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First-Quarter 2016 Corporate Buyback Scorecard; 151–200

June 27, 2016

Buyback Scorecard Have Stock Buybacks Lost Their Credibility?Best & Worst Companies Industry 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	$3,542	10.2%	3.0%	-8.6%	-5.3%
	Median		$20,394	$1,726	7.8%	3.6%	-7.4%	-5.3%
151	Moody's Corp.	Diversified Financials	18,818	2,591	13.8	8.5	-12.6	-5.2
152	Agilent Technologies	Pharmaceuticals, Biotechnology and Life Sciences	13,062	611	4.7	-2.8	-2.4	-5.2
153	Corning	Technology Hardware and Equipment	22,974	4,513	19.6	1.6	-6.8	-5.3
154	The Hershey Co.	Food, Beverage and Tobacco	19,939	1,192	6.0	-4.4	-1.1	-5.5
155	PPG Industries	Materials	29,742	1,451	4.9	3.1	-8.4	-5.5
156	General Motors Co.	Automobiles and Components	48,653	7,097	14.6	-5.9	0.0	-5.9
157	Ingersoll-Rand	Capital Goods	15,927	1,087	6.8	-2.6	-3.5	-5.9
158	Patterson Cos.	Healthcare Equipment and Services	4,495	248	5.5	4.9	-10.4	-6.0
159	EMC Corp.	Technology Hardware and Equipment	51,889	4,642	8.9	0.4	-6.5	-6.1
160	Merck & Co.	Pharmaceuticals, Biotechnology and Life Sciences	146,839	11,635	7.9	0.4	-6.6	-6.2
161	Amgen	Pharmaceuticals, Biotechnology and Life Sciences	112,761	2,681	2.4	12.9	-17.2	-6.5
162	American International Group	Insurance	61,283	18,212	29.7	5.5	-11.7	-6.9
163	Delphi Automotive	Automobiles and Components	20,718	2,388	11.5	5.0	-11.5	-7.1
164	Symantec Corp.	Software and Services	11,988	1,340	11.2	0.8	-7.9	-7.1
165	Apple	Technology Hardware and Equipment	604,304	70,783	11.7	16.6	-20.4	-7.2
166	Deere & Co.	Capital Goods	24,277	4,614	19.0	-2.7	-4.8	-7.5
167	FedEx Corp.	Transportation	43,678	4,260	9.8	1.8	-9.1	-7.5
168	CenturyLink	Telecommunication Services	17,382	1,153	6.6	2.1	-9.5	-7.5
169	Varian Medical Systems	Healthcare Equipment and Services	7,642	984	12.9	-2.9	-4.9	-7.6
170	The Boeing Co.	Capital Goods	84,098	13,753	16.4	0.1	-7.8	-7.7
171	Oracle Corp.	Software and Services	169,771	18,619	11.0	0.0	-7.8	-7.8
172	Loews Corp.	Insurance	12,970	1,902	14.7	-8.8	0.8	-8.1
173	Huntington Bancshares	Banks	7,610	452	5.9	0.7	-8.9	-8.2
174	The Bank of New York Mellon Corp.	Diversified Financials	39,629	4,226	10.7	6.7	-14.1	-8.4
175	United Continental Holdings	Transportation	21,519	2,937	13.6	8.7	-15.8	-8.5
176	Exxon Mobil Corp.	Energy	347,129	14,088	4.1	-5.4	-3.3	-8.5
177	Northern Trust Corp.	Diversified Financials	14,906	955	6.4	2.5	-10.9	-8.7
178	Michael Kors Holdings	Consumer Durables and Apparel	10,219	1,448	14.2	-26.1	23.3	-8.8
179	Rockwell Automation	Capital Goods	14,949	1,124	7.5	-5.4	-3.7	-8.9
180	CBS Corp.	Media	25,464	4,126	16.2	-11.2	2.5	-9.0
181	American Airlines Group	Transportation	24,730	6,405	25.9	9.6	-16.9	-9.0
182	Marriott International	Consumer Services	18,043	3,355	18.6	13.9	-20.2	-9.0
183	Starwood Hotels & Resorts Worldwide	Consumer Services	14,183	2,007	14.2	-3.4	-6.0	-9.2
184	V.F. Corp.	Consumer Durables and Apparel	27,422	1,653	6.0	3.4	-12.2	-9.3
185	T. Rowe Price Group	Diversified Financials	18,189	1,579	8.7	-3.9	-5.7	-9.4
186	Express Scripts Holding Co.	Healthcare Equipment and Services	43,467	12,484	28.7	-2.0	-7.9	-9.8
187	LyondellBasell Industries N.V.	Materials	36,838	10,229	27.8	0.8	-10.5	-9.8
188	W.W. Grainger	Capital Goods	14,373	1,947	13.5	-6.6	-3.9	-10.3
189	SunTrust Banks	Banks	18,220	1,238	6.8	-0.9	-9.7	-10.6
190	Wyndham Worldwide Corp.	Consumer Services	8,599	1,320	15.4	0.5	-11.1	-10.7
191	Eaton Corp.	Capital Goods	28,655	1,432	5.0	-10.6	-0.1	-10.7
192	Gilead Sciences	Pharmaceuticals, Biotechnology and Life Sciences	124,437	22,001	17.7	7.9	-17.8	-11.3
193	Jacobs Engineering Group	Capital Goods	5,336	573	10.7	-20.4	10.8	-11.8
194	Ford Motor Co.	Automobiles and Components	53,758	2,238	4.2	-5.7	-6.9	-12.2
195	Ametek	Capital Goods	11,711	797	6.8	-3.4	-9.2	-12.3
196	Praxair	Materials	32,649	1,333	4.1	-8.2	-4.5	-12.4
197	Parker-Hannifin Corp.	Capital Goods	15,007	1,899	12.7	-6.6	-6.9	-13.0
198	Tyco International	Commercial and Professional Services	15,588	2,000	12.8	-7.8	-6.0	-13.3
199	Emerson Electric Co.	Capital Goods	34,973	3,508	10.0	-11.6	-2.2	-13.5
200	Textron	Capital Goods	9,887	624	6.3	-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.