5 big stock buybacks: Goldman to repurchase $30B; Baidu, $5B | Pro Recap
By Davit Kirakosyan
Investing.com -- Here are some of the biggest share buyback announcements you may have missed on InvestingPro this past week. Start your free 7-day trial to get this news first.
Goldman Sachs approves $30 billion buyback
Goldman Sachs (NYSE: GS ) announced a new $30B share repurchase of its common stock, replacing the existing share repurchase program.
On the same day, the company said it expects to incur $2.3B more in potential losses from legal proceedings than the reserves it had set aside for such matters last year.
JPMorgan raised its price target on the company to $408 from $400 while maintaining an Overweight rating.
Shares crept some 1% lower for the week.
Baidu announces $5B buyback, beats Q4 estimates
Baidu (NASDAQ: BIDU ) announced on Wednesday a new share repurchase program of up to $5B, effective through December 31, 2025.
On the same day, the company reported its Q4 earnings results , with EPS coming in at RMB 15.25 ($1 = RMB 6.8963), better than the consensus estimate of RMB 13.89. The company's advertising, cloud, and artificial intelligence divisions drove its revenue to RMB 33.1B, which came in above the consensus estimate of RMB 32.12B.
Shares closed the week with more than a 6% loss.
TJX Companies announces buyback, hikes dividends
TJX Companies (NYSE: TJX ) announced on Wednesday a plan to repurchase approximately $2.0B to $2.5B of its shares during fiscal 2024. The company has $1.5B authorization remaining at the fiscal 2023 year-end under its existing stock repurchase program.
The company also said it intends to hike its quarterly dividend by 13% to $.3325 per share, subject to the approval of its Board of Directors.
On the same day, the company reported its Q4 results , with in-line EPS and better-than-expected revenues. Both Q1 and full-year 2024 EPS guidance came in worse than the consensus estimates.
Shares fell more than 3% for the week.
Two more buybacks
Stellantis NV (EPA: STLAM ) shares rose more than 3% on Wednesday after the company's Board of Directors approved a share buyback program of up to €1.5B.
Synopsys (NASDAQ: SNPS ) announced that it has entered into an accelerated share repurchase agreement (ASR) with Bank of America Corp. (NYSE: BAC ) to repurchase an aggregate of $300 million of Synopsys stock.
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