filings.toolsItem 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Motorola Solutions' common stock is listed on the New York Stock Exchange and trades under the symbol "MSI." The number of stockholders of record of its common stock on February 5, 2024 was 17,662. This figure does not include a substantially greater number of “street name” holders whose shares are held of record by banks, brokers and other financial institutions.
During 2023, we declared regular quarterly dividends of $0.88 per share of our common stock for each of the first three quarters of fiscal 2023, and $0.98 per share of our common stock for the fourth quarter of fiscal 2023. While we expect to continue to pay comparable regular quarterly dividends in 2024, any future dividend payments will be at the discretion of our Board of Directors and will depend upon our profits, financial requirements and other factors, including legal restrictions on the payment of dividends, general business conditions and such other factors as our Board of Directors deems relevant.
Unregistered Sales of Equity Securities
On December 15, 2023, the Company issued 15,831 shares of common stock in connection with the acquisition of IPVideo Corporation to certain former shareholders of IPVideo Corporation. The stock was issued for an aggregate grant-date fair value of $5 million that will be expensed over an average service period of 1 year. The foregoing transaction did not involve any underwriters, any underwriting discounts or commissions, or any public offerings. The shares with respect to the transaction were issued in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, in a privately negotiated transaction not involving any public offerings or solicitations.
Issuer Purchases of Equity Securities
The following table provides information with respect to acquisitions by the Company of shares of its common stock during the quarter ended December 31, 2023.
| Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share (1) | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Program (2) | (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Program (2) | |||||||||||||||||||
| 09/30/2023 to 10/25/2023 | 250,781 | $ | 278.61 | 250,781 | $ | 528,972,235 | |||||||||||||||||
| 10/26/2023 to 11/20/2023 | 113,878 | $ | 276.74 | 113,878 | $ | 2,497,458,099 | |||||||||||||||||
| 11/21/2023 to 12/27/2023 | 51,386 | $ | 311.34 | 51,386 | $ | 2,481,459,407 | |||||||||||||||||
| Total | 416,045 | $ | 282.14 | 416,045 |
| (1) | Average price paid per share of common stock repurchased excludes commissions paid to brokers and excise tax. As of January 1, 2023, the Company's share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act of 2022. The amount of excise tax incurred is included in the Company's Condensed Consolidated Statement of Stockholders' Equity for the quarter ended December 31, 2023. | ||||
| (2) | As originally announced on July 28, 2011, and subsequently amended, including a $2.0 billion increase approved by the Board of Directors during the fourth quarter of 2023, the Board of Directors has authorized the Company to repurchase an aggregate amount of up to $18.0 billion of its outstanding shares of common stock (the “share repurchase program”). The share repurchase program does not have an expiration date. As of December 31, 2023, the Company had used approximately $15.5 billion, including transaction costs, to repurchase shares, leaving approximately $2.5 billion of authority available for future repurchases. |
Performance Graph
The following graph compares the five-year cumulative total shareholder returns of Motorola Solutions, Inc., the S&P 500 Index and the S&P Communications Equipment Index.
This graph assumes $100 was invested in the stock or the indices on December 31, 2018 and reflects the reinvestment of dividends.
| Years Ended December 31 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||
| Motorola Solutions | $ | 100.00 | $ | 142.19 | $ | 152.70 | $ | 247.22 | $ | 237.81 | $ | 292.59 | ||||||||
| S&P 500 | $ | 100.00 | $ | 131.47 | $ | 155.65 | $ | 200.29 | $ | 163.98 | $ | 207.04 | ||||||||
| S&P Communications Equipment | $ | 100.00 | $ | 113.41 | $ | 114.12 | $ | 172.69 | $ | 138.36 | $ | 166.68 |
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