The new year began without much fireworks in the buyback market; it was the smallest month by authorized volumes in over seven years. 33 announcements greater than $25M, representing $14BN.
Nearly half of authorizations came from the Financial sector, lead by Intercontinental Exchange ($2.4BN), HCA Healthcare ($2BN) and PNC ($1BN).
February is shaping up to be a significant larger month with earnings season picking up. Nothing further to report in January; we’ll be monitoring the low volume announced to see if the below average volume is a trend continuing throughout Q1 and the full year.
January Top Announcements
| Annc Date | Company Name | Annc. Amt ($MM) | Mkt Cap ($MM) | % of Mkt Cap ($MM) | Mult of 30d ADTV | Industry Sector |
|---|---|---|---|---|---|---|
| 1/1/20 | Intercontinental Exchange | 2,400 | 51,603 | 4.70% | 6.4x | Financial |
| 1/28/20 | HCA Healthcare | 2,000 | 49,350 | 4.10% | 9.2x | Consumer, Non-cyclical |
| 1/15/20 | PNC Financial Services Group | 1,000 | 67,513 | 1.50% | 3.2x | Financial |
| 1/22/20 | Teradyne | 1,000 | 12,332 | 8.10% | 5.4x | Technology |
| 1/28/20 | BorgWarner | 1,000 | 7,316 | 13.70% | 10.7x | Consumer, Cyclical |
| 1/1/20 | Voya Financial | 825 | 8,250 | 10.00% | 10.0x | Financial |
| 1/21/20 | Magellan Midstream Partners | 750 | 14,812 | 5.10% | 10.1x | Energy |
| 1/16/20 | Qudian | 500 | 900 | 55.60% | 18.1x | Financial |
| 1/28/20 | United Rentals | 500 | 11,311 | 4.40% | 2.9x | Consumer, Non-cyclical |
Data sources: Bloomberg, Guzman & Co.
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