6 big stock buybacks: Check Point adds $2B to program | Pro Recap
By Davit Kirakosyan
Investing.com -- Here is your weekly Pro Recap of the biggest buyback news you have missed on InvestingPro. Start your free 7-day trial to get this news first.
Check Point to repurchase another $2 billion
Check Point Software Technologies (NASDAQ: CHKP ) announced that its board of directors will buy back up to an additional $2B in stock under its current share repurchase program. Under the extended share repurchase program, the company may continue buying back up to $325 million in shares each quarter.
The company also reported better-than-expected earnings this morning.
Shares were up 1.5% in premarket trading.
MGM's big new buyback
MGM Resorts (NYSE: MGM ) authorized a new $2B share repurchase plan. The company decided to suspend its regular dividends to prioritize share repurchases as a method of returning value to shareholders.
Shares gained more than 6% on Thursday after the company reported its Q4 results , with revenue of $3.6B coming in better than the consensus estimate of $3.34B. EPS was ($1.53), compared to the consensus estimate of ($1.47).
Following the announcements, several analysts raised their price target on the company, including JPMorgan with a new price target of $54 (from $48), and Deutsche Bank with a new price target of $53 (from $49).
An accelerated repurchase at Fox
Fox Corp (NASDAQ: FOXA ) announced an additional $3B stock repurchase program, including a $1B accelerated repurchase of its Class A common stock.
Shares gained more than 4% on Wednesday after the company reported its Q2 results , with revenue of $4.61B coming in better than the consensus estimate of $4.58B. EPS was $0.48, in line with expectations.
And 3 more sizable share buybacks
Skyworks Solutions (NASDAQ: SWKS ) announced a new share repurchase program of up to $2B of its common stock. The new authorization succeeds in its entirety the $2B stock repurchase program approved on Jan. 26, 2021.
Shares jumped more than 12% on Tuesday after the company reported its Q1 results , with EPS coming in at $2.59, in line with expectations. Revenue was $1.33B, better than the consensus estimate of $1.32B.
For Q2/23, the company expects EPS of $2.02, compared to the consensus of $2.24. Revenue is expected in the range of $1.125B-$1.175B, compared to the consensus of $1.19B.
ON Semiconductor (NASDAQ: ON ) announced a $3B share repurchase program and reported its Q4 results last week. EPS was $1.32, compared to the consensus estimate of $1.26, while revenue came in at $2.1B, compared to the consensus of $2.08B.
The company expects Q1/23 EPS in the range of $1.02-$1.14, compared to the consensus of $1.15, and revenue in the range of $1.87B-$1.97B, compared to the consensus of $2B.
Align (NASDAQ: ALGN ) said it had entered into a new $250M accelerated stock repurchase agreement (ASR) with Citibank under its current $1.0B stock repurchase program. Earlier this month it also announced an additional $1B share-buyback authorization to succeed the current one
The company reported its Q4 results earlier this month as well, with EPS of $1.73 beating the consensus estimate of $1.54. Revenue came in at $901.5M, compared to the consensus estimate of $892M.
Shares closed the week with nearly an 8% loss.
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