Announced share repurchase authorizations have slowed considerably since March, aside from a few large Tech/Telecom companies continuing repurchases.
Of the new authorization volumes since March, ~75% has come from just three companies: Apple ($50BN), Alphabet ($28BN), and Oracle ($15BN). Most of the remaining large authorizations in this time frame came in the early days of the pandemic, with some exceptions such as Aflac ($3.8BN) and Sempra Energy ($2BN).
New authorization volume will likely remain muted through the remainder of the year as companies await, amidst economic uncertainty, election results with a myriad of potential ramifications for corporate America.
March-August Top Announcements
| Annc Date | Company Name | Annc. Amt ($MM) | Mkt Cap ($MM) | % of Mkt Cap ($MM) | Mult of 30d ADTV | Industry Sector |
|---|---|---|---|---|---|---|
| 4/30/20 | Apple | 50,000 | 1,285,516 | 3.90% | 5.1x | Technology |
| 7/27/20 | Alphabet | 28,000 | 1,044,297 | 2.70% | 9.3x | Communications |
| 3/12/20 | Oracle | 15,000 | 127,664 | 11.70% | 36.8x | Technology |
| 8/11/20 | Aflac | 3,803 | 27,112 | 14.00% | 30.5x | Financial |
| 3/17/20 | Emerson Electric | 2,845 | 29,014 | 9.80% | 16.2x | Industrial |
| 3/18/20 | Starbucks | 2,253 | 66,115 | 3.40% | 3.7x | Consumer, Cyclical |
| 3/3/20 | Hilton Worldwide Holdings | 2,000 | 25,894 | 7.70% | 5.3x | Consumer, Cyclical |
| 3/9/20 | 2,000 | 25,393 | 7.90% | 2.8x | Communications | |
| 7/14/20 | Sirius XM Holdings | 2,000 | 24,786 | 8.10% | 13.5x | Communications |
| 8/5/20 | Sempra Energy | 2,000 | 37,162 | 5.40% | 12.2x | Utilities |
| 3/4/20 | General Dynamics | 1,683 | 48,738 | 3.50% | 4.7x | Industrial |
| 7/15/20 | Vmware | 1,000 | 58,541 | 1.70% | 4.9x | Technology |
Data sources: Bloomberg, Guzman & Co.
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