Confidence is running high in the stock market right now. Indexes are near record levels, and cash is flooding back into the market. Investors aren't the only ones boosting stock purchases these days, though. Big dividend-paying companies are boosting their buyback programs too, and returning cash to shareholders through more than just quarterly payouts.

Here's a look at a few companies that are busily whittling away at their outstanding share count: Philip Morris (NYSE: PM), UPS (NYSE: UPS) and GameStop (NYSE: GME). All three companies have managed to boost their shareholder returns lately through stock buybacks. But I see the most value in UPS' shares here.

Source: Motley Fool

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