Tuesday, 24 May 2016
Last updated 4 hours ago
Apr 24 2014 | 2:24pm ET
Apple Inc. yesterday announced a $30 billion increase to its stock buyback program, and won Carl Icahn’s applause—even if it is only one-fifth the size he’d like.
Icahn, as is his wont, took to his Twitter account to say the he “agree[s] completely” with Apple’s plan, and pronounced himself “extremely pleased with the results.” Icahn in February abandoned a proxy effort to pressure Apple into increasing its buyback by $50 billion, and has said in the past that the company should buy back $150 billion in stock.
Icahn added that Apple “remains meaningfully undervalued” and that “Many analysts fail to understand” it.
Apple’s buyback program now totals $90 billion.
The company also announced a seven-for-one stock split and boosted its dividend by 8%.