A quick Look at ASX reports indicates to me that CSL has already bought back around 2 million shares (~$400 million) of a $750 million buy back program
interesting that they have achieved this in around 7 trading days and it has not materially improved their share price.
feels like CSL is going to need to reload soon, or look a bit silly.
what would the price be today if there hadn’t been a buyback propping up that current price?
in my opinion, conducting a buy back for less than 1% of a company’s capital is strategically weak … window dressing and a waste of time and money. Why wasn’t it a bigger program, if such a brilliant idea?
i expect advisors will recommend a reload in coming days/weeks … which at these levels may eventually help trigger a ‘dead cat bounce’ back up to around $240 where we will see some serious selling start to slide into the market.
Longer term sentiment will change when/if there is a change in leadership and strategy imho.
CSL Price at posting:
$207.82 Sentiment: None Disclosure: Not Held
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