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Fourth-Quarter 2015 Corporate Buyback Scorecard; 51–100

April 18, 2016

Buyback Scorecard The Risk in No-Risk Stock Buybacks Best & Worst Companies Industry Comparisons

The table below ranks the 299 companies in the S&P 500 that bought back at least 4 percent or more than $1 billion of their shares from December 31, 2013 to December 31, 2015. 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—299
	Company	Industry	Market Capitalization	$ Total Buyback	$ Total Buyback / Market Cap	Buyback Strategy	Buyback Effectiveness	Buyback ROI
	Average		$48,969	$3,699	9.2%	20.8%	-3.9%	16.3%
	Median		$24,408	$1,949	7.7%	20.1%	-3.6%	16.5%
51	Tractor Supply Co.	Retailing	11,486	599	5.2	12.3	6.5	19.6
52	Anthem	Healthcare Equipment and Services	36,404	4,515	12.4	26.6	-5.7	19.3
53	Verisk Analytics	Commercial and Professional Services	13,026	799	6.1	7.5	10.8	19.2
54	The Interpublic Group of Cos.	Media	9,460	560	5.9	18.0	1.0	19.1
55	Citrix Systems	Software and Services	11,637	2,397	20.6	13.5	4.2	18.4
56	Republic Services	Commercial and Professional Services	15,275	805	5.3	16.8	1.2	18.2
57	Delphi Automotive	Automobiles and Components	24,012	2,183	9.1	21.9	-3.0	18.2
58	Henry Schein	Healthcare Equipment and Services	13,118	600	4.6	16.6	1.4	18.2
59	CR Bard	Healthcare Equipment and Services	13,997	1,158	8.3	19.9	-1.4	18.2
60	Celgene Corp.	Pharmaceuticals, Biotechnology and Life Sciences	94,090	6,242	6.6	20.9	-2.3	18.1
61	The Priceline Group	Retailing	63,472	3,839	6.0	9.0	8.4	18.1
62	Leggett & Platt	Consumer Durables and Apparel	5,719	321	5.6	26.1	-6.5	17.9
63	MasterCard	Software and Services	110,155	6,904	6.3	15.6	1.7	17.5
64	General Dynamics Corp.	Capital Goods	43,423	6,615	15.2	29.2	-9.1	17.5
65	The Travelers Cos.	Insurance	34,334	6,556	19.1	15.4	1.5	17.1
66	Waste Management	Commercial and Professional Services	23,829	1,200	5.0	13.8	2.9	17.1
67	Apple	Technology Hardware and Equipment	586,859	82,087	14.0	25.4	-6.6	17.1
68	Intuitive Surgical	Healthcare Equipment and Services	20,407	1,184	5.8	15.5	1.3	17.0
69	Brown-Forman Corp.	Food, Beverage and Tobacco	20,905	1,224	5.9	20.8	-3.9	16.2
70	Texas Instruments	Semiconductors and Semiconductor Equipment	55,600	5,572	10.0	18.6	-2.5	15.6
71	Marathon Petroleum Corp.	Energy	27,631	3,096	11.2	19.1	-3.0	15.6
72	Church & Dwight Co.	Household and Personal Products	11,130	842	7.6	17.3	-1.6	15.5
73	Motorola Solutions	Technology Hardware and Equipment	11,914	5,723	48.0	6.8	8.0	15.3
74	Stanley Black & Decker	Capital Goods	15,980	671	4.2	16.1	-0.7	15.2
75	KLA-Tencor Corp.	Semiconductors and Semiconductor Equipment	10,815	905	8.4	15.8	-1.0	14.7
76	Medtronic	Healthcare Equipment and Services	108,161	4,490	4.2	17.5	-2.4	14.7
77	The TJX Cos.	Retailing	47,476	3,479	7.3	9.6	4.5	14.6
78	CVS Health Corp.	Food and Staples Retailing	108,525	6,875	6.3	25.2	-9.2	13.7
79	XL Group	Insurance	11,666	1,271	10.9	12.5	1.0	13.7
80	Fidelity National Information Services	Software and Services	19,779	842	4.3	17.7	-3.4	13.7
81	Kimberly-Clark Corp.	Household and Personal Products	46,209	2,800	6.1	13.2	-0.1	13.1
82	Cardinal Health	Healthcare Equipment and Services	29,368	1,659	5.6	20.0	-6.0	12.8
83	Ball Corp.	Materials	9,915	533	5.4	19.3	-5.6	12.7
84	Waters Corp.	Pharmaceuticals, Biotechnology and Life Sciences	10,990	672	6.1	12.9	-0.2	12.6
85	The Sherwin-Williams Co.	Materials	24,169	2,524	10.4	20.1	-6.3	12.6
86	Cisco Systems	Technology Hardware and Equipment	137,841	11,436	8.3	15.2	-2.4	12.4
87	Coca-Cola Enterprises	Food, Beverage and Tobacco	11,175	1,526	13.7	12.3	0.0	12.4
88	AmerisourceBergen Corp.	Healthcare Equipment and Services	21,326	2,712	12.7	22.4	-8.4	12.2
89	Phillips 66	Energy	43,635	3,794	8.7	16.7	-3.9	12.2
90	Huntington Bancshares	Banks	8,811	588	6.7	14.0	-1.7	12.0
91	General Electric Co.	Capital Goods	273,077	3,115	1.1	9.9	1.8	12.0
92	Pepsico	Food, Beverage and Tobacco	145,569	10,012	6.9	12.8	-0.8	11.9
93	The Estée Lauder Cos.	Household and Personal Products	32,515	2,073	6.4	9.7	2.0	11.9
94	General Mills	Food, Beverage and Tobacco	34,212	2,592	7.6	10.9	0.9	11.9
95	American International Group	Insurance	76,658	15,593	20.3	11.8	-0.1	11.7
96	JPMorgan Chase & Co.	Banks	243,034	10,376	4.3	12.0	-0.3	11.6
97	General Motors Co.	Automobiles and Components	52,879	6,797	12.9	-0.8	12.6	11.6
98	Kellogg Co.	Food, Beverage and Tobacco	25,612	1,421	5.5	9.8	1.4	11.3
99	Sysco Corp.	Food and Staples Retailing	23,145	1,587	6.9	13.6	-2.1	11.3
100	Expeditors International of Washington	Transportation	8,407	1,181	14.0	6.9	4.0	11.2
* Company has yet to report latest quarter. Source: Fortuna Advisors Analysis using data from the Capital IQ database. Financial Data from December 2013 to December 2015. Includes the 485 members of the current S&P 500 that were public for the full period. Market Capitalization as of: 12/31/2015. Companies Included here if $ Total Buyback / Market Capitalization is greater than 4% or if $ Total Buyback is greater than $1 billion.