Before the Covid-19 outbreak in the U.S., and the economic and financial ramifications that have followed, share repurchase authorizations were increasing.
Additionally, Q4’19 earnings reports showed an increase in buyback volumes Q/Q and was trending upwards.
Last month, U.S. corporations announced over $50BN of new buyback authorizations on an above-average number of new plans. Volumes were led by HP ($10BN), Verizon ($5.9BN) and Bristol-Myers Squibb ($5BN) with other large authorizations from TJX Co. ($1.5BN) and Dell Tech ($1BN).
February Top Announcements
| Annc Date | Company Name | Annc. Amt ($MM) | Mkt Cap ($MM) | % of Mkt Cap ($MM) | Mult of 30d ADTV | Industry Sector |
|---|---|---|---|---|---|---|
| 2/24/20 | HP | 10,000 | 32,115 | 31.10% | 31.8x | Technology |
| 2/4/20 | ConocoPhillips | 10,000 | 61,985 | 16.00% | 19x | Energy |
| 2/6/20 | Verizon Communications | 5,944 | 245,844 | 2.40% | 5.3x | Communications |
| 2/6/20 | Bristol-Myers Squibb | 5,000 | 157,081 | 3.20% | 5.1x | Consumer, Non-cyclical |
| 2/12/20 | MGM Resorts International | 3,000 | 17,334 | 17.30% | 7.4x | Consumer, Cyclical |
| 2/3/20 | Check Point Software Technologies | 2,000 | 16,522 | 12.10% | 11.9x | Technology |
| 2/26/20 | The TJX Companies | 1,500 | 76,992 | 1.90% | 3.4x | Consumer, Cyclical |
| 2/12/20 | IDEXX Laboratories | 1,416 | 24,300 | 5.80% | 8.7x | Consumer, Non-cyclical |
| 2/13/20 | Coca-Cola European Partners | 1,000 | 25,504 | 3.90% | 15.5x | Consumer, Non-cyclical |
| 2/27/20 | Dell Technologies | 1,000 | 31,787 | 3.10% | 6.5x | Technology |
| 2/13/20 | Liberty Global | 1,000 | 12,983 | 7.70% | 28.5x | Communications |
| 2/5/20 | O'Reilly Automotive | 1,000 | 31,717 | 3.20% | 2.4x | Consumer, Cyclical |
| 2/26/20 | Palo Alto Networks | 1,000 | 18,902 | 5.30% | 3.0x | Communications |
Data sources: Bloomberg, Guzman & Co.
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