graph plots the value of the initial $100 investment at one-year intervals for the fiscal years shown.
Cumulative Total Return Index for:
2018
2019
2020
2021
2022
2023
Bruker Corporation
$
87.18
$
149.82
$
159.67
$
248.06
$
202.70
$
250.70
Nasdaq US Benchmark TR Index
94.56
124.03
150.41
189.36
152.00
203.23
SIC Code 3826 Laboratory Analytical Instruments
108.61
137.43
184.99
228.85
152.79
127.67
The data for this performance graph was compiled by Zack’s Investment Research, Inc. and is used with its permission.
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Issuer Purchases of Securities
The following table provides information about purchases made by or on behalf of the Company or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act, during the quarter ended December 31, 2023, of shares of our common stock.
Period
Total Number of
Shares Purchased
(1)
Average Price
Paid per Share
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
Maximum Number (or
Approximate Dollar Value) of
Shares that May Yet Be
Purchased Under the Plans
or Programs (2)
October 1—October 31, 2023
—
$
—
—
$
420,271,418
November 1—November 30, 2023
848,818
58.90
848,818
370,278,694
December 1—December 31, 2023
4,840
73.63
4,840
369,922,324
853,658
$
58.98
853,658
$
369,922,324
(1) The Company purchased shares of common stock in accordance with the 2023 share repurchase program (the “2023 Repurchase Program”). The shares were purchased on the open market at prevailing prices. Under the 2023 Repurchase Program, the Company may repurchase shares pursuant to Rule 10b5-1 and/or Rule 10b-18 under the Exchange Act.
(2) The 2023 Repurchase Program authorizes the purchases of the Company's common stock of up to $500.0 million from time to time over a two-year period, in amounts, at prices, and at such times as management deems appropriate, subject to market conditions, legal requirements and other considerations.
In May 2021, the Company’s Board of Directors approved a share repurchase program (the “2021 Repurchase Program”) authorizing the purchase of the Company’s common stock of up to $500.0 million, in amounts, at prices, and at such times as management deems appropriate, subject to market conditions, legal requirements and other considerations. We purchased a total of 4,215,094 shares at an aggregate cost of $264.7 million under the 2021 Repurchase Program during the year ended December 31, 2022. During the year ended December 31, 2023, we purchased a total of 315,318 shares at an aggregate cost of $22.2 million under the 2021 Repurchase Program. Authorization for the remaining $94.4 million on the 2021 Repurchase Program expired in May 2023.
In May 2023, our Board of Directors approved the “2023 Repurchase Program” authorizing the purchase of up to $500.0 million of our common stock over a two-year period, in amounts, at prices, and at such times as we deem appropriate, subject to market conditions, legal requirements and other consideration. We purchased a total of 2,097,119 shares of common stock with an aggregate cost of approximately $130.1 million under the 2023 Repurchase Program during the year ended December 31, 2023. The Company currently intends to fund future share repurchases from cash on hand, future cash flows from operations and available borrowings under our revolving credit facility.
ITEM 6 RESERVED
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