Citi: Shrinking Share Count Is Most Intriguing Behavior
As we’ve recently reported, buybacks have outperformed the market for nearly twenty years, but Citi analyst Tobias Levkovich thinks this emphasis is misplaced. “It is the consistency of shrinking the share count that appears to be most intriguing since share repurchases alone can be offset by option grants that dilute shareholders or poor acquisitions using stock,” he writes.
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