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Buybacks soar on the TSX, but there’s a downside [Toronto Globe and Mail (Ontario, Canada)]

Canadian Imperial Bank of Commerce (CM) 
Last canadian imperial bank of commerce earnings: 2/26 05:53 am Check Earnings Report
Buybacks soar on the TSX, but there’s a downside Canadian companies reluctant to reinvest excess cash are instead buying back their own shares at a furious pace. Buybacks by companies in the S&P/TSX Composite Index soared to nearly $5-billion in the 12 months up to the end of the first quarter. As a proportion of the whole stock market, that’s around 5 per cent higher than the previous record set a decade ago, according to a report by Ian de Verteuil, head of portfolio strategy for CIBC World Markets. “It has taken some time, but C-suite executives in Canada appear to have found religion on buybacks,” he said. Story continues below advertisement It is a devotion with a downside, however. While buybacks are a quick way to deploy extra cash, reward shareholders, and support an undervalued stock, the corporate sectors in Canada and the United States have a poor record of timing buybacks, historically resorting to them most aggressively at market peaks. “Buybacks are a bull market phenome Show less Read more
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