The A2 Milk Company Ltd (ASX: A2M) share price is pushing higher again on Wednesday.
In afternoon trade, the infant formula company's shares are up almost 3% to $6.03.
This compares favourably to the performance of the ASX 200 index, which is down 0.5% today.
It also means the A2 Milk share price is now up over 14% since this time last month.
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Why is the A2 Milk share price smashing the ASX 200 index?
The company's shares are charging higher today despite there being no news out of it.
However, it is worth noting that A2 Milk's shares have been performing positively since the company was granted approval to sell its infant formula in the US market.
In addition, A2 Milk commenced its NZ$150 million on-market share buyback last week.
According to the latest update on its buyback, the company bought back 196,859 shares on Monday, bringing the total to date to 2,157,870 shares. That's the equivalent of approximately NZ$14 million based on today's price, which is less than 10% of its planned buyback.
This could be an indication that A2 Milk is in the market again today, picking up more shares and driving the price higher.
Are its shares good value?
Bell Potter still sees value in A2 Milk's shares at the current level.
Earlier this month, the broker retained its buy rating with a $6.80 price target. This suggests potential upside of almost 13% for investors over the next 12 months.
