Samsung Electronics Co. said it would repurchase $2 billion worth of its shares, its first buyback in seven years, as it deploys a part of its hefty cash reserve to shore up its flagging share price.In a regulatory filing after the close of trading Wednesday, Samsung said it was returning the cash to improve shareholder returns and stabilize its stock price, which is down 12% so far this year.
The buyback announcement comes after a number of high-profile stockholders and analysts have publicly called for improved shareholder returns. Samsung’s dividend yield, which measures a company’s annual dividend in relation to its share price, is around 1.2% — about half that of peers such as Intel Corp. INTC, +1.60% and Taiwan Semiconductor Manufacturing Co. 2330, +1.08% TSM, +1.18%
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