Monday will go down in history as a day when tech stocks really took it on the chin. But as ever with the equity market, there were exceptions here and there. One title that managed to inch higher on the day, in sharp contrast with its brethren, was storied conglomerate Sony Group (NYSE: SONY) . It eked out a nearly 1% gain on the day, contrasting favorably with the S&P 500 index's 3% swoon.
A massive buyer of Sony shares is...Sony
That morning, Sony provided an update on its current share repurchase program. Since launching the initiative in mid-May, the monster tech company has bought nearly 3.8 million shares of its common stock. All told, this cost just under 53.6 billion yen ($366 million).
That shakes out to an average per-share price of 14,250 yen ($97), indicating that the bulk of the purchases might have occurred around mid-July -- the company's U.S.-listed stock was trading for nearly that amount for several days in a row.
That May authorization was for a maximum of 30 million shares; the limit for spending on the stock was set at 250 billion yen ($1.7 billion). The program will terminate on May 14, 2025.
Stock-split adjustment
Mere weeks after announcing the buybacks, Sony attracted considerable market notice when it said it would enact a 5-for-1 stock split . This is to come into force on Oct. 1, 2024 , and will affect the stock repurchase initiative. After that date, the maximum amount of shares allowed to be repurchased will adjust to 150 million.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .
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