An article by ForbesCompanies execute the repurchases to...

An article by Forbes
Companies execute the repurchases to theoretically increase the inherent value of outstanding shares and
improve its performance per share metrics, and buybacks are one of the two most common ways for firms to reward shareholders for strong profits, the other being dividends, which are cash payments distributed on a per share basis.

CONTRA

Among the most common criticisms of stock buybacks are that they slow companies from reinvesting into daily operations and thus adding further value to shareholders and the economy. They also can rely on an imperfect science of increasing investors’ holdings, as a subsequent drop in the repurchasers’ share price could erase the potential cash coup scored by investors had there instead been a dividend. They also generate little tax revenue.