Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Apple in $14bn share buyback after price dip

Apple in $14bn share buyback after price dip

Apple has bought a further $14 billion worth of shares back, which means it has spent over half of the $100 billion it pledged to return to shareholders.

The move comes as the technology stock fends off the criticisms of activist investor Carl Icahn. 

The technology giant had pledged to spend $100 billion by the end of next year, as it prepares to face activist investor Carl Icahn's criticisms of its capital allocation policy later this month, the Financial Times reports. Apple has bought back $14bn of its own shares over the past two weeks.

The move comes after Apple reported that iPhone sales had fallen short of expectations in late January, sparking an 8% share price fall in the space of one day.

The recent buybacks form part of its existing capital allocation plan, which rose by $55 billion to $100 billion in April last year. The FT said CEO Tim Cook has stated that he would reconsider those plans in March or April.

The tech giant has paid out around $8 billion in dividends and buybacks in each of the past two quarters.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

Wealth Manager on Twitter