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First-Quarter 2015 Corporate Buyback Scorecard; 1–50

Scorecard As Stocks Edge Higher, Buyback Programs Get RiskierBest & Worst CompaniesIndustry Comparisons

The table below ranks the 276 companies in the S&P 500 that bought back at least 4 percent of their shares from March 31, 2013, through March 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—276
Company Industry Market
$ Total
$ Total
/ Market Cap
Buyback ROI
 Average $48,969$3,6999.2%20.8%-3.9%16.3%
 Median $24,408 $1,9497.7%20.1%-3.6%16.5%
1Southwest Airlines Co.Transportation29,947 1,6955.794.74.6103.5
2Darden RestaurantsConsumer Services8,7225035.820.851.382.7
3The Kroger Co.Food and Staples Retailing37,257 1,7464.760.07.071.1
4Edwards Lifesciences Corp.Healthcare Equipment and Services15,318 7915.223.731.162.1
5AmerisourceBergen CorporationHealthcare Equipment and Services24,963 1,270
6AppleTechnology Hardware and Equipment724,773 77,910 10.737.7


53.77AnthemHealthcare Equipment and Services41,1954,60311. Healthcare Equipment and Services26,637 1,3915.250.31.352.39Delta Air LinesTransportation37,059 1,775 4.879.3-15.351.910Biogen Pharmaceuticals, Biotechnology and Life Sciences99,063 1,246 1.356.2-3.051.511Tesoro Corp.Energy11,4795695.029.916.150.912Dr Pepper Snapple GroupFood, Beverage and Tobacco15,125 8345.535.511.350.813Marriott InternationalConsumer Services22,212 2,556 11.543.45.050.514Celgene Corp.Pharmaceuticals, Biotechnology and Life Sciences92,292 5,709 6.253.1-1.850.315Lowe's Cos. Retailing70,797 7,678 10.839.97.450.216Northrop Grumman Corp.Capital Goods31,935 5,408 16.958.5-6.348.417Cintas Corp.Commercial and Professional Services9,334 7147.639.65.347.018UnitedHealth GroupHealthcare Equipment and Services112,813 7,531 6.744.51.646.819O'Reilly Automotive Retailing22,013 1,706 7.843.72.246.820CVS Health Corp.Food and Staples Retailing117,659 9,591 Sherwin-Williams Co.Materials26,998 2,791 10.332.110.646.122Altria Group Food, Beverage and Tobacco98,505 1,132 Half International Commercial and Professional Services8,179 3354.133.27.643.424Lockheed Martin Corp.Capital Goods64,193 3,805 5.953.0-8.140.625CarMaxRetailing14,493 1,2308.528.69.340.526HCA HoldingsHealthcare Equipment and Services31,559 2,616 8.340.00.340.427MeadWestvaco Corp.Materials8,350 5256.325.811.540.328Walgreens Boots AllianceFood and Staples Retailing92,299 1,7981.942.0-1.340.229Cardinal HealthHealthcare Equipment and Services29,801 1,609 5.441.9-1.439.930Ross Stores Retailing21,8611,2425.731.65.639.031Aetna Healthcare Equipment and Services37,467 2,6717.143.8-3.738.532Cigna Corp.Healthcare Equipment and Services33,463 2,951 8.840.3-1.438.433General Growth PropertiesReal Estate26,165 1,123 4.326.28.937.534Leggett & PlattConsumer Durables and Apparel6,361 2684.226.08.736.935General Dynamics Corp.Capital Goods44,816 4,698 10.544.6-5.436.836The Home DepotRetailing148,533 14,475 9.730.94.536.837FiservSoftware and Services18,952 1,733 Walt Disney Co.Media178,267 10,508 5.937.8-1.435.939Legg Mason Diversified Financials6,219 71711.542.2-4.735.540Lam Research Corp.Semiconductors and Semiconductor Equipment11,190 7466.739.3-2.835.441Eli Lilly and Co.Pharmaceuticals, Biotechnology and Life Sciences77,055 1,6112.118.813.334.642Corning Technology Hardware and Equipment28,776 4,527 15.740.8-5.233.443Yahoo! Software and Services41,597 6,936 16.746.5-9.033.444Union Pacific Corp.Transportation95,452 5,861 6.134.3-1.033.045Texas Instruments Semiconductors and Semiconductor Equipment59,881 5,690 9.532.70.032.646Broadcom Corp.Semiconductors and Semiconductor Equipment25,934 1,347 5.214.615.432.347CF Industries HoldingsMaterials13,591 3,080 22.720.79.131.748Western Digital Corp.Technology Hardware and Equipment21,026 1,823 8.750.6-12.631.749Pall Corp.Capital Goods10,706 5635.324.45.931.650MedtronicHealthcare Equipment and Services111,150 4,473 4.031.7-0.231.4Source: Fortuna Advisors Analysis using data from the Capital IQ database. Financial Data from March 2013 to March 2015. Includes the 492 members of the current S&P 500 that were public for the full period. Market Capitalization as of: 03/31/2015. Companies included here if $ Total Buyback / Market Capitalization is greater than 4% or if $ Total Buyback is greater than $1 billion.