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Mastercard (MA) swiped their card on a $8BN share repurchase authorization in December, the largest announcement of the month. This plan is on top of the ~$200M remaining under their $6.5BN authorization from December 2018. Mastercard has been steadily increasing their buyback Y/Y from $3.5BN in 2016 up to $6.3BN in 2019. MA also increased their cash dividend 21%.

Another company steadily increasing their buyback has been Biogen (BIIB). They announced their second $5BN authorization of the year in December, following an announcement of the same size in March. BIIB was repurchasing $1BN in 2016, increasing up to $5BN+ in 2019.

Cerner utilized free cash flow in 2019 to return $1.3BN of capital to shareholders via buybacks vs $116M in dividends. They look to continue this trend with a $1.5BN new authorization in December. Other large plans came from Cummins and Prudential Financial with $2BN each.

We reviewed over 130K company transcripts and presentations for share repurchase activity: the results plus a review of 2019 authorizations in the full report.

December Top Announcements

Annc DateCompany NameAnnc. Amt ($MM)Mkt Cap ($MM)% of Mkt Cap ($MM)Mult of 30d ADTVIndustry Sector
12/3/2019Mastercard Inc8,000289,6352.8%9.5xFinancial
12/19/19
Biogen Inc5,00053,696
9.3%
10.5x
Consumer, Non-cyclical
12/10/19Cummins Inc2,00027,523
7.3%
11.2x
Consumer, Cyclical
12/19/2019Prudential Financial Inc2,00038,126
5.2%
11.4x
Financial
12/13/2019Cerner Corp1,50022,687
6.6%
13.0x
Technology
12/2/2019Newmont Corp1,00031,761
3.1%
3.6x
Basic Materials
12/3/2019Dollar General Corp1,00039,331
2.5%
2.7x
Consumer, Cyclical
12/18/2019Devon Energy Corp1,0009,487
10.5%
6.9x
Energy

Data sources: Bloomberg, Guzman & Co.

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