Share repurchase programs have regained momentum this year, marking a significant revival from a relatively subdued 2023. The ODP Corporation (ODP) revealed a $1 billion plan, constituting nearly half of its market capitalization at announcement. It is the largest buyback in terms of percentage and tops our list. The involvement of David Einhorn and Greenlight Capital (check out the full Greenlight portfolio here) might explain the large buyback at ODP (the old Office Depot). We would have preferred to see the company pay down debt instead of committing such a large amount of capital to a buyback at a time when markets are hitting all-time highs.
The current earnings season has been characterized by numerous high-profile buyback announcements, starting with Meta Platforms, Inc. (META) announcing a $50 billion share repurchase plan. This move was closely followed by an impressive $7 billion repurchase announcement from Uber Technologies (UBER), marking its inaugural foray into share buybacks.