Waters Corp. (NYSE: WAT) replaced a buyback plan with a new $500 million buyback plan that compares to a market cap of $7.45 billion today.
Lear Corp. (NYSE: LEA) declared some $400 million over the next three years for share buybacks against a market cap of over $5.6 billion today.
Plexus Corporation (NASDAQ: PLXS) allocated $200 million this year for buybacks against a market cap of $1.26 billion
Airgas, I
nc. (NYSE: ARG) allocated $300 million for share buybacks after the Air Products deal and this compares to a market cap of $5.25 billion.
Cablevision Systems Corporation (NYSE: CVC) added $500 million to its prior plan and that compares to $10.5 billion in market cap.
KLA-Tencor Corporation (NASDAQ: KLAC) added 10 million shares to its prior plan and that would be more than $475 million at today’s prices against a market cap of about $8 billion.
Varian Medical System Inc. (NYSE: VAR) added 12 million shares to a prior plan. That would come to about $800 million if all exercised today against a market cap of $8.2 billion today.
ConocoPhilips (NYSE: COP) added some $10 billion to its prior $5 billion plan and the market cap here is about $114 billion now.
3M Co. (NYSE: MMM) replaced a prior buyback plan with some $7 billion for buybacks. Its market cap is about $64.5 billion.
Check Point Software Technologies Ltd. (NASDAQ: CHKP) expanded its plan by half to about $300 million and its market cap is now north of $10 billion.
Intuitive Surgical, Inc. (NASDAQ: ISRG) replaced a prior buyback plan with a new $400 million plan against a market cap of $12.7 billion.
Allstate Corporation (NYSE: ALL) allocated $1 billion for more than the next year against a market cap of roughly $16.7 billion.
Cummins Inc. (NYSE: CMI) added $1 billion to a prior plan against a market cap of $20.25 billion.
GameStop Corporation (NYSE: GME) allocated some $500 million through the end of next year against a market cap of $2.98 billion.
General Dynamics Corporation (NYSE: GD) allocated up to 10 million shares for buybacks. This comes to more than $750 million today against a market cap of $over $28 billion.
Ross Stores, Inc. (NASDAQ: ROST) allocated up to $900 million over two years against a market cap today of $8.25 billion.
Medco Health Solutions Inc. (NYSE: MHS) added up to $3 billion to its prior plan ad its market cap is close to $26 billion.
Electronic Arts Inc. (NASDAQ: ERTS) allocated up to $600 million through the end of next year and its market cap is just over $6.3 billion today.
Pfizer, inc. (NYSE: PFE) added up to $5 billion to its buyback plan and its market cap is some $150 billion.
Tupperware Brands Corporation (NYSE: TUP) expanded its prior plan with up to $600 million for share buybacks against a market cap of about $3.3 billion.
After what we identified as over $34 billion just in January, we thought that the cycle might have peaked around then. What is even more amazing is that many of these stocks are at or close to 2-year highs.
As you would expect, most buybacks are an “up to” rather than a minimum. Not all buyback plans get utilized, but when larger companies announce buybacks they generally do commit at least a larger percentage of that “up to” figure than when smaller companies make such announcements.
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JON C. OGG
