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Stephen Boland, analyst with GMP Securities, has taken a quick look at TMX Group Inc.'s (OTC:TMXGF) buy back activity and predicts the company will repurchase on average 1 million shares per quarter going forward.

He said TMX will likely use cash from operations, – $54.3-million in Q3 and $183.4-million year-to-date – to fund the buyback and also its $1.52 per share dividend. If not, the company could dip into its current cash position of $200-million to fund the repurchases, he added.

In November, TMX bought back 1 million shares at a total cost near $27.8-million. From May to Sept, the company bought back 6.5 million shares at a cost more than $257-million.

On late Wednesday morning, TMX stock was up 1% to $25.46.