QinetiQ Group (LON:QQ) Board Announces Stock Repurchase Plan

QinetiQ Group (LON:QQ) declared that its board has authorized a stock buyback plan on Wednesday, March 25th, RTT News reports. The company plans to repurchase 0 outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

QinetiQ Group Stock Down 1.9%

LON QQ opened at GBX 467.40 on Thursday. The firm has a 50-day moving average price of GBX 502.63 and a two-hundred day moving average price of GBX 480.85. QinetiQ Group has a 12-month low of GBX 292.20 and a 12-month high of GBX 491. The company has a market capitalization of £2.58 billion, a P/E ratio of 19.35, a P/E/G ratio of 1.47 and a beta of 0.27.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on QQ. Berenberg Bank restated a “buy” rating and set a GBX 550 price objective on shares of QinetiQ Group in a report on Tuesday, January 20th. Deutsche Bank Aktiengesellschaft increased their target price on QinetiQ Group from GBX 585 to GBX 635 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average 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.