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Second-Quarter 2016 Corporate Buyback Scorecard; 1–50

How the S&P 500 Stack Up as Stock Repurchasers

By Peter Vasiliev

October 04, 2016

Buyback Scorecard

Stock Buyback
ROI Edges into the Black, Barely

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%
1	NVIDIA Corp.	Semiconductors and Semiconductor Equipment	25,103	1,410	5.6	51.0	18.3	78.6
2	Tyson Foods	Food, Beverage and Tobacco	25,731	1,797	7.0	28.4	24.4	59.7
3	Global Payments	Software and Services	10,992	536	4.9	46.6	1.5	48.9
4	Fortune Brands Home & Security	Capital Goods	8,891	428	4.8	20.6	19.9	44.6
5	Sysco Corp.	Food and Staples Retailing	28,593	1,949	6.8	18.3	21.9	44.3
6	Applied Materials	Semiconductors and Semiconductor Equipment	26,107	3,046	11.7	6.1	33.6	41.8
7	Avery Dennison Corp.	Materials	6,666	501	7.5	25.6	10.8	39.1
8	Martin Marietta Materials	Materials	12,197	710	5.8	20.7	13.5	37.0
9	Masco Corp.	Capital Goods	10,295	743	7.2	31.2	2.5	34.4
10	Northrop Grumman Corp.	Capital Goods	40,111	5,231	13.0	34.5	-0.2	34.2
11	Darden Restaurants	Consumer Services	8,027	687	8.6	25.9	5.1	32.3
12	Nasdaq	Diversified Financials	10,639	507	4.8	34.4	-1.7	32.1
13	Electronic Arts	Software and Services	22,833	1,434	6.3	47.2	-11.3	30.5
14	VeriSign	Software and Services	9,379	1,404	15.0	31.5	-0.9	30.4
15	McDonald's Corp.	Consumer Services	105,641	15,847	15.0	15.1	12.5	29.6
16	Whirlpool Corp.	Consumer Durables and Apparel	12,659	600	4.7	11.9	15.0	28.7
17	Fiserv	Software and Services	24,174	2,518	10.4	31.8	-2.8	28.1
18	Altria Group	Food, Beverage and Tobacco	134,915	1,430	1.1	31.5	-2.8	27.9
19	Accenture	Software and Services	70,528	5,076	7.2	22.9	3.8	27.6
20	UnitedHealth Group	Healthcare Equipment and Services	134,254	4,251	3.2	32.3	-3.6	27.5
21	O'Reilly Automotive	Retailing	26,149	2,560	9.8	33.9	-5.5	26.6
22	Assurant	Insurance	5,346	872	16.3	14.3	9.9	25.6
23	CR Bard	Healthcare Equipment and Services	17,242	822	4.8	24.0	1.0	25.2
24	Dollar General Corp.	Retailing	26,675	1,754	6.6	23.8	0.5	24.3
25	The Home Depot	Retailing	158,847	12,941	8.1	32.2	-6.0	24.2
26	Raytheon Co.	Capital Goods	40,374	1,849	4.6	18.7	4.4	24.0
27	Henry Schein	Healthcare Equipment and Services	14,509	605	4.2	21.6	2.0	24.0
28	Lockheed Martin Corp.	Capital Goods	75,555	4,743	6.3	24.1	-0.3	23.8
29	Waste Management	Commercial and Professional Services	29,441	1,700	5.8	21.5	1.6	23.5
30	Adobe Systems	Software and Services	47,731	1,250	2.6	22.0	0.4	22.5
31	Dr Pepper Snapple Group	Food, Beverage and Tobacco	17,955	968	5.4	31.0	-7.9	20.7
32	Thermo Fisher Scientific	Pharmaceuticals, Biotechnology and Life Sciences	58,145	1,500	2.6	12.5	7.0	20.4
33	KLA-Tencor Corp.	Semiconductors and Semiconductor Equipment	11,406	785	6.9	19.6	0.5	20.2
34	Republic Services	Commercial and Professional Services	17,646	745	4.2	19.6	0.5	20.2
35	PerkinElmer	Pharmaceuticals, Biotechnology and Life Sciences	5,715	255	4.5	8.9	10.0	19.8
36	Stanley Black & Decker	Capital Goods	16,696	1,013	6.1	16.7	2.5	19.7
37	Honeywell International	Capital Goods	88,649	3,890	4.4	13.2	5.7	19.6
38	Church & Dwight Co.	Household and Personal Products	13,204	607	4.6	20.4	-0.7	19.6
39	L-3 Communications Holdings	Capital Goods	11,288	1,015	9.0	8.7	10.0	19.5
40	Nielsen Holdings	Media	18,751	1,389	7.4	8.9	9.3	19.1
41	Citrix Systems	Software and Services	12,422	924	7.4	17.0	1.5	18.8
42	Lowe's Cos.	Retailing	70,153	8,233	11.7	30.9	-9.4	18.6
43	Leggett & Platt	Consumer Durables and Apparel	6,865	366	5.3	25.3	-5.6	18.3
44	General Mills	Food, Beverage and Tobacco	42,393	1,769	4.2	12.7	4.7	18.0
45	Ross Stores	Retailing	22,648	1,434	6.3	28.4	-8.2	18.0
46	Visa	Software and Services	176,889	9,334	5.3	23.3	-4.3	18.0
47	Tractor Supply Co.	Retailing	12,166	559	4.6	20.2	-2.1	17.7
48	Marsh & McLennan Cos.	Insurance	35,684	2,356	6.6	16.2	0.9	17.3
49	S&P Global	Diversified Financials	28,381	1,347	4.7	17.2	0.0	17.2
50	Kimberly-Clark Corp.	Household and Personal Products	49,510	2,176	4.4	14.4	2.4	17.2
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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