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%
201	Ball Corp.	Materials	$6,180	$1,012	16.4%	10.1%	3.0%	13.4%
202	Waters Corp.	Pharmaceuticals, Biotechnology and Life Sciences	$8,573	$684	8.0%	1.0%	12.1%	13.3%
203	BorgWarner	Automobiles and Components	$9,955	$535	5.4%	4.1%	8.7%	13.2%
204	Agilent Technologies	Pharmaceuticals, Biotechnology and Life Sciences	$14,730	$1,107	7.5%	-4.9%	18.9%	13.1%
205	BMC Software	Software and Services	$6,384	$1,830	28.7%	-7.0%	21.4%	12.9%
206	Allergan.	Pharmaceuticals, Biotechnology and Life Sciences	$25,908	$1,721	6.6%	-14.3%	-1.5%	12.5%
207	Yum! Brands	Consumer Services	$31,192	$1,727	5.5%	15.7%	-3.0%	12.2%
208	ONEOK	Utilities	$8,514	$601	7.1%	20.1%	-6.7%	12.0%
209	Loews Corp.	Insurance	$17,270	$702	4.1%	3.9%	7.7%	11.9%
210	Abercrombie & Fitch Co.	Retailing	$3,545	$445	12.5%	-14.7%	30.8%	11.5%
211	McDonald's Corp.	Consumer Services	$99,252	$4,632	4.7%	15.4%	-3.5%	11.3%
212	St. Jude Medical	Healthcare Equipment and Services	$12,930	$2,101	16.2%	-5.5%	17.7%	11.3%
213	Oracle Corp.	Software and Services	$142,212	$16,877	11.9%	0.4%	10.6%	11.0%
214	CSX Corp.	Transportation	$23,699	$1,865	7.9%	0.7%	10.0%	10.8%
215	Intuit	Software and Services	$18,124	$1,192	6.6%	7.7%	2.8%	10.7%
216	Corning	Technology Hardware and Equipment	$20,991	$1,732	8.3%	-11.7%	25.3%	10.6%
217	Bed Bath & Beyond	Retailing	$15,426	$2,299	14.9%	11.8%	-1.2%	10.5%
218	Laboratory Corp. of America	Healthcare Equipment and Services	$9,306	$1,317	14.2%	0.0%	10.5%	10.5%
219	Deere & Co.	Capital Goods	$31,529	$2,913	9.2%	1.2%	9.2%	10.4%
220	Norfolk Southern Corp.	Norfolk Southern Corporation	$22,891	$2,861	12.5%	6.5%	3.6%	10.3%
221	QUALCOMM	Technology Hardware and Equipment	$105,553	$2,744	2.6%	8.9%	1.1%	10.0%
222	Darden Restaurants	Consumer Services	$6,553	$427	6.5%	7.2%	2.6%	10.0%
223	Exxon Mobil Corp.	Energy	$401,730	$41,610	10.4%	7.1%	2.5%	9.8%
224	Cardinal Health.	Healthcare Equipment and Services	$16,134	$907	5.6%	4.4%	5.1%	9.7%
225	Praxair	Materials	$34,059	$1,420	4.2%	7.1%	2.3%	9.5%
226	The Mosaic Co.	Materials	$22,910	$1,163	5.1%	-7.2%	17.1%	8.7%
227	CR Bard	Healthcare Equipment and Services	$8,747	$1,063	12.2%	-0.6%	9.4%	8.7%
228	Autodesk	Software and Services	$7,630	$718	9.4%	-5.6%	15.0%	8.5%
229	Family Dollar Stores	Retailing	$7,163	$424	5.9%	9.8%	-1.3%	8.4%
230	Fluor Corp.	Capital Goods	$9,660	$670	6.9%	-3.7%	12.4%	8.2%
231	International Business Machines Corp.	Software and Services	$211,902	$25,165	11.9%	12.3%	-3.7%	8.1%
232	Intuitive Surgical.	Healthcare Equipment and Services	$20,327	$835	4.1%	18.6%	-8.9%	8.1%
233	Staples	Retailing	$10,536	$935	8.9%	-8.4%	17.8%	8.0%
234	Fossil Group	Consumer Durables and Apparel	$6,061	$619	10.2%	-0.2%	8.0%	7.8%
235	FLIR Systems	Technology Hardware and Equipment	$3,827	$468	12.2%	-13.9%	24.9%	7.5%
236	Monster Beverage Corp.	Food, Beverage and Tobacco	$10,096	$879	8.7%	28.3%	-16.5%	7.1%
237	CF Industries	Materials	$10,168	$2,416	23.8%	15.7%	-7.6%	6.9%
238	Quest Diagnostics	Healthcare Equipment and Services	$9,581	$812	8.5%	2.7%	3.6%	6.3%
239	Varian Medical Systems	Healthcare Equipment and Services	$7,313	$547	7.5%	-0.1%	6.3%	6.2%
240	The AES Corp.	Utilities	$8,951	$373	4.2%	0.5%	5.3%	5.8%
241	Best Buy Co.	Retailing	$9,288	$940	10.1%	-5.1%	11.5%	5.7%
242	Intel Corp.	Semiconductors and Semiconductor Equipment	$120,447	$14,625	12.1%	7.9%	-3.1%	4.6%
243	Humana	Healthcare Equipment and Services	$13,290	$989	7.4%	2.9%	1.4%	4.3%
244	Hewlett-Packard Co.	Technology Hardware and Equipment	$47,828	$3,169	6.6%	-21.4%	32.5%	4.2%
245	Jabil Circuit	Technology Hardware and Equipment	$4,130	$452	10.9%	-1.4%	4.7%	3.2%
246	Kohl's Corp.	Retailing	$11,186	$2,717	24.3%	-0.6%	3.6%	3.0%
247	The Western Union Co.	Software and Services	$9,532	$1,228	12.9%	-9.9%	13.9%	2.7%
248	Cablevision Systems Corp.	Media	$4,492	$384	8.5%	-20.0%	26.6%	1.3%
249	Schlumberger	Energy	$95,268	$2,113	2.2%	-5.5%	6.7%	0.8%
250	Cognizant Technology Solutions Corp.	Software and Services	$18,893	$850	4.5%	-6.5%	7.6%	0.6%
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.