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2013 Corporate Buyback Scorecard

Buyback
Scorecard

The table below ranks the 268 companies in the S&P 500 that bought back at least 4 percent or $1 billion of their shares from March 31, 2011 through March 31, 2013. The companies are ranked according to their return on investment from these repurchases. As calculated by Fortuna Advisors, a New York City-based consultancy that compiled the data for Institutional Investor, buyback ROI measures the overall rate of return of buybacks, based on the internal rate of return of the cash flows associated with them. Buyback strategy tracks the performance of the underlying stock in terms of annualized total shareholder return. Once Fortuna determines buyback ROI and buyback strategy, buyback effectiveness can then be calculated as simply the difference between the two, determined as compounded return.

How the S&P 500 Stack Up
as Stock Repurchasers
Company Industry Market
Capitalization
$ Total
Buyback
$ Total
Buyback
/ Market Cap
Buyback
Strategy
Buyback
Effectiveness
Buyback ROI
  Average   $37,752 $2,873 10% 11.4% 7.5% 19.3%
  Median   $14,866 $1,470 8.4% 11.7% 6.2% 19.3%
1 Tesoro Corporation Energy $8,069 $364 4.5% 52.7% 25.6% 91.8%
2 Constellation Brands Inc. Food, Beverage and Tobacco $8,734 $797 9.1% 42.9% 32.7% 89.6%
3 Expedia Inc. Retailing $8,206 $696 8.5% 73% 6.8% 84.7%
4 Tenet Healthcare Corp. Healthcare Equipment and Services $4,959 $600 12.1% 19.3% 37.6% 64.2%
5 .H&R Block, Inc. Consumer Services $8,012 $523 6.5% 36.3% 19.9% 63.3%
6 Gilead Sciences Inc Pharmaceuticals, Biotechnology and Life Sciences $74,584 $2,584 3.5% 46% 11.1% 62.2%
7 The Sherwin-Williams Company Materials $17,452 $916 5.2% 42.4% 13.3% 61.3%
8 Flowserve Corp. Capital Goods $8,071 $1,064 13.2% 14.8% 40% 60.7%
9 Gannett Co., Inc. Media $5,019 $240 4.8% 17.7% 36.1% 60.1%
10 Pentair Ltd. Capital Goods $10,780 $487 4.5% 20.8% 29.9% 57%
11 Seagate Technology Public Limited Company Technology Hardware and Equipment $13,118 $4,150 31.6% 64% -5.1% 55.6%
12 Celgene Corporation Pharmaceuticals, Biotechnology and Life Sciences $48,537 $4,858 10% 36.9% 11.2% 52.2%
13 Western Digital Corporation Technology Hardware and Equipment $12,103 $1,211 10% 18.8% 28% 52.1%
14 News Corp. Media $71,000 $6,423 9% 33.5% 13.8% 52%
15 The Home Depot, Inc. Retailing $103,659 $8,349 8.1% 38.8% 9.1% 51.4%
16 Visa Inc. Software and Services $112,292 $5,335 4.8% 49.2% 1.4% 51.3%
17 NYSE Euronext, Inc. Diversified Financials $9,378 $552 5.9% 6.5% 41.9% 51.1%
18 Avery Dennison Corporation Commercial and Professional Services $4,309 $297 6.9% 1.3% 49% 51%
19 Discovery Communications, Inc. Media $27,903 $1,756 6.3% 32.8% 13.4% 50.6%
20 Eli Lilly and Company Pharmaceuticals, Biotechnology and Life Sciences $62,108 $1,919 3.1% 30.8% 15% 50.5%
21 Wyndham Worldwide Corporation Consumer Services $8,810 $1,489 16.9% 42% 4.6% 48.5%
22 PPG Industries Inc. Materials $19,133 $807 4.2% 29.4% 13.6% 47.1%
23 Comcast Corporation Media $109,602 $5,116 4.7% 31.4% 10.9% 45.6%
24 eBay Inc. Software and Services $70,225 $2,081 3% 31.6% 10.2% 45.1%
25 The Allstate Corporation Insurance $23,428 $2,300 9.8% 23.5% 16.7% 44.2%
26 CBS Corporation Media $29,666 $2,682 9% 41.4% 0.7% 42.4%
27 The Gap, Inc. Retailing $16,472 $2,662 16.2% 27.8% 10.8% 41.6%
28 Time Warner Inc. Media $53,863 $5,924 11% 25.9% 12.3% 41.4%
29 State Street Corporation Diversified Financials $26,997 $2,695 10% 12.7% 25.4% 41.3%
30 Ingersoll-Rand Plc Capital Goods $16,303 $1,997 12.3% 6% 32% 39.9%
31 Amgen Inc. Pharmaceuticals, Biotechnology and Life Sciences $76,722 $13,756 17.9% 30.1% 7.4% 39.7%
32 Lowe's Companies Inc. Retailing $42,091 $7,345 17.5% 24.2% 12.5% 39.7%
33 Mastercard Incorporated Software and Services $66,435 $3,008 4.5% 46.7% -4.9% 39.5%
34 Moody's Corp. Diversified Financials $11,876 $494 4.2% 31% 5.6% 38.3%
35 Amazon.com Inc. Retailing $121,133 $1,237 1% 22.6% 12.1% 37.4%
36 Discover Financial Services Diversified Financials $22,214 $2,162 9.7% 39.3% -1.4% 37.4%
37 Life Technologies Corporation Pharmaceuticals, Biotechnology and Life Sciences $11,049 $948 8.6% 6.3% 28.6% 36.7%
38 The Travelers Companies, Inc. Insurance $31,820 $3,702 11.6% 20.7% 12.5% 35.7%
39 Kimco Realty Corporation Diversified Financials $9,150 $724 7.9% 12.6% 19.9% 35.1%
40 ConAgra Foods, Inc. Food, Beverage and Tobacco $14,820 $760 5.1% 24.8% 8.2% 35.1%
41 Biogen Idec Inc. Pharmaceuticals, Biotechnology and Life Sciences $45,518 $1,328 2.9% 53.9% -12.4% 34.8%
42 Yahoo! Inc. Software and Services $25,912 $4,424 17.1% 12.5% 19.6% 34.6%
43 Southwest Airlines Co. Transportation $9,815 $740 7.5% -2.5% 37.8% 34.4%
44 American International Group, Inc. Insurance $57,311 $13,070 22.8% -3.7% 39.1% 33.9%
45 Thermo Fisher Scientific, Inc. Pharmaceuticals, Biotechnology and Life Sciences $27,355 $2,040 7.5% 14.7% 16.1% 33.2%
46 Scripps Networks Interactive, Inc. Media $9,547 $945 9.9% 12.6% 17.7% 32.5%
47 The TJX Companies, Inc. Retailing $34,093 $2,630 7.7% 37.8% -4% 32.3%
48 Dover Corporation Capital Goods $12,731 $1,254 9.9% 8.3% 21.9% 32%
49 The Walt Disney Company Media $102,549 $8,300 8.1% 16.5% 13.2% 31.9%
50 Lincoln National Corporation Insurance $8,852 $944 10.7% 0.9% 30.7% 31.9%
Source: Fortuna Advisors Analysis using data from the Capital IQ database. Financial Data from March 2011 to March 2013. Includes the 488 members of the current S&P 500 that were public for the full period. Market Capitalization as of: 03/31/2013. Companies Included here if $ Total Buyback / Market Capitalization is greater than 4% or if $ Total Buyback is greater than $1 Billion.

Will unemployment fall below the Fed’s target of 6.5 percent next year?

  • Yes
  • No