Buyback Scorecard The Most and Least Effective Stock Buyback Programs Best and Worst Programs Industry Comparisons

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 June 30, 2011 through June 30, 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 1—50 | 51—100 | 101—150 | 151—200 | 201—250 | 251—268
	Company	Industry	Market Capitalization	$ Total Buyback	$ Total Buyback / Market Cap	Buyback Strategy	Buyback Effectiveness	Buyback ROI
	Average		$38,681	$2,912	9.3%	13.5%	10.4%	25.0%
	Median		$15,858	$1,350	8.1%	13.5%	9.7%	24.1%
1	Constellation Brands	Food, Beverage and Tobacco	$9,809	$797	8.1%	52.3%	30.9%	99.4%
2	Gilead Sciences	Pharmaceuticals, Biotechnology and Life Sciences	$78,205	$1,860	2.4%	60.0%	13.3%	81.3%
3	Tesoro Corp.	Energy	$7,210	$360	5.0%	52.9%	16.7%	78.5%
4	Western Digital Corp.	Technology Hardware and Equipment	$14,677	$1,446	9.9%	26.5%	37.9%	74.5%
5	Tenet Healthcare	Healthcare Equipment and Services	$4,771	$620	13.0%	31.1%	31.9%	72.9%
6	H&R Block	Consumer Services	$7,567	$521	6.9%	37.2%	24.3%	70.5%
7	Seagate Technology	Technology Hardware and Equipment	$16,074	$4,080	25.4%	63.8%	1.1%	65.6%
8	GameStop Corp.	Retailing	$4,944	$523	10.6%	19.5%	36.3%	62.9%
9	Celgene Corp.	Pharmaceuticals, Biotechnology and Life Sciences	$48,795	$5,454	11.2%	43.2%	13.7%	62.8%
10	Biogen Idec	Pharmaceuticals, Biotechnology and Life Sciences	$51,083	$1,137	2.2%	51.6%	6.0%	60.7%
11	The Sherwin-Williams Co.	Materials	$18,219	$1,025	5.6%	48.8%	7.8%	60.4%
12	General Motors Co.	Automobiles and Components	$45,791	$5,101	11.1%	1.5%	55.6%	58.0%
13	The Gap	Retailing	$19,517	$1,820	9.3%	41.0%	11.9%	57.7%
14	Yahoo!	Software and Services	$27,207	$4,605	16.9%	24.6%	26.5%	57.7%
15	Life Technologies Corp.	Pharmaceuticals, Biotechnology and Life Sciences	$12,750	$914	7.2%	16.9%	34.3%	57.0%
16	The Home Depot	Retailing	$113,168	$9,549	8.4%	47.2%	5.8%	55.8%
17	Gannett Co.	Media	$5,599	$249	4.4%	27.3%	21.1%	54.2%
18	Twenty-First Century Fox	Media	$75,649	$6,423	8.5%	37.1%	11.7%	53.0%
19	Time Warner	Media	$53,898	$4,907	9.1%	31.8%	15.6%	52.4%
20	Expedia	Retailing	$8,129	$711	8.8%	57.4%	-3.4%	52.1%
21	NYSE Euronext	Diversified Financials	$10,060	$552	5.5%	8.2%	40.3%	51.8%
22	Lincoln National Corp.	Insurance	$9,791	$943	9.6%	10.2%	37.7%	51.7%
23	State Street Corp.	Diversified Financials	$29,740	$3,052	10.3%	19.7%	26.7%	51.6%
24	Discovery Communications	Media	$27,172	$2,067	7.6%	36.2%	11.2%	51.5%
25	Moody's Corp.	Diversified Financials	$13,581	$753	5.5%	28.8%	16.6%	50.2%
26	BlackRock	Diversified Financials	$43,948	$2,591	5.9%	21.4%	23.6%	50.0%
27	Visa	Software and Services	$118,742	$5,252	4.4%	51.2%	-1.2%	49.5%
28	CBS Corp.	Media	$31,051	$2,690	8.7%	37.2%	8.9%	49.4%
29	Amgen	Pharmaceuticals, Biotechnology and Life Sciences	$73,993	$13,009	17.6%	36.7%	9.0%	49.0%
30	Avery Dennison Corp.	Materials	$4,258	$384	9.0%	6.1%	39.6%	48.1%
31	Valero Energy Corp.	Energy	$18,962	$1,111	5.9%	27.6%	15.4%	47.2%
32	Ameriprise Financial	Diversified Financials	$16,300	$2,888	17.7%	16.6%	26.0%	46.9%
33	The Allstate Corp.	Insurance	$22,551	$2,219	9.8%	27.8%	14.9%	46.8%
34	Thermo Fisher Scientific	Pharmaceuticals, Biotechnology and Life Sciences	$30,478	$1,815	6.0%	17.7%	24.5%	46.5%
35	Pentair	Capital Goods	$11,786	$7,67.	6.7%	26.4%	15.2%	45.6%
36	The Walt Disney Co.	Media	$113,729	$2,162	9.7%	39.3%	-1.4%	37.4%
37	Flowserve Corp.	Capital Goods	$7,723	$1,202	15.6%	18.0%	23.2%	45.3%
38	Discover Financial Services	Diversified Financials	$23,364	$2,325	10.0%	39.4%	3.8%	44.7%
39	SLM Corp.	Diversified Financials	$10,155	$1,073	10.6%	20.3%	19.7%	44.0%
40	Southwest Airlines Co.	Transportation	$9,310	$991	10.6%	8.5%	32.6%	43.8%
41	Wyndham Worldwide Corp.	Consumer Services	$7,776	$1,467	18.9%	38.6%	3.3%	43.1%
42	Lowe's Cos.	Retailing	$43,862	$6,924	15.8%	29.8%	10.1%	42.9%
43	American International Group	Insurance	$65,993	$13,070	19.8%	18.6%	20.2%	42.5%
44	CareFusion Corp.	Healthcare Equipment and Services	$8,100	$450	5.6%	11.6%	27.3%	42.2%
45	SanDisk Corp.	Technology Hardware and Equipment	$14,867	$604	4.1%	11.9%	26.6%	41.7%
46	Comcast Corp.	Media	$108,917	$5,091	4.7%	31.7%	7.5%	41.5%
47	Bristol-Myers Squibb Co.	Pharmaceuticals, Biotechnology and Life Sciences	$73,406	$2,624	3.6%	29.4%	8.9%	40.9%
48	Ingersoll-Rand	Capital Goods	$16,594	$2,419	14.6%	9.8%	28.3%	40.8%
49	KeyCorp.	Banks	$10,162	$428	4.2%	12.7%	24.4%	40.2%
50	ConAgra Foods	Food, Beverage and Tobacco	$14,559	$597	4.1%	22.8%	13.9%	39.8%
Source: Fortuna Advisors Analysis using data from the Capital IQ database. Financial Data from June 2011 to June 2013. Includes the 487 members of the current S&P 500 that were public for the full period. Market Capitalization as of: 06/30/2013. Companies Included here if $ Total Buyback / Market Capitalization is greater than 4% or if $ Total Buyback is greater than $1 Billion.