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Tesco plc ( (GB:TSCO) ) has issued an update.
Tesco PLC announced the purchase of 3,442,007 of its own ordinary shares on the London Stock Exchange as part of its £1.45 billion share buyback programme. This transaction is in line with the authority granted by shareholders and aims to enhance shareholder value by reducing the number of shares in circulation. The purchased shares will be cancelled, leaving 6,419,432,396 ordinary shares remaining in issue. Since the commencement of the buyback programme, Tesco has acquired a total of 317,409,366 shares, amounting to £1,298.3 million, indicating a strong commitment to returning capital to shareholders.
The most recent analyst rating on (GB:TSCO) stock is a Hold with a £499.00 price target. To see the full list of analyst forecasts on Tesco plc stock, see the GB:TSCO Stock Forecast page.
Spark’s Take on GB:TSCO Stock
According to Spark, TipRanks’ AI Analyst, GB:TSCO is a Neutral.
Tesco plc’s overall stock score reflects a stable financial position with positive technical indicators and strategic corporate actions. The strong earnings call and share buyback program enhance shareholder value, but high leverage and valuation concerns temper the outlook.
To see Spark’s full report on GB:TSCO stock, click here.
More about Tesco plc
Tesco PLC is a leading multinational grocery and general merchandise retailer, primarily operating in the United Kingdom. The company focuses on providing a wide range of products, including food, clothing, and household goods, and has a significant market presence in the retail industry.
Average Trading Volume: 15,652,754
Technical Sentiment Signal: Buy
Current Market Cap: £29.22B
For detailed information about TSCO stock, go to TipRanks’ Stock Analysis page.