Buy back virtues
For those who think that buy-backs are not good for investors I would draw your attention to ING, the Dutch bank that has been aggressively buying back shares for a couple of years. The result has been a steady increase in SPand the generally accepted belief that, once they have reached their target, they will ues the money saved to increase the dividend.
Paying dividends is great but woe betide any company that cuts a dividend. THe shares dive and take years to recover. VET knows this from past experience, so are unlikely to make that mistake. Buy-backs, by contrast, can be curtailed with zero negative effect.
As long as the company makes clear what their target is, investors vcan sit back and wait for it to be reached, after which dividend increases are almost certain. GLTAL