Alibaba Group Holding boosted ts stock repurchases in the fourth quarter to $2.9 billion, up from $1.7 billion in the third quarter, as the company's share price declined.
The Chinese e-commerce giant bought back $9.5 billion of stock during 2023, resulting in a net reduction of 3.3% of its shares outstanding after accounting for shares issued under employee plans, the company said in a filing Tuesday.
Alibaba said it has $11.7 billion remaining under its current buyback authorization.
🚀🌙 time!
Upside targets:
$80
$84
$89
Downside risk:
$72