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Brown-Forman Corporation (NYSE:BF.B)
Shares Outstanding
215 Mil (As of Jan. 2014)

Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Brown-Forman Corporation's shares outstanding for the quarter that ended in Jan. 2014 was 215 Mil.

Brown-Forman Corporation's quarterly shares outstanding declined from Oct. 2013 (215 Mil) to Jan. 2014 (215 Mil). It means Brown-Forman Corporation bought back shares from Oct. 2013 to Jan. 2014 .

Brown-Forman Corporation's annual shares outstanding declined from Apr. 2012 (216 Mil) to Apr. 2013 (215 Mil). It means Brown-Forman Corporation bought back shares from Apr. 2012 to Apr. 2013 .


Definition

Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. They have voting rights and represent ownership in the corporation by the person that holds the shares. They should be distinguished from treasury shares, which are shares held by the corporation itself, having no exercisable rights.

Shares outstanding can be calculated as either basic or fully diluted. The fully diluted shares outstanding count includes diluting securities, such as options, warrants or convertibles.


Explanation

A company may buy back shares or issue shares in any fiscal period. If a company buys back shares, we should observe that the total number of shares decline. If the company issues new shares, the number of shares outstanding increases.

If a company buys back shares, we should also observe negative number for Net Issuance of Stock in its cash flow statement. If a company issues shares, we will observe positive number of Net Issuance of Stock.


Be Aware

Usually the presence of treasury shares and a history of buyback are good indicators that company has competitive advantage. But studies have shown that companies usually buy back at wrong time. Buying back shares below its intrinsic value increases value for remaining shareholders. Buying back overvalued shares destroys value for existing shareholders.


Related Terms

Net Issuance of Stock, Buy Back Rate


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Brown-Forman Corporation Annual Data

Apr04Apr05Apr06Apr07Apr08Apr09Apr10Apr11Apr12Apr13
Shares Outstanding 229230231233232227223220216215

Brown-Forman Corporation Quarterly Data

Oct11Jan12Apr12Jul12Oct12Jan13Apr13Jul13Oct13Jan14
Shares Outstanding 216214215215215215215215215215
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