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 of their shares from September 30, 2011, through September 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—263
Company Industry Market
Capitalization 		$ Total
Buyback 		$ Total
Buyback
/ Market Cap 		Buyback
Strategy 		Buyback
Effectiveness 		Buyback ROI
  Average   $41,922 $3,016 8.7% 23.1% 4.4% 28.5%
  Median   $17,310 $1,400 7.8% 22.0% 3.5% 28.4%
251 Intel Corp. Semiconductors and Semiconductor Equipment 114,192 11,162 9.8 7.6 -7.4 -0.4
252 International Business Machines Corp. Software and Services 202,851 23,638 11.7 6.7 -7.6 -1.4
253 Cameron International Corp. Energy 14,366 582 4.0 10.1 -11.6 -2.7
254 CH Robinson Worldwide Transportation 9,498 1,049 11.0 -7.2 -4.5 -3.0
255 The Mosaic Co. Materials 18,319 1,163 6.3 -15.5 10.7 -6.4
256 Allergan Pharmaceuticals, Biotechnology and Life Sciences 26,851 1,646 6.1 6.0 -12.1 -6.8
257 Coach Consumer Durables and Apparel 15,323 1,216 7.9 -1.1 -5.7 -6.8
258 Teradata Corp. Software and Services 9,042 496 5.5 4.6 -10.9 -6.8
259 CenturyLink Telecommunication Services 18,849 1,289 6.8 4.8 -17.6 -13.6
260 F5 Networks Technology Hardware and Equipment 6,719 385 5.7 -1.5 -13.6 -15.0
261 Edwards Lifesciences Corp. Healthcare Equipment and Services 7,818 11.4 -3.8 -12.4 -15.7 -7.8%
262 Broadcom Corp. Semiconductors and Semiconductor Equipment 15,066 628 4.2 -8.3 -30.4 -36.2
263 Intuitive Surgical Healthcare Equipment and Services 14,942 1,348 9.0 3.6 -39.2 -37.0
Source: Fortuna Advisors Analysis using data from the Capital IQ database. Financial Data from Septmeber 2011 to September 2013. Includes the 489 members of the current S&P 500 that were public for the full period. Market Capitalization as of: 09/30/2013. Companies Included here if $ Total Buyback / Market Capitalization is greater than 4% or if $ Total Buyback is greater than $1 Billion.