Buyback activity gained significant momentum with 20 companies announcing buybacks last week. The $10 million buyback by Viomi Technology (VIOT) topped our list, representing around 20% of its market cap at announcement. Two significant buybacks in dollars that could not make it to the top 5 were the $12 billion buyback announced by Visa (V) and the $3 billion buyback announced by L3Harris Technologies (LHX) representing around 3% and 6.5% of their market caps at announcement respectively.
On October 20, 2022, Snap (SNAP) announced a new $500 million share repurchase plan that represents around 3% of its market cap at announcement. Repurchases under this program will be funded from existing cash and cash equivalents. As of September 30, 2022, Snap had $4.4 billion in cash and $3.74 billion in long-term debt, leaving it with just enough net cash to execute on this buyback.