Second-Quarter 2016 Corporate Buyback Scorecard; 51

Buyback Scorecard
Stock Buyback
ROI Edges into the Black, Barely
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 June 30, 2014 to June 30, 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		$45,780	$3,582	10.6%	5.1%	-3.3%	1.7%
	Median		$20,113	$1,700	7.7%	5.4%	-2.2%	1.8%
51	The Interpublic Group of Cos.	Media	9,296	576	6.2	16.4	0.3	16.7
52	Texas Instruments	Semiconductors and Semiconductor Equipment	62,915	5,266	8.4	15.9	0.7	16.6
53	Verisk Analytics	Commercial and Professional Services	13,635	793	5.8	14.6	1.8	16.6
54	CA	Software and Services	13,800	922	6.7	6.5	9.5	16.6
55	Kellogg Co.	Food, Beverage and Tobacco	28,581	1,478	5.2	10.2	5.8	16.6
56	DENTSPLY SIRONA	Healthcare Equipment and Services	14,532	821	5.7	15.7	0.7	16.5
57	AutoZone	Retailing	23,206	2,542	11.0	20.7	-3.6	16.3
58	Aflac	Insurance	29,873	3,017	10.1	7.3	8.1	16.0
59	The TJX Cos.	Retailing	51,055	3,435	6.7	17.1	-1.1	15.8
60	Philip Morris International	Food, Beverage and Tobacco	157,795	1,600	1.0	12.8	2.6	15.7
61	Symantec Corp.	Software and Services	12,642	1,215	9.6	5.3	9.8	15.6
62	Quest Diagnostics	Healthcare Equipment and Services	11,516	639	5.5	16.5	-0.9	15.5
63	The Estée Lauder Cos.	Household and Personal Products	33,608	1,873	5.6	14.1	1.3	15.5
64	Aon	Insurance	28,937	3,430	11.9	11.9	3.2	15.5
65	Humana	Healthcare Equipment and Services	26,809	1,195	4.5	23.3	-6.7	15.1
66	Cigna Corp.	Healthcare Equipment and Services	32,831	1,393	4.2	24.1	-7.4	14.9
67	Intercontinental Exchange	Diversified Financials	30,471	1,406	4.6	15.3	-0.4	14.8
68	Omnicom Group	Media	19,374	1,596	8.2	12.2	2.3	14.8
69	Microsoft Corp.	Software and Services	402,220	30,412	7.6	16.4	-1.5	14.7
70	The Sherwin-Williams Co.	Materials	27,163	1,858	6.8	22.0	-6.1	14.6
71	Medtronic	Healthcare Equipment and Services	121,021	5,448	4.5	17.6	-2.8	14.4
72	Mondelez International	Food, Beverage and Tobacco	70,634	5,914	8.4	10.9	2.7	13.9
73	General Electric Co.	Capital Goods	289,479	16,026	5.5	10.8	2.7	13.8
74	Wal-Mart Stores	Food and Staples Retailing	227,578	9,046	4.0	-2.5	16.6	13.7
75	Red Hat	Software and Services	13,147	784	6.0	21.4	-6.4	13.6
76	Southwest Airlines Co.	Transportation	25,043	2,780	11.1	31.2	-13.5	13.5
77	Weyerhaeuser Co.	Real Estate	22,240	2,227	10.0	4.6	8.2	13.2
78	Illinois Tool Works	Capital Goods	37,432	4,443	11.9	12.8	0.3	13.1
79	Waters Corp.	Pharmaceuticals, Biotechnology and Life Sciences	11,384	659	5.8	13.4	-0.3	13.1
80	3M Co.	Capital Goods	106,213	9,811	9.2	12.4	0.4	12.9
81	Cintas Corp.	Commercial and Professional Services	10,500	1,332	12.7	25.6	-10.2	12.8
82	Johnson & Johnson	Pharmaceuticals, Biotechnology and Life Sciences	333,653	15,284	4.6	9.1	3.4	12.8
83	Agilent Technologies	Pharmaceuticals, Biotechnology and Life Sciences	14,440	655	4.5	4.7	7.7	12.8
84	Motorola Solutions	Technology Hardware and Equipment	11,518	5,874	51.0	6.3	6.0	12.6
85	Intuit	Software and Services	28,558	3,066	10.7	17.7	-4.4	12.5
86	Starbucks Corp.	Consumer Services	83,675	3,190	3.8	26.8	-11.3	12.4
87	Chubb	Insurance	60,712	1,630	2.7	12.4	-0.1	12.3
88	Ingersoll-Rand	Capital Goods	16,395	862	5.3	6.1	5.9	12.3
89	Mead Johnson Nutrition Co.	Food, Beverage and Tobacco	16,940	1,489	8.8	0.2	11.6	11.9
90	The Travelers Cos.	Insurance	34,414	6,135	17.8	13.9	-2.0	11.6
91	NIKE	Consumer Durables and Apparel	92,997	5,772	6.2	25.1	-10.8	11.6
92	Alaska Air Group	Transportation	7,174	963	13.4	21.8	-8.4	11.6
93	Verizon Communications	Telecommunication Services	227,604	5,134	2.3	8.4	2.5	11.1
94	The Coca-Cola Co.	Food, Beverage and Tobacco	196,107	7,929	4.0	8.9	2.0	11.0
95	The Hartford Financial Services Group	Insurance	17,458	3,095	17.7	14.7	-3.2	11.0
96	Pfizer	Pharmaceuticals, Biotechnology and Life Sciences	213,543	13,640	6.4	9.5	1.0	10.6
97	Duke Energy Corp.	Utilities	59,101	1,500	2.5	10.0	0.5	10.5
98	Costco Wholesale Corp.	Food and Staples Retailing	68,794	1,055	1.5	18.1	-6.8	10.1
99	Pepsico	Food, Beverage and Tobacco	153,022	9,142	6.0	12.5	-2.2	10.0
100	CH Robinson Worldwide	Transportation	10,600	436	4.1	14.2	-3.7	9.9
Source: Fortuna Advisors Analysis using data from the Capital IQ database. Financial Data from June 2014 to June 2016. Includes the 487 members of the current S&P 500 that were public for the full period. Market Capitalization as of: 6/30/2016. Companies included here if $ Total Buyback / Market Capitalization is greater than 4% or if $ Total Buyback is greater than $1 billion.

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Second-Quarter 2016 Corporate Buyback Scorecard; 51–100

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 June 30, 2014 to June 30, 2016.