apple (AAPL) and Google parent-Alphabet ( GOOGL ) led all U.S. companies in share buybacks during the second quarter, although overall buybacks fell nearly 22% from the previous quarter, according to S&P Dow Jones Indices. Meanwhile, Microsoft (MSFT) and Facebook parent Meta (META) also placed in the top five in share buybacks.
Overall, S&P 500 repurchases in the second quarter were $219.6 billion, down 21.8% from the first quarter’s record of $281 billion.
“Financials pulled back significantly on buybacks ($21.2 billion from $54.7 billion in Q1),” S&P analyst Howard Silverblatt said in an email. Silverblatt said some companies may slow buybacks to protect dividends.
He added: “The decline in participation appears to be over financial concern – especially term profits.”
Information technology companies continued to lead the way in buybacks. Financial company buybacks fell 61% to $21.2 billion. Healthcare repurchases fell 58% to $17.2 billion.
Compared to the same period last year, Q2 in 2021, buybacks rose by 10%.
Apple stock: $91.34 billion bought back
Apple bought back $24.56 billion of its own stock in the second quarter, down about 4% from a year earlier. The iPhone maker has bought back $91.34 billion of Apple stock over the past 12 months.
Alphabet bought back $15.19 billion of Google stock during the second quarter, up about 19% from a year earlier. The web search giant has bought back $54.58 billion in Google stock over the past 12 months.
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And Microsoft bought back $8.76 billion of its own stock in the second quarter, up about 21% from a year earlier. The software giant has bought back $32.69 billion of Microsoft stock over the past 12 months.
Financial, healthcare buyback autumn
Facebook parent Meta platforms ( META ) bought back $6.2 billion of its own stock during the period, down about 26% from a year earlier. The social networking giant has bought back $53.27 billion of its own stock over the past 12 months.
Along with Apple shares and the others, three other tech firms were among the top 10 buybacks. They included the chip maker Nvidia (NVDA), Amazon.com (AMZN) and Charter communication (CHTR).
The top 20 companies accounted for 46.8% of buybacks in the second quarter.
From a shareholder’s point of view, Apple stock buybacks and other repurchases increase earnings by reducing outstanding shares.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on wireless 5G, artificial intelligence, cyber security and the cloud.
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