Buyback Scorecard A Tale of Two Stock Buybacks Best and Worst Programs Industry Comparisons

The table below ranks the 269 companies in the S&P 500 that bought back at least 4 percent of their shares from December 31, 2011, through December 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 1—50 | 51—100 | 101—150 | 151—200 | 201—250 | 251—269
	Company	Industry	Market Capitalization	$ Total Buyback	$ Total Buyback / Market Cap	Buyback Strategy	Buyback Effectiveness	Buyback ROI
	Average		$45,904	$3,097	8.1%	26.7%	2.3%	29.5%
	Median		$19,140	$1,452	7.0%	25.6%	1.3%	29.3%
51	The Hartford Financial Services Group	Insurance	16,198	648	4.0	43.4	1.4	45.4
52	Bristol-Myers Squibb Co.	Pharmaceuticals, Biotechnology and Life Sciences	87,514	2,363	2.7	29.8	11.9	45.3
53	Walgreen Co.	Food and Staples Retailing	54,578	1,403	2.6	35.9	6.9	45.3
54	Dover Corp.	Capital Goods	16,447	1,210	7.4	31.9	9.8	44.8
55	The Interpublic Group of Cos.	Media	7,367	841	11.4	40.3	3.0	44.6
56	Lowe's Cos.	Retailing	51,821	8,103	15.6	48.5	-3.0	44.0
57	State Street Corp.	Diversified Financials	32,218	4,233	13.1	37.7	4.5	43.9
58	Apple	Technology Hardware and Equipment	500,739	27,889	5.6	18.1	21.8	43.8
59	Hess Corp.	Energy	27,576	1,493	5.4	18.9	20.3	43.0
60	Legg Mason	Diversified Financials	5,245	708	13.5	25.1	14.3	43.0
61	BlackRock	Diversified Financials	53,614	2,888	5.4	39.9	1.8	42.5
62	Nike	Consumer Durables and Apparel	69,955	2,678	3.8	29.5	9.7	42.1
63	Rockwell Automation	Capital Goods	16,401	762	4.6	29.2	9.7	41.7
64	Prudential Financial	Insurance	42,698	1,388	3.3	34.8	4.8	41.2
65	Fidelity National Information Services	Software and Services	15,628	862	5.5	42.8	-1.1	41.2
66	Dun & Bradstreet Corp.	Commercial and Professional Services	4,684	928	19.8	31.4	7.4	41.0
67	Time Warner Cable	Media	38,196	4,359	11.4	43.5	-1.8	41.0
68	Xerox Corp.	Software and Services	14,895	1,748	11.7	20.3	17.2	41.0
69	Newell Rubbermaid	Consumer Durables and Apparel	9,308	568	6.1	45.9	-3.8	40.4
70	Visa	Software and Services	141,747	7,232	5.1	47.7	-5.0	40.2
71	American International Group	Insurance	75,163	13,597	18.1	47.1	-4.9	40.0
72	Computer Sciences Corp.	Software and Services	8,226	437	5.3	42.0	-1.5	39.9
73	Applied Materials	Semiconductors and Semiconductor Equipment	21,290	1,461	6.9	28.2	8.4	39.0
74	Electronic Arts	Software and Services	7,091	590	8.3	3.2	34.5	38.9
75	Agilent Technologies	Pharmaceuticals, Biotechnology and Life Sciences	18,976	1,138	6.0	23.9	12.0	38.8
76	Zions BanCorp.	Banks	5,531	923	16.7	33.8	3.4	38.4
77	The Nasdaq OMX Group	Diversified Financials	6,670	290	4.3	22.9	12.6	38.4
78	Unum Group	Insurance	9,162	814	8.9	24.5	11.2	38.4
79	BorgWarner	Automobiles and Components	12,747	521	4.1	25.2	10.4	38.2
80	Honeywell International	Capital Goods	71,696	1,390	1.9	32.8	3.9	38.0
81	Avery Dennison Corp.	Materials	4,849	519	10.7	37.1	0.6	37.9
82	Comcast Corp.	Media	134,931	5,000	3.7	47.9	-6.8	37.8
83	Joy Global	Capital Goods	5,968	336	5.6	-16.8	65.6	37.8
84	Discover Financial Services	Diversified Financials	26,679	2,213	8.3	50.4	-8.5	37.6
85	Fiserv	Software and Services	15,231	1,212	8.0	37.5	0.0	37.5
86	Amgen	Pharmaceuticals, Biotechnology and Life Sciences	86,031	5,439	6.3	42.9	-3.8	37.4
87	The TJX Cos.	Retailing	45,325	2,816	6.2	43.2	-4.1	37.3
88	Discovery Communications	Media	31,311	2,231	7.1	43.3	-4.4	37.2
89	Valero Energy Corp.	Energy	27,194	1,209	4.4	47.0	-7.0	36.6
90	Torchmark Corp.	Insurance	7,066	1,052	14.9	36.9	-0.3	36.5
91	Safeway	Food and Staples Retailing	8,103	1,938	23.9	36.1	-0.2	35.9
92	Comerica	Banks	8,696	599	6.9	34.6	0.7	35.5
93	Texas Instruments	Semiconductors and Semiconductor Equipment	48,062	4,668	9.7	21.6	11.3	35.4
94	3M Co.	Capital Goods	99,300	7,416	7.9	30.2	4.0	35.3
95	The Walt Disney Co.	Media	134,256	8,020	6.0	43.0	-5.4	35.3
96	Scripps Networks Interactive	Media	12,622	853	6.8	39.7	-3.2	35.2
97	L-3 Communications	Capital Goods	9,470	1,483	15.7	28.3	5.2	35.0
98	The Allstate Corp.	Insurance	24,807	2,747	11.1	46.5	-7.9	35.0
99	American Express Co.	Diversified Financials	97,196	7,895	8.1	33.0	1.4	34.9
100	Marathon Petroleum Corp.	Energy	27,613	4,143	15.0	53.3	-12.1	34.7
Source: Fortuna Advisors Analysis using data from the Capital IQ database. Financial Data from December 2011 to December2013. Includes the 486 members of the current S&P 500 that were public for the full period. Market Capitalization as of: 12/31/2013. Companies Included here if $ Total Buyback / Market Capitalization is greater than 4% or if $ Total Buyback is greater than $1 Billion.