Repurchase is expected to have no effect on net income

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Beta Industries has net income of $1,900,000, and it has 1,410,000 shares of common stock outstanding. The company's stock currently trades at $61 a share. Beta is considering a plan in which it will use available cash to repurchase 30% of its shares in the open market. The repurchase is expected to have no effect on net income or the company's P/E ratio. What will be its stock price following the stock repurchase? Round your answer to two decimal places

Reference no: EM13764967

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