- While total buybacks are expected to drop this year due to the downturn caused by the novel coronavirus, some of the largest U.S. companies continued to buy back their own stock while others even accelerated stock repurchases, the Financial Times reported.
- Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A, NYSE:BRK.B) plowed about $5.3 billion into stock repurchases during the period, according to estimates from Edward Jones.
- Apple (NASDAQ:AAPL), which has spent the most among S&P 500 index companies in recent years, according to the report, bought back $16 billion worth of its stock in Q2, the company revealed on Thursday. That was 6% lower than the comparable 2019 period.
- Louis Navellier noted here on InvestorPlace earlier this month that “Apple is on track for 4% compounded earnings-per-share growth based solely on its aggressive stock buyback program.”
- Refinitiv estimated that Q2 EPS for companies in the S&P 500 will probably drop about 39%.
- Nearly a fifth of companies in the S&P 500, including Wells Fargo (NYSE:WFC) and Bank of America (NYSE:BAC). Large commerical banks are typically among the biggest buyers of their own stock, the FT reported.
Article printed from InvestorPlace Media, https://investorplace.com/2020/07/recent-reports-show-corporate-america-reluctant-to-bail-on-stock-buybacks/.
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