Parker has spent 1.74 Billion buying back stock. My question is what was the purpose of buying back high valued stock and reducing the shares outstanding at company expense of 1.74 Billion. Seems to me the buy back should have been done at perhaps at a much lower price such as what had occured back in 2008. It appears to me that the shares were bought back to support the earnings numbers. Is this correct or am I missing something?
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