Guzman Share Repurchase Report - September 2017
Guzman & Company’s Investment Banking team released its Share Repurchase Update for September 2017
Summary: The Autumnal Equinox wasn’t the only onset in late September, as earnings season got underway and with it new share repurchase authorizations. Industrial and Tech names led the way as Norfolk Southern authorized 50M shares (~$6.5BN) followed by a Texas Instruments $6BN announcement. Also of note, Anadarko Petroleum authorized a $2.5BN plan through 2018 after only buying less than $400M in total over the past 10 years; $1BN to be purchased in 2017 due to the “value of [their] assets and the highly accretive nature of this program.” Notwithstanding Anadarko, corporates still seem to be in a decreased buyback activity holding pattern ahead of any potential legislative reform, but look for an uptick in announcements in October with earnings reporting in full swing.
Read full report here: Monthly Share Repurchase Update September 2017.pdf