London, Jan 27, 2026, 08:32 GMT — Regular session
British American Tobacco BATS.L shares slipped 0.2% to 4,299 pence at 0832 GMT, following Monday’s close at 4,308 pence. So far, the stock has fluctuated between 4,287 and 4,311 pence, with roughly 239,000 shares changing hands.
The drift follows a key disclosure revealing that Los Angeles-based The Capital Group Companies cut its voting stake in BAT to 18.869293% from 19.013003%. These filings highlight subtle shifts among major holders—signals traders watch closely for signs of supply and demand when the market is otherwise still.
BAT disclosed another chunk of buybacks under its ongoing programme, acquiring 101,395 ordinary shares on Jan. 23 at prices ranging from 4,295p to 4,339p. The company confirmed it plans to cancel these shares, which will leave 2.18 billion shares outstanding (excluding treasury stock) and roughly 133.0 million held in treasury.
The filings reveal a familiar tug-of-war behind this stock: steady corporate buying balanced by occasional selling from large institutions. Neither side moves the needle daily, but the balance becomes crucial when the market looks for clues on which way to go.
A buyback is simple: the company spends cash to repurchase its own shares, cutting the total share count. This can boost earnings per share and occasionally lift the stock price. Still, it doesn’t address the bigger issue facing the sector—how quickly the move away from cigarettes will drive sustainable growth.
BAT has already signaled investors to expect subdued growth in 2026, citing regulatory pressures and stiff competition in the U.S. vaping sector. Despite this, the company outlined a 1.3 billion pound buyback plan for next year. CEO Tadeu Marroco acknowledged early gains from cracking down on unregulated products but warned, “I’m trying to be cautious for 2026,” noting that roughly 70% of the U.S. vape market remains unregulated. At the time, Rae Maile from Panmure Liberum commented, “This is perhaps not quite what the share price needed.” Reuters
That’s the risk for holders: a stricter regulatory environment, slower growth in vaping and nicotine pouches, or a sharper retreat by major shareholders could overwhelm the steady stream of buybacks. In such a scenario, even small daily disclosures might take on outsized significance.
British American Tobacco is set to release its earnings on Feb. 12, per Investing.com’s earnings calendar. Investors will watch closely for any revisions to the 2026 guidance and updates on the speed of buybacks.
