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Big Buybacks: 3 Large Caps Exceed 5% Repurchase Power

By: MarketBeat

Heap of banknotes of us dollars — Photo

Multiple large-cap stocks have recently announced substantial share buyback authorizations. With these announcements, three stocks are now among those that have a buyback capacity equal to 5% or more of their market capitalization.

This gives these firms significant ability to reduce their outstanding share count and provide a tailwind to earnings per share (EPS). Higher EPS can lead to higher share prices, meaning these names could substantially support their stock using buybacks. 

Below are the details of three stocks that now have notable buyback capacity. Unless otherwise indicated, all metrics use data as of the Mar. 31 close.

KeyCorp: Buyback Pace to Return to Late 2010s Form with Shares Down?

First up is KeyCorp (NYSE: KEY). The bank stock recently announced a share buyback authorization worth $1 billion. With a market cap of $17.7 billion, this authorization is equal to around 5.7% of the firm’s overall value. The company intends to start using these share buybacks in the second half of 2025. This authorization could signal a big-time change in the company’s use of share buybacks compared to recent history.

[content-module:Forecast|NYSE: KEY]

Over the past three fiscal years, KeyCorp has only spent an average of $48 million annually on share repurchases. However, the company is far from unfamiliar with share repurchases when examining this metric over a longer timeline. In the five years from 2017 to 2021, KeyCorp spent an average of $681 million annually on buybacks.

This large share buyback authorization may come because management sees KeyCorp shares as significantly undervalued. The firm’s share price has been down 30% over the past three years. Even with dividends, the stock has still provided an abysmal return of -18%.

Wall Street analysts' price targets seem to agree that the stock is moderately undervalued. MarketBeat tracked four price target updates in March. Their average implies a 20% upside in shares. KeyCorp boasts a strong dividend yield of 5.1%. However, management did note at a recent conference that it is in no hurry to raise dividends.

Cognizant Technology Solutions: Nearly Doubles Expected 2025 Buyback Spending

Next is Cognizant Technology Solutions (NASDAQ: CTSH). The firm has authorized an additional $2 billion of spending on share repurchases. Overall, the company has $3.1 billion in share buyback capacity when adding in what remained under its previous buyback authorization. This total capacity is equal to around 8.2% of the firm’s just under $40 billion market cap.

[content-module:Forecast|NASDAQ: CTSH]

The company also added details about its timeline for share repurchases. It is increasing its expectation for share repurchase spending in 2025 by $500 million, bringing the total expected spending for the year to $1.1 billion.

This pace of buybacks lines up precisely with the firm’s recent use of buybacks. Over the past five years, the company has spent an average of $1.1 billion on buybacks annually.

The company wants to spend 100% of its free cash flow each year on three areas: 25% for dividends, 25% for buybacks, and 50% for acquisitions. This allocation is set to begin after 2025. Currently, the firm has a noteworthy indicated dividend yield of 1.6%.

Logitech International: Announces Plans for Big-Time Buybacks Over Coming Years

Last up is Logitech International (NASDAQ: LOGI). The company announced a $600 million increase to its current share repurchase program. In the summer of 2023, the company announced a $1 billion buyback authorization. Since then, the firm has spent $913 million on share repurchases. Thus, Logitech has around $687 million in share buyback authorization capacity, which is equal to 5.4% of the company’s $12.7 billion market cap.

[content-module:Forecast|NASDAQ: LOGI]

Additionally, the company said it plans to spend $2 billion on share repurchases over the next three years. Although it does not appear the company has officially authorized this level of repurchases yet, $2 billion is equal to nearly 16% of the company’s current market cap.

Logitech also has a solid dividend yield of around 1.6%, based on its last dividend. However, this figure could change significantly by May. The company said it intends to continue increasing its dividend annually. May is typically when the firm proposes a dividend increase. Shareholders typically approve this increase in September. Since 2020, the company’s dividend has increased at a compound annual rate of 12%.

Assuming another 12% increase, the stock would have an indicated dividend yield of 1.8%. However, this number could change significantly depending on where Logitech’s share price goes over the coming months.

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