LVS Spent $6 Billion Buying Back Its Own Stock. The Per-Share Math Says They Overpaid.
Las Vegas Sands expanded its buyback authorization to $6 billion while Q2 earnings missed by 24%, and the stock promptly dropped to levels that make the $48.49 average repurchase price look generous. When a company buys back 16% of its float and the stock is still falling, the capital allocation question gets uncomfortable.