Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

4 scorching buybacks this week: Walmart, Discover

Published 2022-11-19, 11:46 a/m
Updated 2022-11-19, 11:46 a/m
© Reuters.

© Reuters.

Investing.com - Here are the companies with dramatic share-buyback announcements this week, all first covered on InvestingPro+.

Discover Financial Services (NYSE:DFS) reinstated its share buyback after having suspended the plan in July due to "an internal investigation relating to its student loan servicing practices and related compliance matters." In an SEC filing this week, it said, "The investigation has been completed, and the Company has determined that it will resume repurchases under its existing share repurchase program authorizing up to $4.2 billion of share repurchases through June 30, 2023."

That $4.2 billion authorization compares with a market cap of roughly $29.5 billion. The stock rose 2.4% during the ensuing session before dipping fractionally for the week to $107.26.

Daseke (NASDAQ:DSKE) said it will buy back 17.93 million shares from company founder Don Daseke and his affiliates, or $107.6 million worth, at $6 per share. The company said this amount represents 28.6% of the company's issued and outstanding common shares as of November 9, 2022.

In exchange for the repurchased shares, the Company will pay $40 million with cash on hand and issue 67,597 shares of Series B Perpetual Redeemable Preferred Stock, which will have an aggregate initial liquidation preference of $67.6 million. Shares rose 9.7% during that session before slipping 4.26% for the week to $5.84.

Azenta Inc (NASDAQ:AZTA) said this week that it would buy back up to $1.5 billion shares. Shares surged 19% for the week to $57.58.

Walmart (NYSE:WMT) has authorized a $20 billion share-repurchase plan. Shares climbed 5.9% for the week to $150.23.

Daniel Shvartsman contributed to this article.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.