Forget Apple: This Other Buyback Stock Soared 28% Over the Last Year, and Could Be Headed Even Higher
Earlier this month, iPhone maker Apple turned heads after announcing a $110 billion stock buyback. On the surface, this looks like great news for investors. However, I see the latest buyback as a way to distract investors from the operational challenges Apple faces. Investors may be finally getting fed up, as shares of Apple are modestly down over the last year.
Another company that has a history of aggressive stock buybacks is (NYSE: AN). Over the last year, shares of AutoNation have jumped 28% -- and I think they are headed even higher. Let's break down the full picture at AutoNation, and explore why scooping up some shares could be a lucrative choice for long-term investors.
The chart below illustrates AutoNation's stock buyback history over the last 10 years. Although the company has consistently repurchased shares, notable buybacks occurred between 2021 and 2022 -- during which the company bought back a staggering $4 billion worth of stock.
Source Fool.com