It's done to increase EPS per share and return cash to ongoing shareholders in a more tax friendly way, yes.

People say this, but the cash is returned only if you sell. A dividend is cash in pocket plus the stock.

	▲	robotresearcher 3 hours ago \| parent [-]
		The dividend is taxable ordinary income. The increased share value is not taxable until sold, and then it’s capital gains; usually a much lower rate.