Originally Posted by
Sunny1
From the first 2024 quarterly report:
FedEx expects to repurchase an additional $1.5 billion of common stock during fiscal 2024. Cash on-hand as of August 31, 2023 was $7.1 billion.
If my memory is correct they also repurchased $1.5 billion of stock in FY2023 and $2.2 billion in FY2022. That’s over $5 billion in stock buyback and the company negotiators saying there’s just no more juice left.
Seems to me there’s a lot of juice left!
They announced this back in December 2021.
"TREASURY SHARES. In January 2016, our Board of Directors approved a stock repurchase program of up to 25 million shares. During the second quarter of 2022, we repurchased 0.9 million shares of FedEx common stock under the 2016 program at an average price of $223.90 per share for a total of $199 million. During the first half of 2022, we repurchased 2.8 million shares of FedEx common stock under the 2016 program at an average price of $267.27 per share for a total of $748 million. As of November 30, 2021, 2.3 million shares remained available for repurchase under the 2016 stock repurchase authorization.
In December 2021, our Board of Directors authorized a new stock repurchase program of up to $5 billion of FedEx common stock, including $1.5 billion of FedEx common stock to be repurchased through an accelerated share repurchase (“ASR”) agreement with a bank. The ASR will be used in part to complete the 2016 stock repurchase authorization. Shares under the 2016 and 2021 repurchase programs may be repurchased from time to time in the open market or in privately negotiated transactions. The timing and volume of repurchases are at the discretion of management, based on the capital needs of the business, the market price of FedEx common stock, and general market conditions. No time limits were set for the completion of the programs, and the programs may be suspended or discontinued at any time."