Did Whole Foods Call A Bottom In Its Own Stock Ahead Of Earnings?

The graph below was produced by Capital Market Labs.

Even after the spike to Whole Foods Market, Inc.'s WFM stock price on Friday off earnings, it is down 18 percent over the last year. In fact, shares have broken ever so slightly into positive territory on the two-year chart.

The stock price depreciation hasn’t gone unnoticed by management. Actually, it appears to be a substantial focus.

Stock Price Vs. Stock Buybacks

If one charts stock price (in orange) and Stock Repurchases over Total Assets in blue, they can see that Whole Foods has increased its share repurchases from 2 percent of total assets to now 9 percent, just as the stock has dipped from $60 to $40.

So, did Whole Foods just call a bottom in its own stock ahead of earnings?

Ophir Gottlieb can be found on Twitter @ophirgottlieb.