Yahoo Finance 5 big stock buybacks: Verisk, Con Edison | Pro Recap
By Davit Kirakosyan
Investing.com -- Here are 5 biggest share buyback announcements from the past week you may have missed on InvestingPro. Start your free 7-day trial to get this news first.
Verisk Analytics announces accelerated $2.5 billion repurchase program
Verisk Analytics (NASDAQ:VRSK) announced that it has entered into accelerated share repurchase agreements with each of Citibank, and Goldman Sachs to repurchase an aggregate of $2.5B of the company's common stock.
Morgan Stanley said on Thursday it's adding a position to the company, given (1) industry-standard network effects in an attractive industry, (2) attractive valuation after the company’s return to its traditional property and casualty-focused end markets after selling non-core business segments, and (3) from a portfolio perspective, reduces the Model’s volatility and exposure to consumer discretionary while adding exposure to high-quality industrials.
The company reported its Q4 results last month, with both EPS and revenues coming in better than the consensus estimates.
Shares closed the week with more than a 3% loss.
Consolidated Edison enters $1B accelerated buyback
Consolidated Edison (NYSE:ED) announced that it has entered into accelerated share repurchase agreements with two dealers to repurchase $1B in aggregate of its common shares. Con Edison is funding the repurchases from a portion of the proceeds from the sale of Con Edison Clean Energy Businesses.
The company reported its Q4 results last month, with EPS of $0.81 and revenue of $4.03B beating the consensus estimates of $0.80 and $2.97B, respectively.
3 more buybacks
Visteon (NASDAQ:VC) announced a share repurchase program of $300M of common stock expiring December 31, 2026.
Corcept Therapeutics (NASDAQ:CORT) announced that it has commenced a modified Dutch Auction tender offer for the purchase of up to 7.5M shares of its common stock at a price not greater than $22 per share nor less than $19.25 per share.
Shares rose more than 7% this week.
American Express (NYSE:AXP) announced the repurchase of up to 120M common shares, replacing the approximately 36M common shares remaining from the previous authorization in 2019.
The company also hiked its dividend by 15.4% to $0.60 per share, or $2.4 annualized, with an annual yield of 1.4%.
Shares fell more than 7% this week.
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