Alibaba Group Holding (BABA) to Buyback $4.00 billion in Outstanding Stock
Alibaba Group Holding (NYSE:BABA) announced that its Board of Directors has approved a stock repurchase program, which authorizes the company to repurchase $4.00 billion in shares on Wednesday, August 12th, EventVestor reports. This repurchase authorization authorizes the specialty retailer to purchase up to 2.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
Alibaba Group Holding (NYSE:BABA) last issued its earnings results on Thursday, August 17th. The specialty retailer reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.21. The company had revenue of $7.40 billion during the quarter, compared to the consensus estimate of $7.16 billion. Alibaba Group Holding had a net margin of 30.72% and a return on equity of 20.40%. During the same quarter in the prior year, the firm posted $0.74 EPS.
Several brokerages have recently commented on BABA. Jefferies Group LLC reissued a “buy” rating and issued a $160.00 price objective on shares of Alibaba Group Holding in a research note on Thursday. Cantor Fitzgerald began coverage on Alibaba Group Holding in a research note on Friday. They issued an “overweight” rating and a $213.00 price objective for the company. Vetr downgraded Alibaba Group Holding from a “buy” rating to a “hold” rating and set a $178.60 price objective for the company. in a research note on Tuesday, August 22nd. SunTrust Banks, Inc. increased their price objective on Alibaba Group Holding from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, August 23rd. Finally, MKM Partners increased their price objective on Alibaba Group Holding from $177.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, August 23rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, thirty-three have assigned a buy rating and two have issued a strong buy rating to the company. Alibaba Group Holding currently has an average rating of “Buy” and an average target price of $171.37.
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Alibaba Group Holding Company Profile
Alibaba Group Holding Limited is a holding company. Through its subsidiaries, the Company is engaged in online and mobile commerce through offering of products, services and technology that enable merchants, brands and other businesses to transform the way they market, sell and operate in the People’s Republic of China (China) and internationally.
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