“Apple repurchased about 137 million shares on the open market during its fiscal second quarter that ended March 31, which is more than triple the pace of buybacks averaged over the previous eight periods,” Gallagher reports. “It also represented about 6% of the total volume of Apple shares traded during the quarter—the highest percentage seen in more than five years, according to Toni Sacconaghi of Bernstein.”
“The elevated repurchase activity has likely continued. The company said on its last earnings call that it intends to complete the $10 billion remaining on its current buyback plan before the end of the June quarter. It also announced a new $100 billion buyback that Financial Chief Luca Maestri said would be executed ‘efficiently and at a fast pace.’ Mr. Sacconaghi estimates that buybacks could account for 4%-8% of Apple’s total share volume over the next four to six quarters,” Gallagher reports. “Buying back shares is tax-efficient way to return cash to shareholders…”
Read more in the full article here.
MacDailyNews Take: Not “if.” When.
Apple’s $1 trillion market value is a moving target due to record buybacks – May 29, 2018