June 2020 Stock Buybacks Down 98%

Source: Birinyi Associates


I really enjoy the regular updates the crew at Birinyi do on stock buybacks. In the most recent note, Chris Costelloe observes that “There were 25 new authorizations announced during June for a total of $2.51 billion, 98% lower than June 2019 and the lowest total value of authorizations since May 2009.”

That is quite a huge drop!  Buybacks are way down this year; it makes one wonder how accurate the claims have been that share buybacks are what have been driving stocks higher.

Note: I much prefer dividends.




Yardeni: 67% of Buybacks Are Used to Offset Employee Stock Dilution (November 14, 2019)

Buybacks Are Great in Theory, Less So IRL (March 12, 2018)

The Relative Advantage of Buybacks (December 7, 2018)

Why Management Loves Share Buybacks: Repurchases are a backdoor way to pay executives (November 11, 2015)

Stock Buybacks



Source: Birinyi Associates


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