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Investors have waited for years, and they finally got their wish when the new tax law lowered the tax rate for companies with massive piles of cash overseas. While the final rate of 15.5% was higher than some wanted, it was raised to help offset other revenue losses in the new bill. While some are opposed to the cuts, Republicans say the “deemed repatriation” tax imposed by the GOP bill would clear the way for many of those companies to bring their earnings back to the United States.

It is becoming increasingly clear that large technology companies with huge amounts of overseas cash are going to take advantage of the lowered rate and bring large amounts back to the United States to put to work here.

While some have already stated their intentions to use the money for expansion of facilities and other infrastructure items, it is clear that many will use at least some of the proceeds to buy back shares and raised dividends, and they have said so.

We screened the Merrill Lynch research database for large tech companies rated Buy that may be ready to use overseas funds for stocks buybacks and to raise dividend payouts. We found four likely candidates.

Apple

This technology giant has been hit recently on concerns that the iPhone X is not the huge home run that was expected. Apple Inc. (NASDAQ: AAPL) designs, manufactures and markets consumer electronics and computers, and it has developed its own proprietary iOS and Mac OS X operating systems and related software platform/ecosystem.

Revenues are principally derived from the iPhone line of smartphones, hardware sales of the Macintosh family of notebook and desktop computers, iPad tablets and iPod portable digital music players. The company also realizes revenue from software, peripherals, digital media and services.

Apple reported first-quarter results that beat expectations. It expects to make $60 billion to $62 billion in the current quarter, which came in below what Wall Street was looking for. iPhone sales fell from a year ago, despite expectations of modest growth.

With a stunning $252 billion overseas, Apple already has announced as part of a five-year, $30 billion U.S. investment plan, that it will make about $38 billion in one-time tax payments on its overseas cash, one of the largest corporate spending plans announced since the passage of a tax cut.

Between the spending plan, hiring 20,000 people, tax payments and business with U.S.-based suppliers, Apple has estimated it would spend $350 billion in the United States over the next five years. The investments in the United States could give the company a lot of latitude to buy back more shares and raise the dividend.

Shareholders currently are paid a 1.46% dividend. The Merrill Lynch price target for the stock is $220. The Wall Street consensus target is $192.43. The stock closed trading on Thursday at $172.99 a share.

Cisco

This top mega-cap tech company just reported an outstanding quarter. Cisco Systems Inc. (NASDAQ: CSCO) designs, manufactures and sells internet protocol (IP) based networking products and services related to the communications and information technology industry worldwide.

It provides switching products, including fixed-configuration and modular switches, and storage products that provide connectivity to end users, workstations, IP phones, wireless access points and servers, as well as next-generation network routing products that interconnect public and private wireline and mobile networks for mobile, data, voice and video applications.

On Wednesday the company reported outstanding results and a huge stock buyback as well. The reported adjusted earnings per share were up 10% from a year ago, while revenue rose 3%, topping consensus estimates. Toss in the massive $25 billion share buyback plan, and investors should be well rewarded going forward.

Shareholders receive a 3.00% dividend. Merrill Lynch has a $53 target price, and the consensus target is $42.26. Shares closed most recently at $44.08, up 4.7% on the day.

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Intel

This leader in semiconductors is grabbing big Internet of Things and data center cloud spending. Intel Corp. (NASDAQ: INTC) designs, manufactures and sells integrated digital technology platforms worldwide. Its platforms are used in various computing applications, comprising notebooks, two-in-one systems, desktops, servers, tablets, smartphones, wireless and wired connectivity products, wearables, retail devices and manufacturing devices, as well as for retail, transportation, industrial, buildings, home use and other market segments.

Intel’s “data-centric” businesses now accounts for about 45% of revenues, versus less than 40% three years ago. The Data Center Group is poised to grow by high-single-digit percentage points over the next few years. In addition, many feel that Intel’s cloud hyperscale customers will continue to spend aggressively on cloud computing infrastructure in the coming years.

The company posted better-than-expected earnings for the fourth quarter of 2017. The company already announced a 10% increase in the dividend as a result of the tax reform changes, and many expect a beefed-up stock buyback program to continue.

Intel investors already receive a 2.61% dividend. The $52 Merrill Lynch price target compares with the consensus price objective of $51.86. The shares closed on Thursday at $45.92 apiece.

Microsoft

This top old-school technology stock has posted all-time highs this year and has a massive $121.79 billion sitting on the balance sheet. Microsoft Inc. (NASDAQ: MSFT) continues to find an increasing amount of support from portfolio managers, who have added the software giant to their holdings at an increasingly faster pace all of this year and last.

Numerous Wall Street analysts feel that Microsoft has become a clear number two in the public or hyper-scale cloud infrastructure market with Azure, which is the company’s cloud computing platform offering. Some have flagged Azure as a solid rival to Amazon’s AWS service. Analysts also maintain that Microsoft is discounting Azure for large enterprises, such that Azure may be cheaper than AWS for larger users. The cloud was big in the recent earnings report, which was outstanding.

The company has been somewhat quieter on plans for its huge trove of overseas funds, but CEO Satya Nadella surely has big plans for any repatriated money, be it pay off debt, buy back shares, hire employees or spend on research and development.

Microsoft shareholders receive a 1.81% dividend. Merrill Lynch recently raised its price target to $106 from $98. The consensus target is $104.24, and shares closed Thursday at $92.66.

All these top companies got hit reasonably hard in the big sell-off, and all are priced at much better levels than a month ago. Their status as mega-cap giants also is appealing in a more volatile market. One thing is for sure, they will be using their cash to benefit shareholders, and that is a positive for 2018 and beyond.