In case you missed it, 5 big stock buybacks this week: Centene, Raytheon
Investing.com | Author Sarina Penn Isaacs
Published Dec 17, 2022 19:14
Here are some of the week's biggest share-buyback announcements, all first covered on InvestingPro+ .
1. Centene (NYSE:CNC) 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:K) 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 (NYSE:RTN) Technologies (NYSE:RTX) 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:PBF) 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:SNPS) on Friday said it has entered into an accelerated $300 million share repurchase agreement (ASR) with Wells Fargo (NYSE:WFC). 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.
***
For tools, data, and content to help you make better investing decisions, try InvestingPro+ .
Get The App
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.