4 scorching buybacks this week: Walmart, Discover

Investing.com - Here are the companies with dramatic share-buyback announcements this week, all first covered on InvestingPro+.

Discover Financial Services (NYSE:DFS) reinstated its share buyback after having suspended the plan in July due to "an internal investigation relating to its student loan servicing practices and related compliance matters." In an SEC filing this week, it said, "The investigation has been completed, and the Company has determined that it will resume repurchases under its existing share repurchase program authorizing up to $4.2 billion of share repurchases through June 30, 2023."

That $4.2 billion authorization compares with a market cap of roughly $29.5 billion. The stock rose 2.4% during the ensuing session before dipping fractionally for the week to $107.26.

Daseke (NASDAQ:DSKE) said it will buy back 17.93 million shares from company founder Don Daseke and his affiliates, or $107.6 million worth, at $6 per share. The company said this amount represents 28.6% of the company's issued and outstanding common shares as of November 9, 2022.

In exchange for the repurchased shares, the Company will pay $40 million with cash on hand and issue 67,597 shares of Series B Perpetual Redeemable Preferred Stock, which will have an aggregate initial liquidation preference of $67.6 million. Shares rose 9.7% during that session before slipping 4.26% for the week to $5.84.

Azenta Inc (NASDAQ:AZTA) said this week that it would buy back up to $1.5 billion shares. Shares surged 19% for the week to $57.58.

Walmart (NYSE:WMT) has authorized a $20 billion share-repurchase plan. Shares climbed 5.9% for the week to $150.23.

Daniel Shvartsman contributed to this article.