Monday, March 4, 2019
S&P 500 capital spending sets record even with buyback push
“Investors have been fed a misleading narrative” that companies are forgoing investments in their business to buy back stock, according to Tobias Levkovich, Citigroup Inc.’s chief U.S. equity strategist. Levkovich drew the conclusion in a report Friday that looked at capital spending, dividends and repurchases on an annual basis by companies in the S&P 500 Index. Capital expenditures broke a record set in 2014, according to data compiled by Bloomberg, even though more money went to repurchases last year for the first time since 2007.
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