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Brown-Forman Corp (NYSE:BF.B)
Shares Outstanding
213 Mil (As of Jan. 2015)

Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Brown-Forman Corp's shares outstanding for the quarter that ended in Jan. 2015 was 213 Mil.

Brown-Forman Corp's quarterly shares outstanding declined from Oct. 2014 (214 Mil) to Jan. 2015 (213 Mil). It means Brown-Forman Corp bought back shares from Oct. 2014 to Jan. 2015 .

Brown-Forman Corp's annual shares outstanding increased from Apr. 2013 (215 Mil) to Apr. 2014 (215 Mil). It means Brown-Forman Corp issued new shares from Apr. 2013 to Apr. 2014 .


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.


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 Corp Annual Data

Shares Outstanding 230231233232227223220216215215

Brown-Forman Corp Quarterly Data

Shares Outstanding 215215215215215215215215214213
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