Apple (NASDAQ:AAPL) will announce an update to its capital return program next month (likely in conjunction with its 2Q15 earnings release). Earlier this week, I took a closer look at Apple's quarterly cash dividend. Turning to the share buyback, I expect Apple's board to approve a $35 to $45 billion increase to the buyback program, bringing the total authorization to $125 to $135 billion. With Apple stock currently trading at a 13x forward P/E multiple, management will continue to look at buybacks as an appropriate way to return excess capital to shareholders. Assuming the share price remains in the current valuation range, Apple will likely continue buying back shares at a $45 billion/year pace.

http://seekingalpha.com/article/3038966-setting-the-stage-for-a-larger-apple-share-buyback-program