Stock Buyback Program Approved by QinetiQ Group (LON:QQ) Board

QinetiQ Group (LON:QQ) declared that its Board of Directors has initiated a share repurchase program on Wednesday, March 25th, RTT News reports. The company plans to repurchase 0 shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

QinetiQ Group Trading Down 2.6%

QQ stock opened at GBX 462.60 on Friday. The company has a market capitalization of £2.55 billion, a P/E ratio of 19.16, a PEG ratio of 1.47 and a beta of 0.27. QinetiQ Group has a twelve month low of GBX 292.20 and a twelve month high of GBX 491. The business has a 50 day simple moving average of GBX 501.09 and a 200-day simple moving average of GBX 480.70.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on QQ. Deutsche Bank Aktiengesellschaft increased their price objective on shares of QinetiQ Group from GBX 585 to GBX 635 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Berenberg Bank restated a “buy” rating and issued a GBX 550 price target on shares of QinetiQ Group in a research note on Tuesday, January 20th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of GBX 578.33.

QinetiQ Group Company Profile

QinetiQ Group plc operates as a science and engineering company in the defense, security, and infrastructure markets in the United Kingdom, the United States, Australia, and internationally. The company operates through EMEA Services and Global Solutions segments. It offers advanced materials and manufacturing products; artificial intelligence, analytics, and advanced computing technologies; cyber and electromagnetic technologies; human protection and performance systems; novel systems, and weapons and effects; platform, and system design and assessment products; power sources, and energy storage and distribution products; robotics and autonomy services; secure communications and navigation systems; and sensing, processing, and data fusion systems.