Buyback Scorecard The Most and Least Effective Stock Buyback Programs Best and Worst Programs Industry Comparisons

The table below ranks the 268 companies in the S&P 500 that bought back at least 4 percent or $1 billion of their shares from June 30, 2011 through June 30, 2013. 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—268
	Company	Industry	Market Capitalization	$ Total Buyback	$ Total Buyback / Market Cap	Buyback Strategy	Buyback Effectiveness	Buyback ROI
	Average		$38,681	$2,912	9.3%	13.5%	10.4%	25.0%
	Median		$15,858	$1,350	8.1%	13.5%	9.7%	24.1%
101	Northrop Grumman Corp.	Capital Goods	$19,472	$3,519	18.1%	14.1%	13.1%	29.1%
102	Fiserv	Software and Services	$11,640	$988	8.5%	18.6%	8.8%	29.0%
103	Wells Fargo & Co.	Banks	$218,582	$7,100	3.2%	19.9%	7.6%	28.9%
104	Monsanto Co.	Materials	$52,743	$1,026	1.9%	26.4%	1.8%	28.7%
105	Applied Materials	Semiconductors and Semiconductor Equipment	$17,928	$1,789	10.0%	4.4%	23.2%	28.6%
106	Raytheon Co.	Capital Goods	$21,463	$1,936	9.0%	17.5%	9.4%	28.6%
107	Tyco International	Commercial and Professional Services	$15,289	$800	5.2%	19.2%	7.8%	28.5%
108	JPMorgan Chase & Co.	Diversified Financials	$200,037	$10,691	5.3%	11.4%	14.7%	27.7%
109	Assurant	Insurance	$3,920	$852	21.7%	16.6%	9.4%	27.6%
110	The Nasdaq OMX Group	Diversified Financials	$5,436	$390	7.2%	9.8%	15.6%	27.0%
111	Halliburton Co.	Energy	$38,885	$1,137	2.9%	-5.7%	34.5%	26.8%
112	Becton, Dickinson and Co.	Healthcare Equipment and Services	$19,198	$2,134	11.1%	9.5%	15.5%	26.5%
113	Automatic Data Processing	Software and Services	$33,412	$1,143	3.4%	16.5%	8.6%	26.5%
114	The Bank of New York Mellon Corp.	Diversified Financials	$32,556	$2,271	7.0%	3.8%	21.9%	26.5%
115	FMC Corp.	Materials	$8,312	$421	5.1%	21.6%	3.9%	26.3%
116	Franklin Resources	Diversified Financials	$28,919	$1,361	4.7%	10.4%	14.4%	26.3%
117	Lockheed Martin Corp.	Capital Goods	$34,714	$3,158	9.1%	19.0%	6.1%	26.3%
118	Nike	Consumer Durables and Apparel	$56,927	$3,075	5.4%	25.0%	0.9%	26.2%
119	Cisco Systems.	Technology Hardware and Equipment	$130,054	$7,863	6.0%	19.3%	5.6%	25.9%
120	Progressive Corp.	Insurance	$15,313	$878	5.7%	13.7%	10.6%	25.7%
121	Target Corp.	Retailing	$44,188	$3,685	8.3%	21.9%	3.1%	25.7%
122	Urban Outfitters	Retailing	$5,910	$329	5.6%	16.0%	8.0%	25.4%
123	The Chubb Corp.	Insurance	$21,939	$2,445	11.1%	20.1%	4.3%	25.2%
124	Electronic Arts	Software and Services	$7,037	$729	10.4%	-3.7%	29.9%	25.1%
125	Lam Research Corp.	Semiconductors and Semiconductor Equipment	$7,215	$1,764	24.4%	-2.5%	28.1%	25.0%
126	Merck & Co.	Pharmaceuticals, Biotechnology and Life Sciences	$140,261	$10,303	7.3%	19.9%	4.2%	24.9%
127	3M Co.	Capital Goods	$75,473	$5,542	7.3%	10.6%	12.9%	24.9%
128	Unum Group	Insurance	$7,840	$944	12.0%	6.0%	17.7%	24.8%
129	Time Warner Cable	Media	$32,728	$4,120	12.6%	16.5%	7.0%	24.7%
130	Cintas Corp.	Commercial and Professional Services	$5,580	$608	10.9%	21.9%	2.2%	24.6%
131	Robert Half International	Commercial and Professional Services	$4,637	$340	7.3%	12.7%	10.3%	24.4%
132	Computer Sciences Corp.	Software and Services	$6,576	$412	6.3%	4.9%	18.5%	24.3%
133	Illinois Tool Works.	Capital Goods	$31,156	$2,540	8.2%	12.4%	10.5%	24.2%
134	DIRECTV	Media	$34,429	$9,726	28.2%	11.5%	11.3%	24.1%
135	Wal-Mart Stores	Food and Staples Retailing	$244,080	$14,454	5.9%	22.5%	1.3%	24.1%
136	Altria Group	Food, Beverage and Tobacco	$70,091	$2,060	2.9%	21.8%	1.8%	24.0%
137	Harley-Davidson	Automobiles and Components	$12,302	$739	6.0%	21.2%	2.2%	23.8%
138	Baxter International	Healthcare Equipment and Services	$37,640	$2,665	7.1%	13.6%	9.0%	23.7%
139	Texas Instruments	Semiconductors and Semiconductor Equipment	$38,654	$3,950	10.2%	4.9%	17.8%	23.6%
140	Pall Corp.	Capital Goods	$7,412	$406	5.5%	11.9%	10.2%	23.3%
141	L Brands	Retailing	$14,252	$984	6.9%	25.5%	-1.8%	23.3%
142	Colgate-Palmolive Co.	Household and Personal Products	$53,437	$3,503	6.6%	21.5%	1.5%	23.3%
143	Pepsico	Food, Beverage and Tobacco	$126,481	$5,990	4.7%	12.3%	9.6%	23.1%
144	Wisconsin Energy Corp.	Utilities	$9,375	$431	4.6%	21.1%	1.5%	23.0%
145	Legg Mason	Diversified Financials	$3,879	$741	19.1%	-0.7%	23.8%	22.9%
146	Zimmer Holdings	Healthcare Equipment and Services	$12,617	$1,639	13.0%	10.2%	11.5%	22.8%
147	McGraw Hill Financial	Diversified Financials	$14,579	$1,969	13.5%	20.2%	1.8%	22.4%
148	Ross Stores	Retailing	$14,173	$865	6.1%	30.6%	-6.4%	22.3%
149	General Electric Co.	Capital Goods	$239,787	$12,312	5.1%	12.6%	8.5%	22.3%
150	Marriott International	Consumer Services	$12,399	$2,400	19.4%	13.3%	7.8%	22.1%
Source: Fortuna Advisors Analysis using data from the Capital IQ database. Financial Data from June 2011 to June 2013. Includes the 487 members of the current S&P 500 that were public for the full period. Market Capitalization as of: 06/30/2013. Companies Included here if $ Total Buyback / Market Capitalization is greater than 4% or if $ Total Buyback is greater than $1 Billion.