The nation’s second largest wireless carrier — and largest provider of landline telephone service in the U.S. — announced that its board has authorized a plan to buy back 300 million T shares. That represents about 6% of outstanding T stock, Bloomberg notes.
AT&T has repurchased about 775 million shares of T stock since 2012. Combining the new buybacks with existing T stock repurchase authorizations, AT&T is currently authorized to buy back 425 million shares. The new authorization has now expiration date.
Investors appeared unimpressed with the new planned T stock buybacks. T shares edged up fractionally in Monday morning trading. Over the past 12 months, T stock has fallen more than 5%.
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