Netflix Inc., the top-performing stock in the Standard & Poor’s 500 index, rose 3.2 percent ahead of a shareholder meeting Tuesday that’s expected to lead to a stock split.
Shares of Los Gatos, California-based Netflix closed at $647.15 in New York. The stock has risen 89 percent this year, tops among the S&P 500 members.
Chief Executive Officer Reed Hastings said in April he planned to recommend a stock split to the board and that a lower price would make the shares more accessible. Netflix said in a filing around that time it didn’t have any plans to issue shares for mergers or to raise money.
The company is asking investors to boost the authorized shares outstanding to about 5 billion from the 170 million authorized now, including preferred stock.
Shareholders are also being asked to vote on a nonbinding proxy-access proposal by New York City municipal pension funds that would give investors more ability to nominate directors.