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Buyback activity edged up a little last week with 14 companies announcing buybacks. AutoZone (AZO), an uber cannibal, announced an additional $2.5 billion buyback representing around 6% of its market cap at announcement. Since the start of the repurchase program in 1998, and including the above amount, AutoZone’s Board of Directors has authorized $33.7 billion in share repurchases. The company has bought back more than 24% of its outstanding shares in the last 5 years.
The buyback that topped our list this week was a $200 million new buyback by DiamondRock Hospitality Company (DRH), a REIT that owns a portfolio of geographically diversified hotels. The buyback represents about 13% of its market cap at announcement. We have also been seeing an uptick in insider purchases at REITs after the asset class was crushed in a rising interest rate environment.