This FTSE 100 dividend giant bought back 126,498 of its own shares. But can it save the falling share price?

British American Tobacco’s (LSE: BATS) long been a FTSE 100 favourite among income investors.

This week, the popular dividend powerhouse repurchased a further 126,498 ordinary shares for cancellation. It’s part of a hefty £1.1bn buyback programme aimed at supporting capital efficiency and boosting shareholder value.

Following these cancellations, the company still holds more than 132.9m ordinary shares in treasury.

The timing may be convenient. After almost two years of solid gains, the share price has stumbled over the past couple of months, falling around 12% from the five-year high it touched in late August.

The ongoing buybacks should offer some stability, but the question remains whether they’re enough to turn the tide on a faltering share price.

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