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Juicy share buybacks this week: Marriott, ADP, Phillips 66

Stock Markets Nov 12, 2022 03:49PM ET
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By Sarina Isaacs

Investing.com - Here are the companies dramatically upping their share-buyback plans this week, all first covered on InvestingPro+.

ASML Holding NV ADR (NASDAQ:ASML) said it authorized a €12.0 billion ($12.43 billion) share-buyback program. Shares climbed more than 21% for the week.

ADP (NASDAQ:ADP) authorized repurchase of $5 billion of its shares. shares were up 4.5% for the week.

Phillips 66 (NYSE:PSX) approved a $5 billion increase to its stock-repurchase authorization, which brings the total since 2012 to an aggregate of $20 billion. Shares rose 7.2% for the week.

Thermo Fisher Scientific (NYSE:TMO) authorized a $4 billion share-buyback program. Shares gained 8% for the week.

Marriott International Inc (NASDAQ:MAR) announced added 25 million shares to its share-repurchase authorization for a total of approximately 30.8 million. Year to date through November 9, 2022, the company has repurchased 11.6 million shares for $1.8 billion. Shares added 9.5% for the week.

Steel Dynamics (NASDAQ:STLD), Inc. added $1.5 billion to its share-buyback authorization, which previously stood at $1.25 billion. Since 2017, the company has repurchased $3.7 billion of its common stock, or 33% of its outstanding shares. Shares ticked 0.8% higher.

AAON Inc (NASDAQ:AAON) said it had authorized repurchase of $50 million of its shares. Shares jumped 19.1% for the week.

GCM Grosvenor Inc (NASDAQ:GCMG) added $25 million to its share-repurchase authorization, bringing the total to $90 million. Shares added 10.3% for the week.

Goldman Sachs MLP & Energy (NYSE:GER) authorized a $10 million share-repurchase program. Shares were off 0.4% for the week.

Juicy share buybacks this week: Marriott, ADP, Phillips 66
 

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Comments (1)
Ernie Keebler
Ernie Keebler Nov 12, 2022 4:31PM ET
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That's one way to keep your stock price at elevated levels but it's a temporary fix.  Overpriced stock will drop at some point as the index as a whole tubes, just more short term manipulations
 
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