Micron Just Raised Its Buyback Authorization to $35 Billion. Prediction: It Spends More Buying Back Stock in the Next Year Than in the Past 8 Combined.
Micron Technology (NASDAQ:MU) hasn’t been a heavy buyer of its own stock. From fiscal 2019, when the current repurchase program made its first purchases, through fiscal 2026, the memory chipmaker spent $7.84 billion on buybacks. It never spent over $2.66 billion in any one year.
But Micron’s annual report, filed Oct. 9, says the board lifted the buyback authorization to $35.16 billion on Oct. 8. The new cap is over four times what the company spent in those eight fiscal years combined.
I expect Micron will top that eight-year total in the next 12 months. But the buyback might do less for the share count than a number this big suggests.
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