By Sinéad Carew
(Reuters) - U.S. companies continued a shopping spree for their own shares in May, making $173.6 billion in buyback announcements, the highest monthly total ever, according to a research report.
In May U.S.-listed companies also sold new shares at the fastest pace in three years, but cash takeovers of companies with U.S. listings fell to a three-month low, according to TrimTabs Investment Research.
The high number of buyback announcements was due "in large part" to expected corporate tax savings, it said.
TrimTabs said Apple Inc
The tally for cash takeovers involving companies with U.S. listings was $27.7 billion, according to TrimTabs. It said that the largest deals were Japanese drugmaker Takeda Pharmaceutical's <4502.T> offer for rival Shire PLC
Underwriters were also active in May, with new equity offerings spiking to a three-year high of $43.6 billion, according to the report. It said that AXA Equitable Holdings'
S&P 500 companies returned a record $1 trillion to shareholders the past year, according to a late May report from S&P Dow Jones indices. It cited a surge in dividends and stock buybacks after sweeping corporate tax cuts introduced by Republicans late in 2017.
(Reporting By Sinéad Carew, Editing by Rosalba O'Brien)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: Jun 06, 2018 01:05:22 IST