ABB to Launch New Share Buyback Program of up to $1B in April
ABB Ltd’s ABB board has approved a new share buyback program of up to $1 billion, which is set to be launched next month. The program will run through the company’s 2024 annual general meeting (AGM).
The launch of the new buyback program follows the completion of the previous one launched in April 2022. Under this program, ABB bought back 67.5 million shares for approximately $2 billion.
On a separate note, ABB intends to purchase up to 15 million shares until the 2024 AGM with regard to its employee share plans.
ABB Ltd Price
ABB Ltd price | ABB Ltd Quote
ABB has also been committed to rewarding its shareholders through dividend payments. In 2022, the company paid out dividends worth $1,698 million.
ABB’s handsome rewards to shareholders through dividend payments and share buybacks can be attributed to the strength in its businesses. The company is benefiting from a healthy demand environment across most segments. Pricing actions are boosting the company’s top line.
With easing supply chain issues, recovery in volumes and robust customer activity in the marine & ports, mining and refining and renewables markets augur well for ABB’s growth.
Zacks Rank & Other Key Picks
ABB presently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks within the broader Industrial Products sector are as follows:
Deere & Company DE currently sports a Zacks Rank #1 (Strong Buy). The company pulled off a trailing four-quarter earnings surprise of 4.7%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
Deere has an estimated earnings growth rate of approximately 31% for the current fiscal year. The stock has gained approximately 18% in the past six months.
Allegion plc ALLE currently carries a Zacks Rank #2. The company pulled off a trailing four-quarter earnings surprise of 10.3%, on average.
Allegion has an estimated earnings growth rate of approximately 12% for the current year. The stock has gained 13.4% in the past six months.
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