5 big stock buybacks: Apple's $90B bonanza; a new $3B repurchase at MetLife

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5 big stock buybacks: Apple's $90B bonanza; a new $3B repurchase at MetLife
Credit: © Reuters.

By Davit Kirakosyan

Investing.com -- Here is your Pro Recap of the biggest share-buyback announcements you may have missed last week: news from Apple, MetLife, Murphy USA, CNO Financial, and Boyd Gaming.

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Apple announces $90 billion stock buyback & hikes dividend

Apple (NASDAQ: AAPL ) announced an additional program to repurchase up to $90 billion of its common stock.

The company reported a Q1/23 earnings beat, highlighted by stronger-than-expected iPhone sales, as well as hiked its dividend by 4.3%. iPhone revenue, which represents more than 50% of total revenue, increased to $51.33B, beating the consensus estimate of $48.84B.

As a result, shares closed more than 4% higher on Friday.

MetLife announces $3B buyback program, shares plunge on Q1 miss

MetLife (NYSE: MET ) approved a new $3B share buyback program, which is incremental to the $202 million remaining under its prior authorization announced in May 2022.

Shares dropped more than 7% on Thursday after the company reported worse-than-expected Q1 earnings results.

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3 more buybacks

Murphy USA (NYSE: MUSA ) announced a new share repurchase authorization of up to $1.5B, which will begin upon completion of the current $1B buyback program and will be executed by December 31, 2028.

CNO Financial Group (NYSE: CNO ) announced an additional $500M stock buyback program. The company had approximately $172M of remaining repurchase capacity as of the end of March.

Boyd Gaming Corporation (NYSE: BYD ) said its Board of Directors authorized an additional $500M under the company’s share repurchase program.

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