Here’s what $5 billion in buybacks got Google
#Google parent company #Alphabet said on Thursday that it has completed its first stock repurchase plan, spending $5 billion to buy more than 5 million shares on the open market. And what did the company get back for that? Three cents per share, according to BGC analyst Colin Gillis. He deems the buyback program a success because Google bought the shares for a lower price than where the stock is trading now. The idea of buybacks is to reduce the supply of a company’s stock. That helps raise a stock’s earnings per share, which in turn should help boost its price.
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