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Expand chart
Data: S&P Global; Chart: Harry Stevens/Axios

Apple again led S&P 500 companies in buybacks, spending a new record $23.8 billion in Q1, more than doubling its spend from the previous quarter, data from S&P Global shows.

Context: Apple has long been a buyback behemoth. The company holds 8 of the 10 all-time records for quarterly buybacks, and has spent more than $75 billion on buybacks over just the past year.

  • It has spent $234.7 billion over the most recent 5-year period, and $284.3 billion over the last 10-year period.
  • Apple accounted for 23% of share buybacks made by the top 20 S&P 500 companies.

The big picture: While Apple has increased its buyback spending, other S&P 500 companies have slowed from 2018's record pace.

  • Companies bought back just $205.8 billion worth of their own shares, a 7.7% decline from Q4 2018, S&P reported. That ended the streak of 4 consecutive quarters of record buybacks.

Yes, but: Buybacks rose 8.9% from Q1 2018, which set a record at the time.

  • Outside analysis of the broader stock market, beyond just the S&P, shows announced buyback spending was higher in Q1 2019 than Q4 2018.

What they're saying: Ratings agency Moody's warned last month that companies are spending more on share buybacks and dividends than they were paying in taxes before the 2017 tax cut. The tax savings "can be wiped out entirely by even a modest change in share buybacks," Christina Padgett, senior vice president at Moody's, told Axios at the time.

  • S&P 500 companies, at least, may be heeding the warning.

Go deeper: Apple needs a next act

Go deeper

Updated 1 hour ago - Politics & Policy

Bipartisan tributes flood in for "giant of the Senate" Bob Dole

Then-Vice President Joe Biden and former Sen. Bob Dole at an event put on by the World Food Program where he was awarded the first “McGovern-Dole Leadership Award” in December 2013. Photo: Douglas Graham/CQ Roll Call

Republican and Democratic politicians, including former Senate colleagues, are sharing condolences and memories commemorating the life of Bob Dole, who passed away at 98 on Sunday morning.

The big picture: Dole, the Republican presidential nominee in 1996, was the longest serving Republican leader in the Senate until 2018, when current Senate Minority Leader Mitch McConnell surpassed his record,

Former Sen. Bob Dole dies

Former Sen. Bob Dole in 2019. Photo: Tom Brenner/Getty Images

Former Kansas Sen. Bob Dole passed away Sunday morning at the age of 98, the Elizabeth Dole Foundation announced in a statement.

Driving the news: Dole, a revered figure in U.S. politics and the Republican presidential nominee in 1996, served in the Senate for 27 years, including 11 years as GOP leader. Earlier this year he revealed he had been diagnosed with stage 4 lung cancer.

Movie theaters go out of style

Illustration: Sarah Grillo/Axios

Vaccination rates are going up, people are going out to restaurants again — although the new COVID variant may get in the way — but they still aren't rushing back to the movies.

By the numbers: Some 49% of pre-pandemic moviegoers are no longer hitting theaters, according to a study from the film research company The Quorum, as reported by the New York Times.