By Zacks Equity Research; Zacks ~ Apr 01, 2014
U.S. telecom giant AT&T Inc. (T – Analyst Report) has announced a new repurchase program of up to 300 million shares. The buyback represents nearly 6% of the company’s outstanding shares and does not have any expiration date.
The new program is in addition to the three previous buyback programs of 300 million shares each issued in 2010, 2012 and 2013. We believe AT&T’s increased share repurchase activity bears testimony to its commitment to increase shareholder
value.
In the fourth
quarter of 2013, the company repurchased 54 million shares for $1.9 billion.
Total share repurchase in 2013 was 366 million valued at $13 billion. As of Mar
28, 2014, the company repurchased 175 million shares under the current 300
million share authorization program. Since it started buying back shares in
2012, AT&T has repurchased 775 million shares, representing 13% of its
outstanding shares.