New Share Buyback Program in the S&P500

Southwest Airlines Co. has entered into an Amendment to its Cooperation Agreement with Elliott Investment Management and related parties. The key updates include:

• Increased Economic Exposure Limit: The Elliott Parties can now acquire up to 19.9% of Southwest's outstanding common stock, up from the previous limit of 14.9%.
• Extended Beneficial Ownership Restriction: The restriction on acquiring more than 12.49% beneficial ownership of the common stock is extended until April 1, 2026, or the day after the record date for the 2026 Annual Meeting, whichever comes first. " "

Essex Property Trust, Inc. (ESS) Buyback Program Overview

Essex Property Trust, Inc. has announced a new $400 million buyback program. The program involves the issuance of 5.375% Senior Notes due 2035, which are general unsecured senior obligations. These notes will be used to fund the buyback initiative. Key details include:

• Interest Rate: 5.375% per annum, payable semi-annually starting October 1, 2025.
• Maturity Date: April 1, 2035.
• Redemption Terms: The notes are redeemable at the company's discretion, with specific terms depending on the redemption date.
• Guarantee: Fully and unconditionally guaranteed by Essex Property Trust, Inc.

This program reflects the company's strategy to optimize its capital structure and return value to shareholders. "

Charles Schwab Corporation (SCHW) has announced a $1.5 billion share repurchase program. The company repurchased its nonvoting common stock directly from TD Group US Holdings LLC, an affiliate of The Toronto-Dominion Bank, in a private transaction. The repurchase price per share matched the public offering price of $79.25, minus the underwriting discount. " "

Cencora's New Buyback Program: Cencora, Inc. (NYSE: COR) has initiated a $50 million share repurchase program, buying back 204,491 shares of its common stock from Walgreens Boots Alliance Holdings LLC. The repurchase price matches the price of Walgreens' concurrent Rule 144 sale. The repurchased shares will be held in treasury under Cencora's share repurchase program. " "

ExxonMobil's New Buyback Program: ExxonMobil has announced the extension of its $20 billion annual share-repurchase program through 2026, continuing its commitment to returning value to shareholders. This program is part of the company's broader strategy to deliver industry-leading shareholder distributions, which totaled $36 billion in 2024, including $19.3 billion in share repurchases and $16.7 billion in dividends. " "

Henry Schein, Inc. (HSIC) has announced an increase of $500 million to its stock repurchase program, with $250 million allocated for accelerated share repurchases. "

Fifth Third Bancorp has initiated a new share repurchase agreement with Royal Bank of Canada, effective January 22, 2025. The agreement involves the repurchase of approximately $225 million of Fifth Third's outstanding common stock. This is part of a larger 100 million share repurchase program. The transaction is expected to settle by March 28, 2025, with the number of shares determined by a discount to the average daily volume-weighted average NASDAQ prices during the agreement's term. "

Procter & Gamble's New Buyback Program

P&G plans to repurchase $6 to $7 billion of common shares during fiscal year 2025 as part of its capital allocation strategy. This is in addition to the expected $10 billion in dividend payments for the year. "

Monster Beverage Corporation has announced a new buyback program as part of its financial strategy. The company plans to repurchase approximately 72.2 million shares of its common stock at an average price of $52.70 per share. This move is aimed at enhancing shareholder value by reducing the number of outstanding shares, thereby increasing the earnings per share and potentially boosting the stock price. "

D.R. Horton, Inc. has announced a new buyback program as of December 18, 2024. This program is part of their strategic financial management to enhance shareholder value " .

CarMax has announced a new buyback program as part of its financial strategy. During the third quarter of fiscal year 2025, CarMax repurchased 1.5 million shares of common stock for $114.8 million. As of November 30, 2024, the company had $2.04 billion remaining available for repurchase under the outstanding authorization " " .

Ford Motor Company has announced a new buyback program as part of its financial strategy. The program is designed to enhance shareholder value by repurchasing shares of its common stock. This initiative reflects Ford's confidence in its business prospects and its commitment to returning capital to shareholders. The buyback program is expected to be executed over a specified period, subject to market conditions and other factors " .

Microchip Technology Incorporated has announced a new buyback program involving the issuance and sale of $1,000,000,000 aggregate principal amount of 4.900% Senior Notes due 2028 and $1,000,000,000 aggregate principal amount of 5.050% Senior Notes due 2030. These notes are part of a strategic financial maneuver to manage the company's capital structure effectively " .

Tapestry, Inc. has announced a new buyback program as part of its financial strategy. The company has closed a $1.5 billion senior unsecured notes offering, which includes $750 million of 5.100% senior notes due 2030 and $750 million of 5.500% senior notes due 2035. The proceeds from this offering, along with cash on hand, will be used to repay outstanding loans and borrowings under its credit facilities, which were utilized to fund share repurchases under the company's accelerated share repurchase agreements " .

The new buyback program involves an offer to repurchase notes upon a Change of Control Trigger Event. Holders can require the company to repurchase their notes at 101% of the principal amount, plus accrued interest. This offer must be made within 30 days of the event, with a purchase date set between 10 to 60 days from the notice " .

Live Nation Entertainment has announced a new buyback program involving the repurchase of approximately $316.0 million in aggregate principal amount of its existing convertible notes. This repurchase is being conducted through privately negotiated transactions with a limited number of holders for an aggregate purchase price of approximately $414.0 million. The company anticipates that holders of these notes may engage in market activities such as entering into or unwinding derivatives related to the company's common stock, which could influence the market price of the stock and the trading price of the convertible notes " .

The new buyback program announced by LEN involves a significant repurchase of shares. The company has authorized a $2 billion buyback, which is expected to enhance shareholder value by reducing the number of shares outstanding, thereby increasing earnings per share. This move is part of LEN's strategy to return capital to shareholders and reflects confidence in the company's financial health and future prospects " .

Tapestry, Inc. has announced a $2.0 billion accelerated share repurchase (ASR) program. The company has entered into agreements with Bank of America N.A. and Morgan Stanley & Co. LLC to repurchase shares of its common stock. The ASR program is part of Tapestry's expanded $2.8 billion share repurchase authorization. The company plans to return over 100% of its free cash flow to shareholders in Fiscal 2025 through dividends and share repurchases. An initial delivery of 28.4 million shares is expected on November 26, 2024, representing about 80% of the shares to be repurchased. The final settlement is expected by the first quarter of Fiscal 2026, ending September 27, 2025 " " .

HII has announced a new buyback program involving the issuance of two new series of senior notes. The 5.353% Senior Notes due 2030 and the 5.749% Senior Notes due 2035 will be issued in aggregate principal amounts of $500,000,000 each. The 2030 Notes will mature on January 15, 2030, and the 2035 Notes will mature on January 15, 2035. Interest on these notes will be payable semi-annually on January 15 and July 15 each year, starting from July 15, 2025. The notes are subject to optional redemption and may be repurchased under certain conditions " " " .

Tapestry, Inc. has announced a new $2 billion share repurchase program. This program allows the company to repurchase shares on the open market, in privately negotiated transactions, or through accelerated share repurchase programs. The company plans to fund these repurchases with a combination of cash on hand and proceeds from debt " " .

Charter Communications (CHTR) has announced a new buyback program as part of its merger agreement with Liberty Broadband. The key points of the program are as follows:

• Monthly Repurchases: Charter will repurchase shares of its common stock from Liberty Broadband each month during the merger period. The repurchase amount will be the greater of $100 million or an amount ensuring Liberty Broadband meets its liquidity requirements " .
• Repurchase Price: The repurchase price will be determined based on the existing letter agreement, with adjustments if no shares are repurchased during the relevant period " .
• Liquidity and MAE Events: If a liquidity event or material adverse effect (MAE) event occurs, the repurchase amount will be adjusted or tolled until the event no longer exists " .
• Loans in Lieu of Repurchases: If repurchases are not permitted under applicable law or would reduce Liberty Broadband's equity interest below 25.25%, Charter will provide loans to Liberty Broadband instead " .
• Use of Proceeds: Proceeds from repurchases or loans will be used by Liberty Broadband to repay its outstanding debt " .

This program is designed to support Liberty Broadband's liquidity and debt repayment needs during the merger process, ensuring financial stability and compliance with regulatory requirements.**

Cardinal Health has announced a new buyback program as part of its capital allocation strategy. The company plans to finance its recent acquisitions, including the GI Alliance and Advanced Diabetes Supply Group, with a combination of cash on hand and new debt financing. Despite these financial commitments, Cardinal Health intends to maintain its share repurchase plans for fiscal year 2025. The company aims to pay down debt over the next 18 to 24 months while continuing to invest in growth opportunities and returning capital to shareholders " .

Xcel Energy Inc. has announced a new buyback program. The key details are as follows: The company will repurchase shares to offset shareholder dilution from employee incentive plans, reinvestment of dividends, and director compensation programs. The buyback program is designed to avoid being classified as a Potential Adjustment Event under the 2002 Definitions " " .

Xcel Energy has initiated a new buyback program through Forward Sale Agreements with Barclays Bank PLC and Bank of America, N.A. This involves the potential repurchase of up to 18,320,610 shares of its common stock. The initial forward sale price is set at $64.4356 per share, subject to daily adjustments based on a floating interest rate factor. The program allows Xcel Energy to settle these agreements by issuing shares at the forward sale price on or before June 30, 2026 " .

NRG's new buyback program involves the company offering to repurchase notes from holders upon the occurrence of a Change of Control Triggering Event. The key points include: repurchase price at 101% of the principal amount plus accrued interest, notice to holders within 30 days of the event, and payment within 10 to 60 days from the notice " " " " " .

Waste Management, Inc. (WM) has announced a new buyback program. Key details include the following: WM will repurchase up to $1 billion of its outstanding shares. The buyback program is set to commence immediately and will be executed through open market purchases, privately negotiated transactions, or other means as permitted by securities laws and regulations. The program does not have a fixed expiration date, allowing the company flexibility in its repurchase strategy " .

Fifth Third Bancorp has entered into a new share repurchase agreement with Morgan Stanley & Co. LLC to buy back approximately $300 million of its outstanding common stock. The repurchase is part of a 100 million share repurchase program. The transaction is expected to settle on or before December 27, 2024 " .

Caesars Entertainment, Inc. has announced a new buyback program. The company issued $1.1 billion aggregate principal amount of 6.000% Senior Notes due 2032. The net proceeds from the sale of these notes will be used to redeem $1.065 billion of the company's existing 8.125% Senior Notes due 2027, along with all accrued interest, fees, and premiums thereon. The notes are guaranteed by the material, domestic wholly-owned subsidiaries of the company that are guarantors with respect to the company's senior secured credit facilities under its Credit Agreement " .

Universal Health Services, Inc. (UHS) has announced a new buyback program. The key details are as follows: UHS has authorized the repurchase of up to $500 million of its outstanding common stock. This program is set to be executed over the next 12 months and will be funded through a combination of cash on hand and cash generated from operations. The buyback program is intended to enhance shareholder value by reducing the number of shares outstanding, thereby increasing the ownership stake of remaining shareholders " .

Royal Caribbean Cruises Ltd. has announced a new buyback program involving the completion of a $1.5 billion private offering of 5.625% Senior Notes due 2031. The company plans to use the proceeds to redeem and/or repay certain indebtedness, including the $700 million 7.250% Senior Notes due 2030 and the $232 million Silver Dawn finance lease. The Notes will mature on September 30, 2031, with interest payable semi-annually starting March 31, 2025 " " .

Laboratory Corporation of America Holdings has announced a new buyback program involving the issuance of $2,000,000,000 in debt securities. This includes $650,000,000 of 4.350% Senior Notes due 2030, $500,000,000 of 4.550% Senior Notes due 2032, and $850,000,000 of 4.800% Senior Notes due 2034. The interest on these notes is payable semi-annually on April 1 and October 1, starting from April 1, 2025. The company has the option to redeem these notes before their respective Par Call Dates at a price equal to the greater of 100% of the principal amount or a make-whole premium, plus accrued interest " " " .

Diamondback Energy has announced a new buyback program as part of its existing stock repurchase initiative. The company has authorized the purchase of 2,000,000 shares of common stock from the underwriters involved in the recent secondary offering. This repurchase will be funded from the company's existing cash on hand and is expected to be completed without any compensation to the underwriters for the shares being repurchased " " .

Wynn Resorts has announced a new buyback program involving the issuance of $800 million in 6.250% Senior Notes due 2033. The proceeds from this issuance will be used to redeem existing 5.500% Senior Notes due 2025 and for general corporate purposes. The Notes are redeemable at the Issuers' option, in whole or in part, at any time prior to September 15, 2027, at a redemption price equal to 100% of the aggregate principal amount plus a "make-whole" amount, plus accrued and unpaid interest. After September 15, 2027, the Notes can be redeemed at specified prices. The Notes are subject to disposition and redemption requirements imposed by gaming laws and regulations " .