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First-Quarter 2016 Corporate Buyback Scorecard; 151–200

Buyback Scorecard Have Stock Buybacks Lost Their Credibility?Best & Worst CompaniesIndustry Comparisons

The table below ranks the 305 companies in the S&P 500 that bought back at least 4 percent or more than $1 billion of their shares from March 31, 2014 to March 31, 2016. 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—300 | 301—305
 Company Industry Market
Capitalization
$ Total
Buyback
$ Total
Buyback
/ Market Cap
Buyback
Strategy
Buyback
Effectiveness
Buyback ROI
 Average $45,750$3,54210.2%3.0%-8.6%-5.3%
 Median $20,394$1,7267.8%3.6%-7.4%-5.3%
151Moody's Corp.Diversified Financials18,8182,59113.88.5-12.6-5.2
152Agilent TechnologiesPharmaceuticals, Biotechnology and Life Sciences13,0626114.7-2.8-2.4-5.2
153CorningTechnology Hardware and Equipment22,9744,51319.61.6-6.8-5.3
154The Hershey Co.Food, Beverage and Tobacco19,9391,1926.0-4.4-1.1-5.5
155PPG IndustriesMaterials29,7421,4514.93.1-8.4-5.5
156General Motors Co.Automobiles and Components48,6537,09714.6-5.90.0-5.9
157Ingersoll-RandCapital Goods15,9271,0876.8-2.6-3.5-5.9
158Patterson Cos.Healthcare Equipment and Services4,4952485.54.9-10.4-6.0
159EMC Corp.Technology Hardware and Equipment51,8894,6428.90.4-6.5-6.1
160Merck & Co.Pharmaceuticals, Biotechnology and Life Sciences146,83911,6357.90.4-6.6-6.2
161AmgenPharmaceuticals, Biotechnology and Life Sciences112,7612,6812.412.9-17.2-6.5
162American International GroupInsurance61,28318,21229.75.5-11.7-6.9
163Delphi AutomotiveAutomobiles and Components20,7182,38811.55.0-11.5-7.1
164Symantec Corp.Software and Services11,9881,34011.20.8-7.9-7.1
165AppleTechnology Hardware and Equipment604,30470,78311.716.6-20.4-7.2
166Deere & Co.Capital Goods24,2774,61419.0-2.7-4.8-7.5
167FedEx Corp.Transportation43,6784,2609.81.8-9.1-7.5
168CenturyLinkTelecommunication Services17,3821,1536.62.1-9.5-7.5
169Varian Medical SystemsHealthcare Equipment and Services7,64298412.9-2.9-4.9-7.6
170The Boeing Co.Capital Goods84,09813,75316.40.1-7.8-7.7
171Oracle Corp.Software and Services169,77118,61911.00.0-7.8-7.8
172Loews Corp.Insurance12,9701,90214.7-8.80.8-8.1
173Huntington BancsharesBanks7,6104525.90.7-8.9-8.2
174The Bank of New York Mellon Corp.Diversified Financials39,6294,22610.76.7-14.1-8.4
175United Continental HoldingsTransportation21,5192,93713.68.7-15.8-8.5
176Exxon Mobil Corp.Energy347,12914,0884.1-5.4-3.3-8.5
177Northern Trust Corp.Diversified Financials14,9069556.42.5-10.9-8.7
178Michael Kors HoldingsConsumer Durables and Apparel10,2191,44814.2-26.123.3-8.8
179Rockwell AutomationCapital Goods14,9491,1247.5-5.4-3.7-8.9
180CBS Corp.Media25,4644,12616.2-11.22.5-9.0
181American Airlines GroupTransportation24,7306,40525.99.6-16.9-9.0
182Marriott InternationalConsumer Services18,0433,35518.613.9-20.2-9.0
183Starwood Hotels & Resorts WorldwideConsumer Services14,1832,00714.2-3.4-6.0-9.2
184V.F. Corp.Consumer Durables and Apparel27,4221,6536.03.4-12.2-9.3
185T. Rowe Price GroupDiversified Financials18,1891,5798.7-3.9-5.7-9.4
186Express Scripts Holding Co.Healthcare Equipment and Services43,46712,48428.7-2.0-7.9-9.8
187LyondellBasell Industries N.V.Materials36,83810,22927.80.8-10.5-9.8
188W.W. GraingerCapital Goods14,3731,94713.5-6.6-3.9-10.3
189SunTrust BanksBanks18,2201,2386.8-0.9-9.7-10.6
190Wyndham Worldwide Corp.Consumer Services8,5991,32015.40.5-11.1-10.7
191Eaton Corp.Capital Goods28,6551,4325.0-10.6-0.1-10.7
192Gilead SciencesPharmaceuticals, Biotechnology and Life Sciences124,43722,00117.77.9-17.8-11.3
193Jacobs Engineering GroupCapital Goods5,33657310.7-20.410.8-11.8
194Ford Motor Co.Automobiles and Components53,7582,2384.2-5.7-6.9-12.2
195AmetekCapital Goods11,7117976.8-3.4-9.2-12.3
196PraxairMaterials32,6491,3334.1-8.2-4.5-12.4
197Parker-Hannifin Corp.Capital Goods15,0071,89912.7-6.6-6.9-13.0
198Tyco InternationalCommercial and Professional Services15,5882,00012.8-7.8-6.0-13.3
199Emerson Electric Co.Capital Goods34,9733,50810.0-11.6-2.2-13.5
200TextronCapital Goods9,8876246.3-2.9-10.9-13.6
Source: Fortuna Advisors Analysis using data from the Capital IQ database.

Financial Data from March 2014 to March 2016. Includes the 486 members of the
current S&P 500 that were public for the full period.

Market Capitalization as of: 3/31/2016.

Companies Included here if $ Total Buyback / Market Capitalization is greater than
4% or if $ Total Buyback is greater than $1 billion.