Buyback activity slowed down last week with 28 companies announcing stock buybacks compared to 42 in the prior week. This week saw some huge buybacks announced by well-known giants. The $20 billion buyback announced by Walmart (WMT), representing around 5.3% of its market cap at announcement was the highest in dollars terms. The other significant announcements that failed to make it to the top 5 were the $4 billion buyback by Thermo Fisher Scientific (TMO) and the $1.5 billion buyback by Steel Dynamics (STLD), which represent around 2% and 9% of their market caps at announcement respectively.
It is interesting to note that both the leading hospitality brands announced stock buybacks this week. Marriott International (MAR) approved an additional repurchase of 25 million shares while Hilton Worldwide Holdings (HLT) announced a $2.5 billion additional share repurchase plan.