The key question to that is "where did the money go?"
The stock dropped below the Q acquisition price today, from more than 2 years ago. It is in the $86 region today. I never thought I would see it down so low. Maybe the big guys will start buying it now it is so cheap. On the other hand what has happened with Q was bad and the returns the company produce are not good enough that a few analysts have N valued at around $99. That is way from 110 or 127.50. If a 5 billion buyback is happening then it does not appear to be happening on the public market because you would see support in the trading charts, flat lines where the company is mopping up stocks at a price, but 5 billion may not be enough to make much of a difference. I will wait and see if any analyst asks where the money went in the next call.