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O’Reilly Auto expands share repurchases by $1B

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The O’Reilly Automotive Inc. (Nasdaq: ORLY) Board of Directors authorized the company to buy back another $1 billion worth of its shares.

The latest authorization brings the total for O’Reilly Automotive’s share repurchase program up to $12.8 billion. The latest $1 billion authorization is effective for three years starting May 31, according to a news release.

Through March 31, O’Reilly Automotive had bought back 73.2 million shares through the plan that began in January 2011. The company spent about $11 billion on the shares, including a $322 million investment in the first quarter, according to the company’s earnings report released in April.

The latest $1 billion authorization adds to the roughly $680 million that was available under the plan at the end of the first quarter.

ORLY shares were trading at $378.07 as of 10 a.m., compared with a 52-week range of $270.97 to $414.63.

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