Bristol Gate Capital Partners Inc.
45 St Clair Avenue West Suite 601
Toronto, Ontario M4V 1K9
  • Our Research in Action: TXN

Texas Instruments trumpets their share buyback activity.  In reality, the aggressive nature of their stock option program destroys shareholder value, in our opinion.

Texas Instruments 2014 2013 2012 2011 2010
Shares Purchased, net of shares issued 27mm 25mm 32mm 28mm 24mm
Cash Spent, net of cash received 1,657mm 1,554mm 1,277mm 1,283mm 2,047mm
Estimated Average Market Price 47 37 30 31 25
Estimated Average Effective Price paid per share 61 62 40 45 27