FORTUNE -- By the time it decided in April to increase its stock buyback program five fold -- from $10 billion to $60 billion -- Apple (AAPL) already spent $1.95 billion of the original $10 billion fund and had bought and retired nearly 4.1 million shares of Apple common stock. Average share price, according to the company's latest Form 10-Q: $478.20.
That leaves, by Robert Paul Leitao's calculations, $58 billion to be spent over the next 11 quarters.
Leitao, who writes the Posts at Eventide blog and oversees the Braeburn Group of independent analysts, used two assumptions to create the charts above: That the $58 billion would be spent in equal parts of approximately $5.272 billion each, and that Apple's share price would rise $25 each quarter from $475 per share this quarter to $725 per share in fiscal Q1 2016 (the last calendar quarter of 2015).
As a result of the exercise, Leitao made several interesting discoveries:
"The dividends saved each year will go a long way to covering the interest costs on the funds borrowed to facilitate the share repurchases," Leitao nots, "while Apple continues to earn interest on the off-shore funds not repatriated and used for the share repurchases."
NOTE: Included in the numbers is the expectation the 1,494,992 shares received on April 1, 2013 will be included in the June quarter reduction in the share count. Not included are any new shares used for stock-based compensation during the 11-quarter period.
SEC filing suggests that its $60 billion stock buyback has not yet begun in earnest.
FORTUNE -- Apple (AAPL) on Monday set in motion the financial mechanisms necessary to initiate the $100 billion cash management plan announced last week.
By 11 a.m., according to an SEC Form S-3 filing, the company will have deposited the cash necessary to pay accrued dividends. According to Reuters it will also be holding a series of meetings with potential MOREPhilip Elmer-DeWitt - Apr 29, 2013 10:27 AM ET
Apple (AAPL) gave Wall Street what it had been asking for
The Street's reaction has been largely positive, and the stock closed Monday at a new all-time high: $601.10, up $15.53 (2.65%) for the day.
Jefferies' Peter Misek: Dividend and Buyback Bigger Than Expected. Apple announced a $10.60 annual dividend (1.8%) commencing in CQ3 and $10B buyback over three years (to offset dilution). We had expected a dividend announcement in H2 in the MOREPhilip Elmer-DeWitt - Mar 19, 2012 10:19 AM ET
The company is likely to hold on to its $100 billion cash hoard -- at least for now
I suspect that the number one question on the mind of Apple (AAPL) shareholders gathering today at 1 Infinite Loop for the company's annual meeting is what Tim Cook plans to do with Apple's roughly $100 billion in cash and marketable securities.
"I think it's clear to everyone, and I'd be the first to admit, MOREPhilip Elmer-DeWitt - Feb 23, 2012 8:02 AM ET
An analyst asks whether it can keep outperforming the market without paying a dividend
Toni Sacconaghi just won't give up.
For more than two years, Bernstein Research's top Apple (AAPL) analyst been after Steve Jobs to spend some of the company's growing cash hoard ($51 billion as of September), preferably on a stock buyback or cash dividend.
"Shareholder frustration," he wrote in an open letter to the board of directors in August, "is MOREPhilip Elmer-DeWitt - Dec 8, 2010 11:54 AM ET
He will ignore the latest call for Apple to share its huge cash hoard as he ignores them all
Most of the arguments for and against the open letter to Apple's (AAPL) board of directors issued Thursday by Bernstein Research's Toni Sacconaghi have already been made. (See here and here.)
Sacconaghi's polemics against Apple's policy of holding on to its profits -- rather than distributing them to its shareholders -- tend to MOREPhilip Elmer-DeWitt - Aug 13, 2010 8:48 AM ET
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