(Bloomberg) — For years, Apple Inc. has been at the forefront of multi-million dollar share buybacks among mega-capitalization tech companies. According to the analyst at Citigroup Inc. Jim Suva, may be about to improve his game.
In a note released Tuesday, Suva estimated that the iPhone manufacturer could announce a repurchase of $80 billion to $90 billion, while increasing its dividend by 5% to 10%. All eyes will be on the results of the second quarter that will be released after the closing bell on April 28.
As their coffers quickly fill up, companies like Alphabet Inc. and Microsoft Corp. have been looking for ways to use excess cash. Apple's buybacks totaled $274.5 billion, including $20.4 billion in the December quarter alone. However, the company still has more than $200 billion in cash on its balance sheet and, with the authorization to buy up to $315 billion in shares, it has room to do much more.
Apple shares fared better than their peers this year, recording a 6.7% drop against the 14% Nasdaq 100 index. This is despite reports of production difficulties which, according to Suva, “could provide a rollback of short-term stocks that we would use as a buying opportunity.”
According to Citi's analyst, the company's current market value does not reflect the potential launches of new product categories, such as augmented reality/virtual reality headsets and Apple car.
Original Note:
Apple Poised to Boost Buybacks by $90 Billion, Citi Analyst Says
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