Are you familiar with the purpose of share buybacks? The best reason to do them is because the stock is cheap, and the company has lots of spare cash.
If you can buy $35 for $20, then that is generally a far better use of cash than spending it on organic growth. You make an instant 60%+ return on capital for all shareholders.
Buybacks are generally a sign of:
i) significant liquidity
ii) shareholder-focused management
iii) an undervalued stock
