Sirius XM Stock Eats Its Own Cooking

If it's mid-July, it's apparently a good time to eat your own cooking if you're Sirius XM Holdings (NASDAQ: SIRI). The satellite radio giant's board authorized an additional $2 billion in stock buybacks, along with its regular quarterly dividend. 

If Sirius XM earmarking $2 billion in share repurchases sounds like a familiar summertime story, it's only because the media giant did the same thing on July 14 of last year. The board has authorized $18 billion in share buybacks since 2013, using its bountiful free cash flow to eat away at its equally substantial share count. 

Dolly Parton during an interview on Sirius XM. Image source: Sirius XM Holdings.

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Source Fool.com