Pfizer Inc. (NYSE:PFE) announced it has entered into an accelerated share repurchase (ASR) agreement with Goldman, Sachs & Co. to buy back $5 billion worth of the company’s common stock.
This repurchase decision is part of the company’s ASR authorization according to which an additional $11 billion worth of authorization was announced in October last year. The stock buyback was already assumed in Pfizer’s guidance for 2015, issued January 27 this year.
Billioniare investor Carl Icahn says that there's no reason to persist with his Apple buyback proposal, according to new letter. Icahn, who is one of Apple's biggest shareholders, has been supportive of a stock buyback.
On February 12, Jamie Dimon made headlines when he bought 500,000 shares, or some $26 million worth of JPM stock which coming one day after the market hit its lowest point in the recent selloff, has become known as the "Dimon Bottom." Was it just good timing or was there something more to the purchase some wondered.
Over a year ago we wrote "How The Fed's Visible Hand Is Forcing Corporate Cash Mismanagement" in which we explained that due to ZIRP, management teams are left with just two (very shareholder-friendly) capital allocation choices: stock buybacks and dividends, to the detriment of such much more long-term critical uses of funds as capital expenditures, and to a lesser extent M&A.
Johnson & Johnson (JNJ), the biggest producer of health products, announced on Monday that the company's board has approved a share repurchase program worth $5 billion. It was stated that the timing of the program’s full implementation remains at the discretion of the management.
Apple Inc. (AAPL) reported results for the second quarter of its fiscal year 2014 (2QFY14; ended March 29, 2014) after the closing bell yesterday. The tech giant reported better-than-expected revenues and earnings for the quarter while providing strong guidance for the ongoing quarter. The improvement in revenues and earnings is attributable to improved iPhone shipments revenues from service during the quarter.
Around six months after first tweeting his admiration for Apple's cash stockpile and a "large position" in the largest company in the world, it would appear every business media's favorite activist is throwing in his chips.