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First-Quarter 2016 Corporate Buyback Scorecard; 51–100

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%
51	CR Bard	Healthcare Equipment and Services	14,840	1,070	7.2	17.4	-2.9	14.0
52	The Estée Lauder Cos.	Household and Personal Products	34,760	1,753	5.0	14.6	-0.9	13.6
53	Cintas Corp.	Commercial and Professional Services	9,711	1,261	13.0	22.7	-7.8	13.1
54	Verisk Analytics	Commercial and Professional Services	13,429	827	6.2	7.4	5.3	13.1
55	Tractor Supply Co.	Retailing	12,060	613	5.1	11.0	1.4	12.5
56	Church & Dwight Co.	Household and Personal Products	11,823	782	6.6	16.7	-3.7	12.4
57	Foot Locker	Retailing	8,778	654	7.5	27.1	-11.6	12.3
58	Newell Brands	Consumer Durables and Apparel	11,873	501	4.2	14.6	-2.1	12.3
59	Red Hat	Software and Services	13,607	798	5.9	10.6	1.4	12.2
60	Nielsen Holdings	Commercial and Professional Services	19,057	1,200	6.3	6.4	5.2	12.0
61	Medtronic	Healthcare Equipment and Services	105,078	4,750	4.5	15.9	-4.3	10.9
62	Eli Lilly and Co.	Pharmaceuticals, Biotechnology and Life Sciences	75,990	1,795	2.4	19.8	-7.5	10.8
63	The Travelers Cos.	Insurance	34,427	6,461	18.8	16.6	-5.0	10.7
64	General Mills	Food, Beverage and Tobacco	37,655	2,106	5.6	11.8	-1.0	10.7
65	The Goodyear Tire & Rubber Co.	Automobiles and Components	8,813	434	4.9	9.8	0.6	10.4
66	The Interpublic Group of Cos.	Media	9,229	569	6.2	14.9	-4.3	10.0
67	Philip Morris International	Food, Beverage and Tobacco	152,193	2,640	1.7	11.7	-1.6	9.9
68	The Sherwin-Williams Co.	Materials	26,247	2,268	8.6	17.7	-6.7	9.8
69	Xilinx	Semiconductors and Semiconductor Equipment	12,120	1,106	9.1	-0.2	9.6	9.3
70	Dollar General Corp.	Retailing	24,522	1,531	6.2	14.7	-4.9	9.1
71	Walgreens Boots Alliance	Food and Staples Retailing	90,874	2,641	2.9	14.8	-5.0	9.1
72	Delta Air Lines	Transportation	37,777	3,950	10.5	21.6	-10.4	9.0
73	Verizon Communications	Telecommunication Services	220,646	5,134	2.3	7.7	1.0	8.8
74	Motorola Solutions	Technology Hardware and Equipment	13,224	5,730	43.3	3.9	4.5	8.6
75	Leggett & Platt	Consumer Durables and Apparel	6,528	377	5.8	22.0	-11.2	8.4
76	Chubb	Insurance	55,263	1,852	3.4	11.6	-3.1	8.1
77	Citrix Systems	Software and Services	12,100	2,425	20.0	9.5	-1.3	8.1
78	The Coca-Cola Co.	Food, Beverage and Tobacco	200,811	7,590	3.8	9.5	-1.3	8.1
79	Honeywell International	Capital Goods	85,308	3,644	4.3	8.6	-0.7	7.8
80	Mondelez International	Food, Beverage and Tobacco	62,472	6,041	9.7	10.9	-3.0	7.6
81	Pepsico	Food, Beverage and Tobacco	149,753	9,382	6.3	13.5	-5.4	7.3
82	Waters Corp.	Pharmaceuticals, Biotechnology and Life Sciences	10,719	675	6.3	7.3	-0.2	7.0
83	Anthem	Healthcare Equipment and Services	36,325	3,252	9.0	23.6	-13.6	6.8
84	Texas Instruments	Semiconductors and Semiconductor Equipment	57,722	5,482	9.5	12.6	-5.3	6.6
85	Omnicom Group	Media	19,941	1,976	9.9	4.0	2.5	6.5
86	Cardinal Health	Healthcare Equipment and Services	26,989	1,620	6.0	10.1	-3.2	6.5
87	CVS Health Corp.	Food and Staples Retailing	114,207	9,067	7.9	19.0	-10.6	6.4
88	Juniper Networks	Technology Hardware and Equipment	9,760	2,594	26.6	-0.9	7.3	6.4
89	The Hartford Financial Services Group	Insurance	18,279	2,745	15.0	11.9	-5.1	6.2
90	Intuit	Software and Services	26,712	3,144	11.8	13.7	-6.9	5.9
91	Ball Corp.	Materials	10,079	428	4.2	14.3	-7.6	5.6
92	CH Robinson Worldwide	Transportation	10,633	458	4.3	14.9	-8.3	5.4
93	Duke Energy Corp.	Utilities	55,572	1,500	2.7	8.8	-3.6	4.9
94	Applied Materials	Semiconductors and Semiconductor Equipment	23,949	2,850	11.9	1.6	3.2	4.9
95	Phillips 66	Energy	45,566	3,545	7.8	6.1	-1.2	4.8
96	3M Co.	Capital Goods	100,946	10,409	10.3	10.3	-5.3	4.5
97	Thermo Fisher Scientific	Pharmaceuticals, Biotechnology and Life Sciences	56,107	1,500	2.7	6.7	-2.1	4.4
98	Marsh & McLennan Cos.	Insurance	31,685	2,401	7.6	10.5	-5.7	4.3
99	Rockwell Collins	Capital Goods	12,092	668	5.5	6.6	-2.4	4.0
100	Johnson & Johnson	Pharmaceuticals, Biotechnology and Life Sciences	298,452	14,029	4.7	8.7	-4.4	3.9
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.