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MICROSOFT CORPORATION

(MSFT)
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Microsoft : shares edge higher on $60 billion buyback program

09/15/2021 | 10:41am EDT
FILE PHOTO: A smartphone is seen in front of a Microsoft logo displayed in this illustration

(Reuters) - Microsoft Corp shares rose 1% in early trading on Wednesday after the company announced a $60 billion share repurchase plan, its biggest ever.

The announcement comes just days after two U.S. Senate Democrats unveiled a proposal to tax corporate stock buybacks to help fund President Joe Biden's $3.5 trillion investment plan.

The senators said the "Stock Buyback Accountability Act" would encourage large corporations to invest in their workers rather than enriching investors and executives by boosting stock prices.

Democrat lawmakers have also proposed a substantial roll-back of tax cuts implemented by Donald Trump's administration, including raising the top tax rate on corporations to 26.5% from the current 21%.

Microsoft shares have soared about 35% this year, making it the second most valuable company in the world with market capitalization of $2.25 trillion.

The buyback plan, which has no end date and can be terminated at any time, follows similar announcements by other U.S. tech giants.

Apple and Alphabet said earlier this year they were returning $90 billion and $50 billion to their shareholders, respectively, and have ramped up their plans since the corporate tax cuts in 2017.

"They have to be opportunistic... being well hedged given the ambiguity of the future of tax legislation," said Doug Ciocca at Kavar Capital Partners, which owns Microsoft shares.

Microsoft has benefited from an accelerated shift to cloud computing and demand for laptops during the pandemic and has accumulated $130 billion in cash and cash equivalents. It announced it last repurchase program of $40 billion in 2019.

(Reporting by Nivedita Balu in Bengaluru; Editing by Tomasz Janowski)


© Reuters 2021
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Financials (USD)
Sales 2022 192 B - -
Net income 2022 66 389 M - -
Net cash 2022 90 706 M - -
P/E ratio 2022 35,3x
Yield 2022 0,79%
Capitalization 2 321 B 2 321 B -
EV / Sales 2022 11,6x
EV / Sales 2023 10,2x
Nbr of Employees 181 000
Free-Float 99,8%
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Number of Analysts 38
Last Close Price 309,16 $
Average target price 337,02 $
Spread / Average Target 9,01%
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Satya Nadella Chairman & Chief Executive Officer
Bradford L. Smith President & Chief Legal Officer
Amy E. Hood Chief Financial Officer & Executive Vice President
James Kevin Scott Chief Technology Officer & Executive VP
Kirk Koenigsbauer COO & VP-Experiences & Devices Group
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