In this article, we will be taking a look at the 5 companies that are buying back their stock in 2022. To read our detailed analysis of these companies, you can go directly to see the 10 Companies that are Buying Back Their Stock in 2022.
5. Exxon Mobil Corporation (NYSE:XOM)
Stock Buyback Amount: $10,000,000,000
Number of Hedge Fund Holders: 72
Exxon Mobil Corporation (NYSE:XOM) is an integrated oil and gas company. It is based in Irving, Texas.
On September 12, Piper Sandler’s Ryan Todd reiterated an Overweight rating on Exxon Mobil Corporation (NYSE:XOM) shares. The analyst also placed a $108 price target on the stock.
This April, Exxon Mobil Corporation (NYSE:XOM) said that it intends to repurchase up to $30 billion in shares by the end of 2023. This expands the company’s earlier estimates of repurchasing $10 billion worth of shares.
There were 72 hedge funds long Exxon Mobil Corporation (NYSE:XOM) in the second quarter, with a total stake value of $7.4 billion.
First Eagle Investments is an independent, privately owned asset management firm. The firm mentioned Exxon Mobil Corporation (NYSE:XOM) in its second quarter 2022 investor letter. Here’s what it said:
“Integrated oil and gas giant Exxon Mobil performed well in the second quarter as continued high prices for energy products supported the stock. As the largest refiner in the US, the company has benefitted from wide “crack spreads,” or the margin between the cost of crude oil and the petroleum products extracted from it. Exxon continues to invest in refining capacity in the US, which industrywide has been in steady decline since 2019. We are pleased that Exxon has been using its strong cash flows to reduce debt and to return cash to shareholders through dividends and stock repurchases.”
4. The Home Depot, Inc. (NYSE:HD)
Stock Buyback Amount: $15,000,000,000
Number of Hedge Fund Holders: 80
The Home Depot, Inc. (NYSE:HD) is a home improvement retailer. The company sells building materials, home improvement products, and decoration-related products, among more.
Sam Hudson at Atlantic Equities holds an Overweight rating on The Home Depot, Inc. (NYSE:HD), as of September 1.
This August, The Home Depot, Inc. (NYSE:HD) announced a $1.9 per share quarterly dividend. The company also authorized a share repurchase program of $15 billion at the same time, consisting of 4.5% of its shares. However, it did not mention how long it would take to deploy the share repurchase program completely.
Our hedge fund data shows 80 hedge funds long The Home Depot, Inc. (NYSE:HD) in the second quarter, with a total stake value of $5.4 billion. In the previous quarter, 75 hedge funds were long the stock, with a total stake value of $5.6 billion.
3. NIKE, Inc. (NYSE:NKE)
Stock Buyback Amount: $18,000,000,000
Number of Hedge Fund Holders: 72
NIKE, Inc. (NYSE:NKE) is a footwear company providing athletic and casual footwear, apparel, and accessories. It is based in Beaverton, Oregon.
An Outperform rating as reiterated on NIKE, Inc. (NYSE:NKE) shares by analyst John Kernan on September 12. The analyst also placed a $124 price target on the stock.
NIKE, Inc. (NYSE:NKE) has authorized a share repurchase program of $18 billion, covering 11% of its shares, this June. The program is meant to span over four years, and is replacing the company’s previous share repurchase program of $15 billion, meant to end in 2023.
NIKE, Inc. (NYSE:NKE) had 72 hedge funds long its stock in the second quarter. Their total stake value was $3.3 billion.
2. Morgan Stanley (NYSE:MS)
Stock Buyback Amount: $20,000,000,000
Number of Hedge Fund Holders: 58
Morgan Stanley (NYSE:MS) is a financials company offering banking and finance products and services. The company operates in the Americas, Europe, the Middle East, Africa, and Asia.
Matt O’Connor, an analyst at Deutsche Bank, has a Hold rating on Morgan Stanley (NYSE:MS) shares as of September 12. The analyst also placed a $92 price target on the stock.
This June, Morgan Stanley (NYSE:MS) initiated a share buyback program worth $20 billion, consisting of 14.8% of its shares. The repurchase program is multi-year and has no expiration date. It begins in the third quarter of 2022.
Out of 895 hedge funds tracked in the second quarter, 58 funds were long Morgan Stanley (NYSE:MS). Their total stake value was $2.9 billion. In comparison, 61 hedge funds were long the stock in the previous quarter, with a total stake value of $3.3 billion.
Sound Shore Management, an investment management firm, mentioned Morgan Stanley (NYSE:MS) in its second quarter 2022 investor letter. Here’s what the firm said:
“Morgan Stanley (NYSE:MS) is a long term holding, retreated despite having business models that are more resilient, over-capitalized and underappreciated by the market. In June, the Federal Reserve’s stress tests again blessed the health of the overall banking system. Morgan Stanley stood out with an 11% increase in its annual dividend, yielding 4.1% at quarter’s end.”
1. Apple Inc. (NASDAQ:AAPL)
Stock Buyback Amount: $90,000,000,000
Number of Hedge Fund Holders: 128
Apple Inc. (NASDAQ:AAPL) is an information technology company known most for its production of the iPhone. The company is based in Cupertino, California.
Toni Sacconaghi at Bernstein holds a Market Perform rating on Apple Inc. (NASDAQ:AAPL) shares as of September 14. The analyst also holds a $170 price target on the shares.
This April, Apple Inc. (NASDAQ:AAPL) announced a share repurchase program covering 3.5% of the company’s shares. The program is worth $90 billion, and is part of the company’s ongoing share repurchase agreement spanning multiple years.
Apple Inc. (NASDAQ:AAPL) was found in the 13F holdings of 128 hedge funds in the second quarter. Their total stake value was $143 million.
See also Aquamarine Capital’s Top 10 Stock Picks and 10 Best Dividend Stocks to Buy According to Billionaire Howard Marks.
