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Third-Quarter 2014 Corporate Buyback Scorecard; 101-150

Scorecard U.S. Share Buybacks Rebound but Face Sharp Criticism Best & Worst ProgramsIndustry Comparisons

The table below ranks the 284 companies in the S&P 500 that bought back at least 4 percent of their shares from September 30, 2012, through September 30, 2014. 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—284
Company Industry Market
$ Total
$ Total
/ Market Cap
Buyback ROI
 Average $46,507$3,3898.8%25.9%-2.3%22.5%
 Median $21,933$1,6247.4%25.3%-2.5%21.8%
101Valero Energy Corp.Energy24,429 1,6316.741.5-10.426.8
102Starbucks Corp.Consumer Services56,6861,347 2.426.70.126.8
103AssurantInsurance4,590 55112.038.3-8.426.7
104CR BardHealthcare Equipment and Services10,651 1,36412.821.54.026.3
1053M Co.Capital Goods91,804 10,299 11.228.4-1.726.3
106Apache Corp.Energy35,903 2,827 7.97.717.226.3
107CaterpillarCapital Goods62,176 6,238 10.013.711.026.2
108L-3 CommunicationsCapital Goods10,255 1,581 15.430.2-3.226.1
109Morgan StanleyDiversified Financials67,8731,8682.850.5-16.326.0
110Comcast Corp.Media139,068 5,000 3.629.9-3.125.8
111Ingersoll-RandCapital Goods15,077 2,851 18.933.5-5.825.8
112Altria GroupFood, Beverage and Tobacco91,120 1,2581.416.87.725.8
113Huntington BancsharesBanks7,9495086.425.00.024.9
114General Growth PropertiesReal Estate20,814 1,123 5.415.18.424.8
115TextronCapital Goods10,0485745.720.23.824.8
116Marathon Oil Corp.Energy25,354 1,5005.922.81.324.4
117KeyCorp.Banks11,657 6996.031.2-5.324.2
118Computer Sciences Corp.Software and Services8,871 1,36315.447.5-15.924.1
119ZimmerHealthcare Equipment and Services16,9851,2597.428.0-3.223.9
120Edwards Lifesciences Corp.Healthcare Equipment and Services10,831 9859.1-3.828.723.9
121E. I. du Pont de Nemours and Co.Materials65,6783,0004.619.14.023.9
122Agilent TechnologiesPharmaceuticals, Biotechnology and Life Sciences19,0041,1005.823.50.323.8
123MedtronicHealthcare Equipment and Services60,6814,3367.128.3-3.523.8
124Merck & Co.Pharmaceuticals, Biotechnology and Life Sciences171,001 13,751 15.830.0-4.923.6
125The Allstate Corp.Insurance26,598 4,207 15.830.0-4.923.6
126PPG IndustriesMaterials27,118 1,450 5.338.1-10.523.5
127Capital One Financial Corp.Diversified Financials45,815 2,576 5.622.21.023.4
128American Express Co.Diversified Financials91,616 8,187 8.926.6-2.523.4
129BlackRockDiversified Financials55,277 2,5064.539.1-11.323.4
130Coca-Cola EnterprisesFood, Beverage and Tobacco10,892 1,986 18.229.0-4.423.3
131Torchmark Corp.Insurance6,839 92813.627.1-3.023.2
132SafewayFood and Staples Retailing7,9036648.459.2-22.723.1
133CareFusion Corp.Healthcare Equipment and Services9,204 1,08011.731.0-6.223.0
134Dun & Bradstreet Corp.Commercial and Professional Services4,272 91321.423.7-0.622.9
135Newell RubbermaidConsumer Durables and Apparel9,421 7898.438.6-11.422.8
136Tesoro Corp.Energy7,820 79110.135.5-9.622.5
137Northern Trust Corp.Diversified Financials16,0276874.322.8-0.322.4
138GameStop Corp.Retailing4,642 59712.956.1-21.622.3
139Republic ServicesCommercial and Professional Services13,8796094.421.20.922.3
140Rockwell AutomationCapital Goods15,149 8885.933.4-8.622.0
141Honeywell InternationalCapital Goods72,870 2,079 2.930.2-6.421.9
142Illinois Tool WorksCapital Goods33,4744,781 14.326.2-3.521.9
143CenturyLinkTelecommunication Services23,3142,1619.33.917.321.8
144The Sherwin-Williams Co.Materials21,4151,9889.325.2-2.821.7
146Lowe's CompaniesRetailing52,238 7,410 14.237.9-12.021.3
147NikeConsumer Durables and Apparel77,4523,9424.322.40.122.5
148MasterCardSoftware and Services85,5976,287 7.333.2-9.420.8
149Prudential FinancialInsurance40,4521,4883.735.3-10.920.7
150Automatic Data ProcessingSoftware and Services40,0501,1402.822.9-1.920.6
Source: Fortuna Advisors Analysis using data from the Capital IQ database. Financial Data from September 2012 to September 2014. Includes the 491 members of the current S&P 500 that were public for the full period. Market Capitalization as of: 09/30/2014. Companies included here if $ Total Buyback / Market Capitalization is greater than 4% or if $ Total Buyback is greater than $1 billion..