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And how should we think about, what that sort of endpoint is over the medium term, and the role of share repurchases, and potentially more RWA optimization?
And then of course, over the course of the year, we also had strong cash flow performance, which helped to add additional fuel to that fire through share repurchases.
As a reminder, the EPS guidance outlined by Greg earlier includes the impact of shares repurchased through this call but does not include any additional share repurchases.
As a result, the management has decided to pause stock repurchases in the fourth quarter and focus instead on maintaining liquidity.
As for cash returned to shareholders, dividends accounted for 54% of the $7.91 billion, with share repurchases accounting for 46%, or $3.62 billion, 586% higher than the previous 12 months.
As part of our broad capital allocation strategy, we remain committed to opportunistic market repurchases, guided by our intrinsic value based model.
Beyond share repurchases and paying down debt, we will also continue investing in the future of our brands and returning excess cash to shareholders through dividends.
Chevron returned $11.3 billion in stock repurchases in 2022 ($3.8 billion in the fourth quarter), and the company repurchased $1.4 billion in stock in 2021.
Source: https://seekingalpha.com/article/4575258-chevron-end-of-cycle-oil-price-bet?source=feed_all_articles
During the March quarter, we returned over $23 billion to shareholders, including $3.7 billion in dividends and equivalents and $19.1 billion through open market repurchases of $129 million Apple shares.
For 2023, we will target returning 50% to 75% of free cash flow to investors through dividends and share repurchases.
Forward has also returned $635mm to shareholders in that time via dividends and share repurchases.
Given our strong outlook for free cash flow growth in 2023 and beyond, we expect share repurchases to continue to remain our highest ROIC opportunity for capital allocation.
How are you guys thinking about the utilization of the share repurchases going forward given that balance sheet growth appears to be more muted in 2023?
I'm a big fan of cannibal companies, ones who use buybacks the right way to boost EPS, but this is a case of unnecessary repurchases.
In actuality, as a point of reference, I believe that before NUE ends its Q1 2023 quarter, NUE will have returned to shareholders somewhere close to $460 million via share repurchases and dividends.
Interestingly, the company talked about its share repurchases before it executed them quickly, and in the 10-Q it disclosed paying $9.96 for 2.5 million shares purchased on the open market in September.
In the investor presentation, Cigna outlines that it plans to allocate around 70% of the future free cash flow towards share repurchases and strategic M&A so it is highly likely that the pace of repurchases will continue.
In the investor presentation, Cigna outlines that it plans to allocate around 70% of the future free cash flow towards share repurchases and strategic M&A so it is highly likely that the pace of repurchases will continue.
Last year, our capital allocation focus was on reinvesting in the business and share repurchases.
LegalZoom's free cash flow, stock repurchases, and zero debt are clear positives.