Charter filings indicate buybacks slowing, says Citi

SEC fillings indicate that Charter buybacks during June continued at a slow pace and were only $117M at an average price of $337, Citi analyst Michael Rollins tells investors in a research note. The analyst says the quarter-to-date performance of around $400M is trending well below Citi’s full-quarter expectation of $800M and consensus estimate of $1.1B. The multi-month slowdown in share repurchases by Charter raises a risk that buyback levels for Q2 and fiscal 2023 may fall below expectations, contends Citi. The firm keeps a Neutral rating on the shares with a $425 price target.