AT&T (T 4.58%) recently unveiled its updated strategic plan, providing investors with financial guidance through 2027. The telecom giant expects to generate growing free cash flow during that period, much of which it plans to return to shareholders. However, the additional cash returns won't come from increasing its high-yielding dividend (nearly 5% yield). Instead, the telecom company plans to start buying back boatloads of its stock.The repositioning is completeAT&T has spent the past several years reposi ...