AT&T Inc. is enjoying momentum in its stock price.
Shares on Tuesday rose to a new 52-week high of $37.71 on the New York Stock Exchange a few days after the company announced plans to gobble up its own shares.
The board of directors recently authorized the telecom titan to buy back roughly 5 percent of its shares outstanding: up to 300 million shares.
The announcement follows board approval in December 2010 to repurchase up to 300 million shares. Through that authorization, AT&T has repurchased 143.5 million shares for roughly $4.5 billion through June 30, 2012.
Including dividend payments, AT&T said it has returned $10 billion to shareholders in the first half of 2012.