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%
251 Monster Beverage Corp. Food, Beverage and Tobacco 11,363 795 7.0 13.7 -8.1 4.5
252 Philip Morris International Food, Beverage and Tobacco 139,597 12,488 8.9 14.6 -9.9 3.3
253 Intel Corp. Semiconductors and Semiconductor Equipment 129,022 7,550 5.9 4.3 -1.2 3.1
254 Quest Diagnostics Healthcare Equipment and Services 7,786 1,237 15.9 5.9 -4.3 1.4
255 CH Robinson Worldwide Transportation 8,847 1,063 12.0 -5.6 6.2 0.3
256 Altera Corp. Semiconductors and Semiconductor Equipment 10,440 490 4.7 -2.4 1.7 -0.8
257 Allergan Pharmaceuticals, Biotechnology and Life Sciences 33,009 1,560 4.7 6.9 -7.4 -0.9
258 Eli Lilly and Co. Pharmaceuticals, Biotechnology and Life Sciences 55,776 2,419 4.3 19.1 -16.9 -1.0
259 EMC Corp. Technology Hardware and Equipment 51,755 3,700 7.1 2.8 -6.8 -4.2
260 International Business Machines Corp. Software and Services 203,674 25,854 12.7 0.6 -7.5 -6.9
261 Coach Consumer Durables and Apparel 15,742 1,091 6.9 -4.0 -4.0 -7.8
262 Red Hat Software and Services 10,620 436 4.1 -0.6 -7.8 -8.3
263 Cameron International Corp. Energy 14,160 1,553 11.0 8.1 -16.8 -10.0
264 F5 Networks Technology Hardware and Equipment 7,052 550 7.8 -8.4 -3.9 -12.0
265 Citrix Systems Software and Services 11,790 657 5.6 -5.2 -9.8 -14.5
266 CenturyLink Telecommunication Services 18,826 1,623 8.6 1.6 -16.2 -14.9
267 Edwards Lifesciences Corp. Healthcare Equipment and Services 7,195 850 11.8 -1.3 -15.5 16.6
268 Intuitive Surgical Healthcare Equipment and Services 14,620 1348 9.2 -5.4 -23.4 -27.5
269 Teradata Corp. Software and Services 7,433 659 8.9 -8.3 -24.3 -30.5
Source: Fortuna Advisors Analysis using data from the Capital IQ database. Financial Data from December 2011 to December 2013. 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.