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%
251 Red Hat Software and Services $9,052 $414 4.6% 4.3% -4.8% -0.7%
252 NetApp. Technology Hardware and Equipment $13,643 $1,840 13.5% -15.6% 17.2% -1.1%
253 LSI Corp. Semiconductors and Semiconductor Equipment $3,924 $497 12.7% -1.3% -1.2% -2.5%
254 EMC Corp. Technology Hardware and Equipment $49,622 $2,576 5.2% -6.8% 3.9% -3.2%
255 CenturyLink Telecommunication Services $21,530 $905 4.2% 1.5% -5.2% -3.8%
256 Expeditors International of Washington Transportation $7,859 $388 4.9% -13.3% 10.6% -4.1%
257 Citrix Systems. Software and Services $11,295 $577 5.1% -9.7% 5.6% -4.7%
258 Coach Consumer Durables and Apparel $16,042 $1,100 6.9% -0.2% -6.2% -6.4%
259 Altera Corp. Semiconductors and Semiconductor Equipment $10,561 $543 5.1% -14.2% 8.8% -6.7%
260 Dell Technology Hardware and Equipment $23,400 $1,861 8.0% -6.1% -1.2% -7.2%
261 CH Robinson Worldwide Transportation $9,041 $577 6.4% -12.2% 5.0% -7.8%
262 Juniper Networks Technology Hardware and Equipment $9,776 $1,083 11.1% -29.5% 28.7% -9.2%
263 Devon Energy Corp. Energy $21,062 $1,042 4.9% -17.4% 9.4% -9.7%
264 Edwards Lifesciences Corp. Healthcare Equipment and Services $7,591 $744 9.8% -9.0% -6.9% -15.2%
265 Teradata Corp. Software and Services $8,208 $550 6.7% -0.2% -19.0% -19.2%
266 F5 Networks Technology Hardware and Equipment $5,421 $485 8.9% -13.6% -6.6% -19.3%
267 Apple Technology Hardware and Equipment $372,202 $17,950 4.8% 14.0% -50.1% -43.1%
268 Cliffs Natural Resources Materials $2,488 $290 11.7% -52.4% -3.9% -54.3%
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.