Here are some of the week’s biggest share-buyback announcements, all first covered on InvestingPro+.
1. Centene (NYSE:) said Friday that it had authorized a $2 billion increase to the company’s existing stock-repurchase program. The increase is in addition to the approximately $950 million remaining under the previously authorized program. The company said the authorization is “in preparation for the Magellan Specialty divestiture, as well as planning for the future.”
Shares had a quick 2.5% rise after the open Friday and closed up 1.4%. For the week, shares were off 5.7%.
2. Kellogg Company (NYSE:) announced Monday that it had approved a share repurchase authorization of up to $1.5 billion from January 1, 2023, through December 31, 2025. The company said it “uses buybacks as a way to offset dilution from options exercises and other stock grants, as well as to opportunistically return cash to share owners.” Its current $1.5 billion authorization expires at the end of the year.
Shares rose 1% at the open Monday before sliding 2.4% for the week.
3. Raytheon Technologies (NYSE:) said after the close Monday that it authorized repurchase of up to $6 billion of the company’s outstanding common stock. The new authorization replaces the company’s previous program, approved Dec. 7, 2021.
Shares were up 2% at Tuesday’s open. They ticked marginally lower for the week.
4. PBF Energy (NYSE:) on Monday authorized the repurchase of up to $500 million of PBF Class A common stock.
Shares closed up 10% for the session and 11.8% for the week.
5. Synopsys (NASDAQ:) on Friday said it has entered into an accelerated $300 million share repurchase agreement (ASR) with Wells Fargo (NYSE:). Under the terms of the ASR, Synopsys will receive an aggregate initial share delivery of approximately 787,000 shares, with the remainder, if any, to be settled on or before February 10, 2023, upon completion of the repurchases.
Shares were up 2.3% at Friday’s open and were 1.1% higher for the week.
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