Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock trades on the New York Stock Exchange under the symbol "DXC."
Number of Holders
As of May 6, 2024, there were 37,204 holders of record of our common stock.
Dividends
The Board indefinitely suspended the Company’s cash dividend payment beginning in the first quarter of fiscal 2021. As of March 31, 2024, the Company does not intend to reinstate its quarterly cash dividends.
Issuer Purchases of Equity Securities
Share repurchase activity during the three months ended March 31, 2024 was as follows:
Period Total Number
of Shares
Purchased
Average Price
Paid Per Share
Total Number
of Shares
Purchased as
Part of Publicly
Announced Plans or Programs Approximate
Dollar Value
of Shares that
May Yet be Purchased
Under the Plans or Programs
January 1, 2024 to January 31, 2024 3,644,527 $ 23.05 3,644,527 $ 645,471,510
February 1, 2024 to February 29, 2024 1,372,062 $ 21.57 1,372,062 $ 615,871,715
March 1, 2024 to March 31, 2024 1,153,314 $ 20.81 1,153,314 $ 591,871,924
Total 6,169,903 $ 22.30 6,169,903
On April 3, 2017, we announced the establishment of a share repurchase plan approved by the Board with an initial authorization of $2.0 billion for future repurchases of outstanding shares of our common stock. On November 8, 2018, our Board approved an incremental $2.0 billion share repurchase authorization. During fiscal 2024, DXC completed the remaining share repurchases under the above authorizations.
On May 18, 2023, DXC announced that its Board approved an incremental $1.0 billion share repurchase authorization. Share repurchases may be made from time to time through various means, including in open market purchases, 10b5-1 plans, privately-negotiated transactions, accelerated stock repurchases, block trades and other transactions, in compliance with Rule 10b-18 under the Exchange Act of 1934, as amended, as well as, to the extent applicable, other federal and state securities laws and other legal requirements. The timing, volume, and nature of share repurchases pursuant to the share repurchase plan are at the discretion of management and may be suspended or discontinued at any time.
On August 16, 2022, the U.S. government enacted the Inflation Reduction Act (the "IRA") into law. The IRA imposes a 1% excise tax on share repurchases completed after December 31, 2022. We reflect the excise tax within equity as part of the repurchase of the common stock.
See Note 15 - "Stockholders' Equity" for more information.
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Performance Graph
The following graph compares the cumulative return on our common stock for the most recent five years, with the cumulative return on the Standard & Poor’s 600 Stock Index ("S&P 600 Index"), Standard & Poor's 600 Information Technology Index ("S&P 600 Information Technology Index"), Standard & Poor’s 500 Stock Index ("S&P 500 Index"), and Standard & Poor’s North American Technology Index ("S&P North American Technology Index"). Going forward, the Company will replace the S&P 500 Index and the S&P North American Technology Index with the S&P 600 Index and the S&P 600 Information Technology Index, as we concluded that the companies included therein are our closer competitors or are of a more similar size with us. The graph assumes that $100 was invested at the market close on April 1, 2019 (the first trading day of fiscal 2020) in our common stock, and the relevant comparison indices. The stock price performance of the following graph is not necessarily indicative of future stock price performance.
Comparison of Five Year Cumulative Total Return
The following table provides total shareholder returns assuming $100 was invested on April 1, 2019, with annual returns using our fiscal year-end date:
Company/Market/Peer Group 2020 2021 2022 2023 2024
DXC Technology Company (80.0) % 140.0 % 4.0 % (22.0) % (17.0) %
S&P 500 Index (10.0) % 54.0 % 14.0 % (9.0) % 28.0 %
S&P North American Technology Index 1.0 % 71.0 % 8.0 % (12.0) % 52.0 %
S&P 600 Index (28.0) % 93.0 % — % (10.0) % 14.0 %
S&P 600 Information Technology Index (13.0) % 92.0 % 2.0 % (5.0) % 6.0 %
Securities Authorized for Issuance Under Equity Compensation Plans
See Part III, Item 12 of this Annual Report on Form 10-K for information regarding our equity compensation plans.
ITEM 6. RESERVED
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