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%
101	Medtronic	Healthcare Equipment and Services	57,295	3,400	5.9	30.8	2.5	34.1
102	Pall Corp.	Capital Goods	9,456	664	7.0	26.9	5.3	33.6
103	Tenet Healthcare Corp.	Healthcare Equipment and Services	4,179	526	12.6	53.1	-12.8	33.5
104	Aetna	Healthcare Equipment and Services	25,207	2,863	11.4	30.4	2.4	33.5
105	The Goldman Sachs Group	Diversified Financials	80,340	10,815	13.5	32.0	1.1	33.4
106	Coca-Cola Enterprises	Food, Beverage and Tobacco	11,458	1,792	15.6	30.5	2.1	33.3
107	Starwood Hotels & Resorts Worldwide	Consumer Services	15,216	636	4.2	26.7	4.8	32.8
108	Fluor Corp.	Capital Goods	13,116	589	4.5	21.5	9.2	32.7
109	WellPoint	Healthcare Equipment and Services	27,294	3m667	13.4	17.4	13.0	32.7
110	Harley-Davidson	Automobiles and Components	15367	791	5.1	33.3	-0.7	32.4
111	CR Bard	Healthcare Equipment and Services	10,433	1,211	11.6	24.9	5.9	32.2
112	Cintas Corp.	Commercial and Professional Services	7,287	510	7.0	36.7	-3.3	32.1
113	Illinois Tool Works	Capital Goods	37,318	3,569	9.6	34.2	-1.6	32.1
114	Emerson Electric Co.	Capital Goods	49,485	2,053	4.1	21.0	9.1	32.1
115	VeriSign	Software and Services	8,193	1,361	16.6	30.2	1.3	31.9
116	Fifth Third Bancorp	Banks	18,566	1,970	10.6	32.3	-0.3	31.8
117	Lam Research Corp.	Semiconductors and Semiconductor Equipment	8,842	1,769	20.0	13.5	16.0	31.8
118	The Bank of New York Mellon Corp.	Diversified Financials	40,129	2,174	5.4	31.6	0.0	31.7
119	Murphy Oil Corp.	Energy	12,131	750	6.2	21.8	8.0	31.5
120	The Sherwin-Williams Co.	Materials	18,595	1,327	7.1	49.9	-12.3	31.4
121	FMC Corp.	Materials	10,057	516	5.1	36.1	-3.5	31.4
122	United Technologies Corp.	Capital Goods	104,421	1,200	1.1	23.2	6.5	31.3
123	Invesco	Diversified Financials	16,135	736	4.6	36.8	-4.3	31.0
124	Johnson & Johnson	Pharmaceuticals, Biotechnology and Life Sciences	258,416	28,640	11.1	24.1	5.5	30.9
125	CVS Caremark Corp.	Food and Staples Retailing	86,170	8,306	9.6	33.3	-2.1	30.5
126	O'Reilly Automotive	Retailing	13,814	2,378	17.2	29.5	0.7	30.4
127	Zimmer	Healthcare Equipment and Services	15,934	1,205	7.6	33.1	-2.0	30.4
128	Bank of America Corp.	Banks	166,072	3,220	1.9	58.9	-18.1	30.1
129	Amphenol Corp.	Technology Hardware and Equipment	14,115	705	5.0	37.0	-5.1	30.0
130	Automatic Data Processing	Software and Services	38,899	1,508	3.9	25.7	3.3	29.8
131	The Home Depot	Retailing	115,953	12,530	10.8	47.0	-11.8	29.7
132	FLIR Systems	Technology Hardware and Equipment	4,264	376	8.8	8.0	20.0	29.6
133	Wyndham Worldwide Corp.	Consumer Services	9,602	1,224	12.7	44.8	-10.5	29.6
134	NVIDIA Corp.	Semiconductors and Semiconductor Equipment	9,108	987	10.8	4.7	23.6	29.4
135	Omnicom Group	Media	19,140	1,712	8.9	30.3	-0.8	29.3
136	Franklin Resources	Diversified Financials	36,418	1,135	3.1	31.4	-1.7	29.1
137	Lorillard	Food, Beverage and Tobacco	18,669	1,205	6.5	21.7	5.8	28.8
138	Fossil Group	Consumer Durables and Apparel	6,621	854	12.9	17.8	9.2	28.6
139	ONEOK	Energy	12,827	601	4.7	24.8	2.9	28.4
140	Expedia	Retailing	9,080	719	7.9	50.8	-14.9	28.3
141	General Dynamics Corp.	Capital Goods	33,653	1,332	4.0	22.0	5.1	28.3
142	Tyco International	Commercial and Professional Services	19,096	850	4.5	31.3	-2.4	28.2
143	General Electric Co.	Capital Goods	283,590	15,558	5.5	31.2	-2.5	27.9
144	Becton Dickinson and Co.	Healthcare Equipment and Services	21,433	1,741	8.1	22.8	4.1	27.9
145	Hewlett-Packard Co.	Technology Hardware and Equipment	53,408	2,936	5.5	0.6	27.1	27.9
146	United Parcel Service	Transportation	97,305	5,459	5.6	22.2	4.6	27.8
147	Tesoro Corp.	Energy	7,771	471	6.1	47.7	-13.5	27.8
148	E. I. du Pont de Nemours and Co.	Materials	60,169	1,400	2.3	1935	6.8	27.6
149	The Travelers Cos.	Insurance	32,963	3,988	12.1	28.9	-1.8	26.5
150	Intuit	Software and Services	21,744	2,028	9.3	18.6	6.5	26.2
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.