Everyone's favorite defense conglomerate, Lockheed Martin (NYSE:LMT), is at it again. After it spent $10 billion on share buybacks over the past five years, its managers have announced yet another share repurchase program. This time, though, they're upping the ante and initiating the right to buy back a whopping $3 billion worth of shares at their discretion. True, past buybacks have turned out quite well in light of the company's share-price performance in recent years. But can this possibly be the best use of shareholder capital, with Lockheed's shares at all-time highs? View the slideshow to find out!
Sean O'Reilly has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.