No. of Recommendations: 12
It purchased about $2.6B of its common stock during the quarter, compared with the $2.2B buyback in the previous quarter.
True, but surprisingly most of the difference was the price.
They paid 19.4% more in cash, but only got 4.1% more shares because the average price paid was up 14.7%.
As has been mentioned by others, the high average price paid may be because of the shares repurchased from a shareholder at current market value without a margin of safety, rather than on a "hamburgers on sale" day chosen by management.
Jim
