Companies are repurchasing stock at record levels. Here are the buyback kings

Published Tue, Jun 25 202412:38 PM EDTUpdated Tue, Jun 25 202412:54 PM EDT

Stock buybacks are enjoying a boom as the S & P 500 continues to climb in 2024 – and a few names are leading the pack in share repurchases. Tech and communication services companies have been dominating share buyback activity within the S & P 500 this year, according to Jill Carey Hall, Bank of America's equity and quantitative strategist. Earlier this year, Apple announced a massive $110 billion share buyback program, while Alphabet authorized a $70 billion repurchase . In a Tuesday report, Hall noted that buyback activity is tracking above seasonal levels based on a percentage of market cap over the past 15 weeks. These repurchases, in which a company reduces the pool of outstanding shares by snapping up its own stock, can be a win for investors. It suggests that the company sees a positive catalyst that will help lift the share price. Buyback fans include legendary investor Warren Buffett, as Berkshire Hathaway spent $2.6 billion in the first quarter of 2024 to repurchase shares. The massive conglomerate is not alone. CNBC Pro screened FactSet for buyback kings, based on the following criteria: They have trimmed total shares outstanding by at least 5% over the past 12 months They have repurchased stock in the most recent quarter They maintain a low debt-to-capital ratio, ruling out companies that use debt to finance buybacks General Motors made the list. Shares of the Detroit-based automaker have added about 30% in 2024. And the company has a strong track record of stock buybacks. GM saw its outstanding share count shrink by 17% over the past year. GM YTD mountain General Motors stock. GM's board authorized a new $6 billion buyback program earlier this month, which follows an accelerated $10 billion plan from November 2023. Marathon Petroleum also made the cut, having reduced its share count by 19% in the past year. Shares have advanced 17% in 2024. The company repurchased roughly $2.2 billion worth of its own stock in the first quarter, as part of a move to return a total of $2.5 billion to shareholders. Morgan Stanley analyst Joe Laetsch posits that Marathon has more room for buybacks in the current quarter and isn't likely to buck the trend. MPC YTD mountain Marathon Petroleum stock. "In support of its capital returns commitment, MPC increased its share repurchase authorization by $5 B, bringing the total available capacity to $8.8 B," Laetsch wrote last month. "With ~$8 B of cash on the balance sheet and management's desire to maintain closer to $1 B, we continue to see room for substantial shareholder returns going forward." Materials giant DuPont also has a storied history of stock buybacks, and it's lowered its share count by 8% in the past 12 months. Earlier this year, the company announced a $1 billion repurchase program and also raised its dividend by 6%. Shares are up nearly 5% in 2024. DD YTD mountain DuPont stock. Other stocks on the list include Johnson & Johnson and Synchrony Financial . Disclosure: Comcast is the parent company of NBCUniversal and CNBC.