Market Analysis

  • Guzman Share Repurchase Report - March 2017
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for March 2017.

    Summary: March may have brought the Vernal (Spring) Equinox, but it didn’t spring large volumes of new share repurchase authorizations. The biggest buyback announced was Verizon’s 100M share (~$5BN) authorization. The Cyclical Consumer sector was the most active with Best Buy and VF Corp each with a $5BN plan announcement. Other notable announcements came from ConocoPhillips ($3BN) and General Dynamics (10M shares/~$1.9BN). On long-term corporate share repurchase trends, tax reform in Washington could be a major influencer but based on recent Treasury Secretary Mnuchin comments, it appears that we’ll have to wait until the Fall, at the earliest, to see what that may look like.

    Read full analysis here: Monthly Share Repurchase Update March 2017(2).pdf

  • Guzman Share Repurchase Report - February 2017
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for February 2017.

    Summary: Love wasn’t the only thing in the air around Valentine’s Day, as a surge of companies announced sizeable stock buybacks. The healthcare industry, particularly three of the largest health insurance providers, was amongst the notable participants. Aetna, Cigna, and Humana all announced authorizations greater than $2.25BN, despite largely refraining from buybacks in 2016. The timing is noteworthy, as it followed the termination of the Humana-Aetna and Cigna-Anthem mergers and preceded the impending “Repeal and Replace” of Obamacare.

    Read full analysis here: Guzman Monthly Share Repurchase Update 2-17.pdf

  • Guzman Share Repurchase Report - January 2017
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for January 2017.

    Summary: January was the calm before the buyback storm that is February and earnings season. The inaugural month of 2017 arrived with low share repurchase authorization volume and number of authorizations. 31 companies announced buybacks greater than $25MM, compared to LTM average of 47, for a total volume of $25.6BN. There was no mega-authorization, or even an authorization greater than $5BN, leading to below average start to the year.

    Read full analysis here: Monthly Share Repurchase Update Jan 2017.pdf



  • Guzman Share Repurchase Report with 2016 Review – December 2016
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for December 2016.

    Summary: In 2016, there were 575 share repurchase announcements greater than $25MM, representing volume of approximately $575MM. While volume is ultimately down -19% Y-o-Y, the average announcement size was just shy of $BN, up +12% from 2015. The technology sector led the way, comprising 24% of all authorizations, including, by far, the two biggest announcements of the year in Microsoft ($40BN) and Apple ($3 BN). As we noted in last month’s review of Q3’16 buyback activity, we don’t expect volumes to drop significantly, if at all, in 2017 with current cash levels at record highs and with the possibility of an additional windfall of cash that could be repatriated stemming from tax policy reform.

    Read full analysis here: Monthly Share Repurchase Update December 2016 w. 2016 review.pdf

  • Guzman Share Repurchase Report with Q3 Review – November 2016
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for November 2016.

    Summary: With the world focusing on the Elections, share repurchase activity flew under the radar in November. Yet, the month was busy in both number and volume of new buyback authorizations, including an impressive 24 announcements greater than $1BN. Perhaps the most notable was Facebook’s maiden voyage into the buyback world, with a $6BN authorization.

    Read full analysis here: Monthly Share Repurchase Update November 2016 with Q3 Review.pdf

  • Guzman Share Repurchase Report – October 2016
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for October 2016.

    Summary: Perhaps waiting for the U.S. Election storm to pass, October wasfairly quiet on the share repurchase front. 37 companiesannounced authorizations greater than $25MM, totaling ~$31BNin volume. The largest announcement was Alphabet’s return tobuybacks after a brief hiatus, with a $7,019,340,976.83authorization. True to Google fashion, this amount was theresult of the mathematical formula of 26 [letters in thealphabet] to the power of the constant “e” multiplied by $1MM.

    Read full analysis here: Monthly Share Repurchase Update October 16.pdf

  • Guzman Share Repurchase Report – September 2016
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for September 2016.

    Summary: September saw only 26 announcements of over $25MM, yet total volume was propelled by huge announcements from MSFT and AXP. Microsoft announced a $40BN authorization, the largest of 2016, as they’re on pace to fulfill their prior 2013 $40BN authorization by year end. American Express authorized a 150MM share plan, which at the time of announcement equated to over $9.6BN.

    Read full analysis here: Monthly Share Repurchase Update September 2016.pdf

  • Guzman Share Repurchase Report – August 2016 with Q2'16 Review
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for August 2016 with Q2'16 Review.

    Summary: With much of the finance world on vacation in August,repurchase activity relaxed, as well. August’s $19BN inannounced share repurchase authorizations was the lowestmonthly volume seen since 2013. Devoid of any authorizationsgreater than $3BN, the average size of $439MM was also thelowest since August 2015.

    Read full analysis here:Monthly Share Repurchase Update August 2016 with Q2'16 Review.pdf

  • Guzman Share Repurchase Report – May 2016
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for May 2016.


    Summary: Moderation was the theme of corporate share repurchase activity in May. Without any of the “mega announcements” seen in recent months, volume of announced authorizations were directly in line with TTM median volume of $42BN. The average announcement size was $802MN, marginally above the corresponding TTM median of ~$700MN.

    Read full analysis here: Monthly Share Repurchase Update May 2016

  • Guzman Share Repurchase Report – April 2016
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for April 2016.


    Summary: “April showers” came in the form of a $35BN repurchase authorization from Apple, the largest announcement of the year and the third largest since 2014 (behind $50BN from GE and Apple both in April of 2015). Only 28 companies announced authorizations over $25MM, but a handful of multi-billion dollar announcements buoyed the volume levels.

    Read full analysis here: Monthly Share Repurchase Update April 2016

  • Guzman Share Repurchase Report – March 2016
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for March 2016.


    Summary: Resulting from a light earnings calendar, share repurchase announcement activity was quiet in March. Only 43 companies announced authorizations greater than $25MM for a total volume of ~$24BN. Despite Oracle’s $10BN “mega- announcement”, volume of announcements saw its lowest levels since the start of 2015.

    Read full analysis here: Monthly Share Repurchase Update March 2016

  • Guzman Share Repurchase Report – February 2016
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for February 2016.


    Summary: On the back of a busy earnings calendar, February brought a flurry of share repurchase announcement activity. We saw the highest number of announcements in the past two years and heightened levels of volumes. However, the average announcement size was only $675MM, below recent averages.

    Read full analysis here: February Share Repurchase Report with Q4 Review

  • Guzman Share Repurchase Update – January 2016
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for January 2016.


    Summary: Despite volatility in global equity markets, U.S. corporations continued to announce new share repurchase authorizations at the start of 2016. 40 companies announced authorizations greater than $25MM in January, in line with 2015 announcements. However, the $43BN in announcements is a 64% increase Y-o-Y.

    Read full analysis here: Monthly Share Repurchase Update January 2016

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