Comcast doubles stock repurchase program to $20 billion

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Shares of Comcast Corp. CMCSA, -6.25% bounced 0.9% in premarket trading Wednesday, off the previous session’s 2 1/2-year closing low, after the cable TV and internet provider boosted its share repurchase program to $20 billion. So far this year, the company said it has repurchased $9 billion of its common stock, which represents 6.1% of its market capitalization of $147.67 billion as of Tuesday’s stock closing price. The increase to the buyback program comes after the company increased the program to $10 billion in January. The stock, which closed Tuesday at the lowest price since April 2020, has tumbled 33.5% year to date through Tuesday, while the S&P 500 SPX, -4.32% has lost 17.5%.

This article was originally published by Marketwatch.com. Read the original article here.

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