Over the past few years, Nintendo has continued to be one of the most interesting companies to follow in the gaming world. From the massively successful launch of the Switch, to how many people turned to the hybrid console for entertainment during the pandemic, Nintendo’s (NTDOY) stock has been fascinating to keep track of. Now, Nintendo has announced that it has completed a $864 million share buyback.
Nintendo informed shareholders of its successful share buyback in a release posted to the company’s investor relations page on September 15, 2021. There, they break down the timeline of the acquisition and share specific numbers surrounding the purchase.
Nintendo bought back 422,300 common shares for the total price of 23,100,078,995 yen. The acquisition was made between September 1 and September 14, 2021, through the Tokyo Stock Exchange. Nintendo (NTDOY) also announced that it will cancel 1,800,000 of its common shares. That move is scheduled to be executed on September 16, 2021.
There’s a number of reasons why Nintendo may have been motivated to buy back such a large sum of its stock. Earlier this month, we speculated that the company’s August share buyback was a result of poor stock performance following the announcement of the Switch OLED model. Stick to our Nintendo topic page as we continue to follow the company’s business in the future.