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First-Quarter 2016 Corporate Buyback Scorecard; 1–50

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%
1	Tyson Foods	Food, Beverage and Tobacco	26,034	1,341	5.2	27.2	35.4	72.2
2	NVIDIA Corp.	Semiconductors and Semiconductor Equipment	19,311	1,401	7.3	35.8	7.0	45.3
3	Nasdaq	Diversified Financials	10,879	584	5.4	28.2	7.1	37.4
4	Darden Restaurants	Consumer Services	8,502	643	7.6	23.5	9.7	35.5
5	Global Payments	Software and Services	8,446	671	7.9	31.4	2.3	34.4
6	VeriSign	Software and Services	9,692	1,553	16.0	20.2	10.2	32.4
7	O'Reilly Automotive	Retailing	26,553	2,293	8.6	33.8	-1.1	32.2
8	Dr Pepper Snapple Group	Food, Beverage and Tobacco	16,738	950	5.7	38.1	-6.0	29.8
9	Northrop Grumman Corp.	Capital Goods	35,809	5,562	15.5	28.8	0.5	29.4
10	McDonald's Corp.	Consumer Services	113,314	13,170	11.6	15.6	11.3	28.7
11	NIKE	Consumer Durables and Apparel	104,693	6,144	5.9	27.8	0.6	28.6
12	Altria Group	Food, Beverage and Tobacco	122,817	1,389	1.1	34.7	-4.9	28.1
13	Starbucks Corp.	Consumer Services	88,243	3,489	4.0	27.2	0.1	27.4
14	Cigna Corp.	Healthcare Equipment and Services	35,101	1,807	5.1	29.2	-2.0	26.5
15	Sysco Corp.	Food and Staples Retailing	26,384	1,711	6.5	13.1	11.9	26.5
16	Electronic Arts	Software and Services	20,448	1,355	6.6	54.3	-18.0	26.5
17	Ross Stores	Retailing	23,235	1,396	6.0	26.3	0.0	26.4
18	The Home Depot	Retailing	167,181	13,907	8.3	27.8	-1.4	26.0
19	Alaska Air Group	Transportation	10,230	950	9.3	35.0	-6.9	25.7
20	Fiserv	Software and Services	22,869	2,437	10.7	28.8	-2.4	25.7
21	Hasbro	Consumer Durables and Apparel	9,996	501	5.0	21.6	3.4	25.6
22	Avery Dennison Corp.	Materials	6,441	530	8.2	16.8	5.5	23.2
23	UnitedHealth Group	Healthcare Equipment and Services	122,542	4,797	3.9	27.4	-3.4	23.1
24	Masco Corp.	Capital Goods	10,469	557	5.3	19.9	2.1	22.4
25	Expedia	Retailing	16,236	664	4.1	22.3	0.0	22.3
26	Intuitive Surgical	Healthcare Equipment and Services	22,646	1,199	5.3	14.7	5.9	21.5
27	Raytheon Co.	Capital Goods	36,666	1,892	5.2	16.7	3.5	20.8
28	AutoZone	Retailing	23,788	2,429	10.2	20.8	0.0	20.7
29	Microsoft Corp.	Software and Services	436,831	27,905	6.4	21.4	-0.9	20.3
30	Henry Schein	Healthcare Equipment and Services	14,146	625	4.4	16.9	2.3	19.6
31	Aetna	Healthcare Equipment and Services	39,278	1,049	2.7	24.3	-3.9	19.4
32	Kimberly-Clark Corp.	Household and Personal Products	48,514	2,499	5.2	15.6	2.9	19.1
33	Republic Services	Commercial and Professional Services	16,428	759	4.6	20.3	-2.1	17.8
34	Waste Management	Commercial and Professional Services	26,234	1,450	5.5	18.4	-0.6	17.7
35	Humana	Healthcare Equipment and Services	27,263	1,296	4.8	30.0	-9.7	17.4
36	KLA-Tencor Corp.	Semiconductors and Semiconductor Equipment	11,334	845	7.5	17.3	-0.1	17.2
37	Accenture	Software and Services	71,985	5,038	7.0	14.5	2.1	16.9
38	Lockheed Martin Corp.	Capital Goods	67,666	4,366	6.5	20.7	-3.5	16.5
39	Lowe's Cos.	Retailing	67,981	8,173	12.0	22.9	-5.3	16.3
40	Southwest Airlines Co.	Transportation	28,586	2,320	8.1	37.4	-15.5	16.0
41	Costco Wholesale Corp.	Food and Staples Retailing	69,183	1,089	1.6	18.3	-2.0	15.9
42	Adobe Systems	Software and Services	46,920	1,175	2.5	16.3	-0.5	15.7
43	Kellogg Co.	Food, Beverage and Tobacco	26,964	1,298	4.8	13.7	1.7	15.5
44	Visa	Software and Services	183,663	8,779	4.8	15.2	-0.2	14.9
45	DENTSPLY SIRONA	Healthcare Equipment and Services	14,900	664	4.5	13.5	1.1	14.7
46	Valero Energy Corp.	Energy	30,171	3,944	13.1	14.3	0.0	14.3
47	Tesoro Corp.	Energy	10,312	744	7.2	31.0	-12.8	14.3
48	Intercontinental Exchange	Diversified Financials	27,990	1,406	5.0	8.7	5.0	14.2
49	Assurant	Insurance	4,900	728	14.9	9.6	4.2	14.2
50	The TJX Cos.	Retailing	51,914	3,460	6.7	10.8	3.0	14.1
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.