Carl Icahn wrote an open letter to Apple, and its CEO Tim Cook.
In it, he asks Apple to accelerate its stock repurchase because he thinks the stock is poise to explode, and Apple should be buying now while the company is undervalued.
Apple’s response to Icahn is almost perfect in its restraint.
The company said, “We always appreciate hearing from our shareholders. Since 2013 we’ve been aggressively executing the largest capital return program in corporate history. As we’ve said before, we will review the program annually and take into account the input from all of our shareholders.”
It also passed along the following table, which shows that Apple has been aggressive with its share buybacks.
As you can see under the “Capital Returned” column, Apple has already returned $US74 billion to shareholders. And it plans to return $US130 billion to shareholders by the end of next year.
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