US companies are signalling a desire to buy back their own shares at the highest rate in months as record levels of cash piles up on balance sheets.
Companies announced 27 new buy-back programmes last week totalling $18.5bn, the most since February, according to data from TrimTabs. Walmart alone announced $15bn in a new buy-back plan, which included $4.7bn from a remaining programme.
“We've seen a pretty big decline in share price, so companies are trying to prop them up, and these announcements are one way they can do that,” said David Santschi, analyst at TrimTabs. “The spike is highly unusual for June, which is not an earnings announcement month. That's a bullish sign.”
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