Buyback activity slowed down further last week with 23 companies announcing buybacks compared to 28 companies in the prior week. Alibaba Group Holding Limited (BABA), CVS Health Corporation (CVS) and NetEase (NTSE) were the top companies that announced huge buybacks in dollar terms, announcing $15 billion, $10 billion, and $5 billion buybacks representing around 7.3%, 8% and 11% of their market caps at announcement respectively.
The stock that grabbed my attention this week is Atkore (ATKR). On November 18, 2022, Atkore upsized its repurchase program from $800 million to $1.3 billion representing around 10.5% of its market cap at announcement. The Board also extended the duration of the program through November 30, 2025.