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11 Stocks with the Biggest Buybacks

In this article, we will take a detailed look at the 11 Stocks with the Biggest Buybacks. For a quick overview of such stocks, read our article 5 Stocks with the Biggest Buybacks.

Share buyback activity is making a strong comeback after remaining muted immediately after the pandemic. In December 2023, a Wall Street Journal report cited data from VerityData which said that accelerated share repurchases (ASRs) were on track to post their second-best quarter since the beginning of the COVID-19 pandemic. Unlike normal stock buybacks, which give companies an extended period of time to buy back shares and maneuver around any market changes and uncertainty, ASRs require contracts with investment banks which require companies to sell their stock upfront at a set price.

Stock buybacks remain one of the most commonly deployed ways by companies to return rewards to shareholders. Data shows that between 2012 and 2021, public companies distributed $11 trillion to shareholders mostly via stock buybacks.

Methodology

For this article we used a report from S&P Dow Jones Indices which compiled data on share buyback activity in 2022 and 2023. From this detailed report we picked 11 companies with the highest amount of share buybacks in terms of dollar value in the 12-month period ending September 2023. For these companies we have also mentioned hedge fund sentiment. Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). That’s why we pay very close attention to this often-ignored indicator

11. Booking Holdings Inc (NASDAQ:BKNG)

Stock Buybacks in 12 Months Through September 2023: $10.23B

Booking Holdings Inc (NASDAQ:BKNG) is one of the stocks with the biggest buybacks in the 12-month period ending September 2023. Booking Holdings Inc’s (NASDAQ:BKNG) share buybacks in this period are worth about $10.23 billion.

Earlier this month, Wedbush Securities called Booking Holdings Inc (NASDAQ:BKNG) its top travel pick for 2024. Wedbush’s analyst Scott Devitt set a $3,850 price target on the stock with an Outperform rating. The analyst praised Booking Holdings Inc’s (NASDAQ:BKNG) margins which he believes are driven by solid marketing and management. Wedbush said it expects long-term margins for Booking Holdings Inc (NASDAQ:BKNG) to trend toward +35% with excess cash allocated to buybacks.

As of the end of the third quarter of 2023, 81 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Booking Holdings Inc (NASDAQ:BKNG).

ClearBridge Sustainability Leaders Strategy made the following comment about Booking Holdings Inc. (NASDAQ:BKNG) in its Q3 2023 investor letter:

“Also in the consumer discretionary sector, Booking Holdings Inc. (NASDAQ:BKNG) shares rose as travel and leisure companies continued to fare well, with a strong summer season of travel driving positive sentiment. Booking maintains a strong competitive moat, in terms of direct traffic share and marketing efficiency, and its strength in alternative accommodations. These are growing faster than hotels and reached 34% of lodging room nights during the third quarter, which was notable as Booking has yet to reach full feature parity versus rival Airbnb (ABNB) — suggesting there is some room to grow there.”

10. NVIDIA Corp (NASDAQ:NVDA)

Stock Buybacks in 12 Months Through September 2023: $10.4B

NVIDIA Corp (NASDAQ:NVDA) ranks 10th in our list of the stocks with the biggest buybacks over the past 12 months through September 2023.

In August 2023 NVIDIA Corp (NASDAQ:NVDA) said it would buy back a whopping $25 billion of its shares. The move surprised many since the stock had already tripled in 2023 through the time of this buyback announcement.

Bank of America analyst Vivek Arya said in a note earlier this month that NVIDIA Corp (NASDAQ:NVDA) could generate about $100 billion in incremental free cash flow over the next two years. The analyst has a $700 price target and a Buy rating on NVIDIA Corp (NASDAQ:NVDA) shares.

As of the end of the third quarter of 2023, 180 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in NVIDIA Corp (NASDAQ:NVDA). The most notable hedge fund stakeholder of NVIDIA Corp (NASDAQ:NVDA) was Rajiv Jain’s GQG Partners which owns a $6.1 billion stake.

In its fourth quarter 2023 investor letter, ClearBridge Large Cap Growth Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA):

“Much of that differential can be attributed to the performance of the Magnificent Seven (Alphabet, Amazon.com, Apple, Meta Platforms, Microsoft, Nvidia and Tesla), a basket of mega cap growth stocks that accounted for 47.8% of the benchmark return for the quarter and 65.4% for 2023.

The ClearBridge Large Cap Growth Strategy maintains exposure to six of the seven stocks, with overweights in Amazon.com, Meta and NVIDIA Corporation (NASDAQ:NVDA). Those three stocks, as well as Microsoft, were among the leading contributors to Strategy performance for the quarter. Microsoft and Nvidia continued to be supported by strong execution and leadership positions in the implementation of generative artificial intelligence (AI).

These are high-quality, cash flow generative businesses that we will continue to own, actively adjusting our positioning sizes based on risk/reward and portfolio construction priorities. With Nvidia shares more than tripling in 2023, we opportunistically took profits throughout the year, an approach that continued in the fourth quarter with additional trims that brought the position down to 6% of overall assets.

Active management of our mega cap exposure contributed to the Strategy outperforming the benchmark both in the fourth quarter and through the narrow leadership market of 2023. We also attribute these improved results to solid stock picking, being opportunistic in adding to or initiating new positions in growth companies at or near the bottom of their earnings cycle, and maintaining a commitment to diversification across our three buckets of growth: select, stable and cyclical.”

9. Comcast Corporation (NASDAQ:CMCSA)

Stock Buybacks in 12 Months Through September 2023: $11.3B

Comcast Corporation (NASDAQ:CMCSA) carried out $11.3 billion worth of share buybacks in the 12-month period through September 2023, according to data from S&P Dow Jones Indices.

Comcast Corporation (NASDAQ:CMCSA) management talked about dividends, share buybacks and other important business updates during Comcast Corporation’s (NASDAQ:CMCSA) third quarter earnings call in October 2023:

Since the end of 2018, we have refinanced over $40 billion or nearly 40% of our debt obligations, reduced net debt from $108 billion to $88 billion today, lowered net leverage by a full turn from 3.3 times to 2.3 times, increased the average life of our debt by more than four years to 17 years, while reducing the weighted average cost of our debt to 3.6% from 3.8%. Today, 97% of our debt is at fixed rates compared to just 82% at the end of 2018. We accomplished this while at the same time returning $45 billion to shareholders, including $24 billion via share repurchases and $21 billion in dividends. To sum up, we’re in a great place, especially given how the competitive dynamics in our industry might evolve in this higher-for-longer interest rate environment.

Read the entire earnings call transcript here.

ClearBridge Large Cap Value Strategy made the following comment about Comcast Corporation (NASDAQ:CMCSA) in its Q3 2023 investor letter:

“Long-term holdings Charter and Comcast Corporation (NASDAQ:CMCSA) delivered strong second-quarter results relative to expectations; their stable recurring revenue streams and undemanding valuations were rewarded in the current environment. Cable multiples compressed over the past 24 months on fears of heightened competition in their core broadband business from fixed wireless and fiber providers. While fiber remains a competitive alternative to cable broadband over the long term, high upfront investments and a materially higher cost of capital are resulting in slower buildouts than previously expected. Fixed wireless also continues to gain traction, particularly in rural markets, but share gains also appear to be moderating. At the same time, both Comcast and Charter are expanding their footprints into rural and adjacent markets while gaining wireless market share, leveraging their mobile virtual network operator agreements with Verizon. We think both cable companies are well-positioned to continue to grow while generating substantial free cash flows. We added to Comcast during the quarter.”

8. Visa Inc (NYSE:V)

Stock Buybacks in 12 Months Through September 2023: $12.2B

Visa Inc (NYSE:V) ranks 8th in our list of the stocks with the biggest buybacks. Data from S&P Dow Jones Indices shows that Visa Inc (NYSE:V) had $12.2 billion in share buybacks in the one-year period through September 2023. In October, Visa Inc (NYSE:V) announced a whopping $25 billion stock buyback plan and upped its dividend by 16%.

As of the end of the third quarter of 2023, 167 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Visa Inc (NYSE:V).

In its October 2023 investor letter, Lakehouse Capital stated the following regarding Visa Inc. (NYSE:V):

Visa Inc. (NYSE:V) reported a strong result with net revenue increasing 11% year-on-year to $8.6 billion and non-GAAP earnings per share increasing by 21% to $2.33. As has been the case for many years now, the scalable nature of the business allows for revenue growth to outpace its costs, which places the company in a good position to navigate through this inflationary period. The network continues to grow, with credentials and merchant locations up 7% and 17%, respectively. Cross-border travel-related spend also maintained its robust growth, increasing 26% year-on-year while Visa Direct reported 7.5 billion transactions, up 19% yearon-year, progressing on penetrating categories such as cross-border remittances. Altogether, we’re pleased with how the business is tracking and remain positive on Visa’s outlook.”

7. T-Mobile Us Inc (NASDAQ:TMUS)

Stock Buybacks in 12 Months Through September 2023: $13.6B

T-Mobile Us Inc (NASDAQ:TMUS) has been announcing and conducting frequent stock buybacks. In September 2023, T-Mobile Us Inc (NASDAQ:TMUS) announced a new shareholder cash return program worth about $19 billion. T-Mobile Us Inc (NASDAQ:TMUS) also announced it intends to pay dividends of about $3.75 billion on a quarterly basis from October 1, 2023, to December 31, 2024.

Citi analyst Michael Rollins recently said T-Mobile Us Inc (NASDAQ:TMUS) remains his “top-ranked buy.” The analyst said he continues to like opportunities for “T-Mobile to grow service revenue faster than the category, expand margins, and return capital to shareholders at an elevated pace.” Rollins has a $176 price target on the stock.

As of the end of the third quarter of 2023, 79 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in T-Mobile Us Inc (NASDAQ:TMUS). The biggest hedge fund stakeholder of T-Mobile Us Inc (NASDAQ:TMUS) during this period was Warren Buffett’s Berkshire Hathaway which owns a $734 million stake in T-Mobile Us Inc (NASDAQ:TMUS).

ClearBridge Dividend Strategy made the following comment about T-Mobile US, Inc. (NASDAQ:TMUS) in its Q3 2023 investor letter:

“During the quarter we initiated positions in two new names: T-Mobile US, Inc. (NASDAQ:TMUS) and Gilead Sciences. T-Mobile is the best-in-class player in the wireless space, delivering the strongest growth with the lowest cost structure and the best consumer proposition. T-Mobile’s strength is rooted in its advantaged competitive position. Its superior spectrum holdings enable it to provide better wireless service at meaningfully lower cost. T-Mobile’s annual capital expenditures run about $10 billion, on the order of half the amount its peers must spend. Due to its lower cost structure, T-Mobile can undercut its competitors on price while still generating compelling profitability and returns.

This combination — superior service at lower prices — has enabled T-Mobile to outgrow its competition. In the three years since completing its merger with Sprint, T-Mobile has grown its post-paid subscriber base by about 22%. Over the same period, AT&T’s has grown by about 14%, while Verizon’s by less than 5%.

Given the high fixed-cost nature of the wireless business, these steady increases in revenue growth have led to outsize increases in profits and free cash flow. Free cash flow in 2023 is expected to come in around $13.5 billion, up from less than $8 billion last year. In 2024 free cash flow is expected to grow by over 20% to approximately $17 billion — providing a 10% yield based on today’s stock price.

We have long admired T-Mobile, but until recently the stock did not pay a dividend. The company announced its inaugural dividend in September, and we bought the stock shortly thereafter. The initial yield is about 2% and it is expected to grow about 10% per year.”

6. Chevron Corporation (NYSE:CVX)

Stock Buybacks in 12 Months Through September 2023: $14.7B

Chevron Corporation (NYSE:CVX) is one of the prominent stocks with the biggest buybacks. Over the past 12 months Chevron Corporation’s (NYSE:CVX) share buybacks are worth $14.7 billion through September 2023. In January 2023, the oil giant announced an eye-popping $75 billion stock buyback program, which Chevron Corporation (NYSE:CVX) later said will start from April 1, 2023, and does not have a fixed expiration date. Chevron Corporation’s (NYSE:CVX) previous buyback program worth $25 billion started in January 2019 and ended March 31, 2023.

As of the end of the third quarter of 2023, 72 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Chevron Corporation (NYSE:CVX). The most significant stakeholder of Chevron Corporation (NYSE:CVX) during this period was Warren Buffett’s Berkshire Hathaway which owns an $18.6 billion stake in Chevron Corporation (NYSE:CVX).

Ariel Focus Fund made the following comment about Chevron Corporation (NYSE:CVX) in its third 2023 investor letter:

“Also in the quarter, we initiated a position in Chevron Corporation (NYSE:CVX), the second largest integrated energy company in the U.S., operating in exploration, production and refining on a global scale. We view the company as competitively advantaged with a strong balance sheet, sustainable growth pathway and an effective management team. Going forward CVX expects improved cost efficiencies and production growth via its differentiated position in the Permian Basin and recent acquisition of Noble Energy. Additionally, management believes a combination of its new higher-margin projects along with operational improvements will drive a double-digit return of capital employed by 2027. Although oil and gas prices, which lay outside of the company’s control, ultimately dictate Chevron’s earnings and cashflow profile, the organization is laser focused on capital discipline. It is this lack of predictability, and potential fear of a global recession which presented us with an opportunity to initiate a position in this high barrier to entry producer at reasonable prices.”

Click to continue reading and see the 5 Stocks with the Biggest Buybacks.

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Disclosure. None. 11 Stocks with the Biggest Buybacks was initially published on Insider Monkey.

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
  • And 55 Nvidias

And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.

It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.

Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.

How could anything be worth that much?

The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.

And this breakthrough has already set off a frenzy among hedge funds and Wall Street’s top investors.

What most investors don’t realize is that one under-owned company holds the key to this $250 trillion revolution.

In fact, Verge argues this company’s supercheap AI technology should concern rivals.

Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.

  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.

Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…

But the real story isn’t Nvidia — it’s a much smaller company quietly improving the critical technology that makes this entire revolution possible.

And judging by what I’m hearing from both Silicon Valley insiders and Wall Street veterans…

This prediction might not be bold at all:

A few years from now, you’ll wish you’d owned this stock.

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AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

AI is eating the world—and the machines behind it are ravenous.

Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink.

Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking:

Where will all of that energy come from?

AI is the most electricity-hungry technology ever invented. Each data center powering large language models like ChatGPT consumes as much energy as a small city. And it’s about to get worse.

Even Sam Altman, the founder of OpenAI, issued a stark warning:

“The future of AI depends on an energy breakthrough.”

Elon Musk was even more blunt:

“AI will run out of electricity by next year.”

As the world chases faster, smarter machines, a hidden crisis is emerging behind the scenes. Power grids are strained. Electricity prices are rising. Utilities are scrambling to expand capacity.

And that’s where the real opportunity lies…

One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike.

As demand from AI data centers explodes, this company is gearing up to profit from the most valuable commodity in the digital age: electricity.

The “Toll Booth” Operator of the AI Energy Boom

  • It owns critical nuclear energy infrastructure assets, positioning it at the heart of America’s next-generation power strategy.
  • It’s one of the only global companies capable of executing large-scale, complex EPC (engineering, procurement, and construction) projects across oil, gas, renewable fuels, and industrial infrastructure.
  • It plays a pivotal role in U.S. LNG exportation—a sector about to explode under President Trump’s renewed “America First” energy doctrine.

Trump has made it clear: Europe and U.S. allies must buy American LNG.

And our company sits in the toll booth—collecting fees on every drop exported.

But that’s not all…

As Trump’s proposed tariffs push American manufacturers to bring their operations back home, this company will be first in line to rebuild, retrofit, and reengineer those facilities.

AI. Energy. Tariffs. Onshoring. This One Company Ties It All Together.

While the world is distracted by flashy AI tickers, a few smart investors are quietly scooping up shares of the one company powering it all from behind the scenes.

AI needs energy. Energy needs infrastructure.

And infrastructure needs a builder with experience, scale, and execution.

This company has its finger in every pie—and Wall Street is just starting to notice.

Wall Street is noticing this company also because it is quietly riding all of these tailwinds—without the sky-high valuation.

While most energy and utility firms are buried under mountains of debt and coughing up hefty interest payments just to appease bondholders…

This company is completely debt-free.

In fact, it’s sitting on a war chest of cash—equal to nearly one-third of its entire market cap.

It also owns a huge equity stake in another red-hot AI play, giving investors indirect exposure to multiple AI growth engines without paying a premium.

And here’s what the smart money has started whispering…

The Hedge Fund Secret That’s Starting to Leak Out

This stock is so off-the-radar, so absurdly undervalued, that some of the most secretive hedge fund managers in the world have begun pitching it at closed-door investment summits.

They’re sharing it quietly, away from the cameras, to rooms full of ultra-wealthy clients.

Why? Because excluding cash and investments, this company is trading at less than 7 times earnings.

And that’s for a business tied to:

  • The AI infrastructure supercycle
  • The onshoring boom driven by Trump-era tariffs
  • A surge in U.S. LNG exports
  • And a unique footprint in nuclear energy—the future of clean, reliable power

You simply won’t find another AI and energy stock this cheap… with this much upside.

This isn’t a hype stock. It’s not riding on hope.

It’s delivering real cash flows, owns critical infrastructure, and holds stakes in other major growth stories.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

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Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $9.99.

2. Enjoy a month of ad-free browsing, exclusive access to our in-depth report on the Trump tariff and nuclear energy company as well as the revolutionary AI-robotics company, and the upcoming issues of our Premium Readership Newsletter.

3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

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