Aktienrückkaufprogramme

Aktienrückkauf, also known as a share buyback, is a corporate action where a company repurchases its own outstanding shares from the open market. This reduces the number of shares available to the public. Companies undertake stock buybacks for several reasons. One primary motivation is to increase the earnings per share (EPS). By reducing the number of outstanding shares, the company's net income is divided among fewer shares, thus artificially inflating the EPS figure. This can make the company appear more profitable and potentially boost its stock price.

Another common reason is to return capital to shareholders. Instead of paying dividends, which are taxed as income, a buyback can be a more tax-efficient way for shareholders to receive value. As the number of shares decreases, the ownership percentage of remaining shareholders increases, effectively concentrating their stake in the company. Companies may also repurchase shares if they believe their stock is undervalued by the market. This signals management's confidence in the company's future prospects and can act as a form of investment. Additionally, buybacks can be used to offset dilution from stock options or employee stock purchase plans. While stock buybacks can offer benefits to both the company and its shareholders, they can also be criticized. Some argue that the funds used for buybacks could be better invested in research and development, expansion, or employee wages. The effect on the stock price is not always guaranteed, and the decision to buy back shares is often closely scrutinized by investors and analysts.