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Third-Quarter 2013 Corporate Buyback Scorecard; 101–150

December 26, 2013

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%
101	XL Group	Insurance	8,820	1,029	11.7	26.6	4.9	32.8
102	Express Scripts	Healthcare Equipment and Services	50,317	1,553	3.1	16.5	14.0	32.7
103	Bristol-Myers Squibb Co.	Pharmaceuticals, Biotechnology and Life Sciences	76,192	2,677	3.5	27.5	3.9	32.6
104	Cisco Systems	Technology Hardware and Equipment	125,626	8,166	6.5	28.7	2.9	32.5
105	The Bank of New York Mellon Corp.	Diversified Financials	34,733	1,924	5.5	20.7	9.6	32.3
106	CareFusion Corp.	Healthcare Equipment and Services	7,889	564	7.1	21.3	8.9	32.1
107	American Express Co.	Diversified Financials	81,476	7,502	9.2	26.0	4.7	32.0
108	The TJX Cos.	Retailing	40,332	2,689	6.7	41.2	-6.6	31.9
109	Murphy Oil Corp.	Energy	11,273	500	4.4	15.6	14.0	31.7
110	Legg Mason	Diversified Financials	4,126	632	15.3	10.1	19.4	31.5
111	SanDisk Corp.	Technology Hardware and Equipment	14,306	1,674	11.7	21.5	8.0	31.2
112	Lam Research Corp.	Semiconductors and Semiconductor Equipment	8,299	1,721	20.7	11.3	17.8	31.1
113	WellPoint	Healthcare Equipment and Services	24,996	4,353	17.4	15.6	13.5	31.1
114	Texas Instruments	Semiconductors and Semiconductor Equipment	44,366	4,234	9.5	20.2	9.0	31.1
115	L-3 Communications	Capital Goods	8,466	1,245	14.7	19.4	9.8	31.1
116	The J. M. Smucker Co.	Food, Beverage and Tobacco	11,042	801	7.3	23.8	5.7	30.8
117	ConAgra Foods	Food, Beverage and Tobacco	12,806	628	4.9	22.8	6.4	30.7
118	BorgWarner	Automobiles and Components	11,607	610	5.3	16.4	12.2	30.7
119	Marathon Petroleum Corp.	Energy	20,137	3,691	18.3	41.1	-7.5	30.4
120	UnitedHealth Group Incorporated	Healthcare Equipment and Services	72,806	6,332	8.7	23.8	5.1	30.1
121	3M Co.	Capital Goods	81,613	6,236	7.6	20.7	7.8	30.1
122	Illinois Tool Works	Capital Goods	34,160	2,497	7.3	26.6	2.7	30.1
123	McGraw Hill Financial	Diversified Financials	18,050	1,983	11.0	26.3	3.0	30.0
124	Xerox Corp.	Technology Hardware and Equipment	12,683	1,616	12.7	10.4	17.6	29.8
125	Automatic Data Processing	Software and Services	34,759	1,442	4.1	24.0	4.6	29.7
126	Wyndham Worldwide Corp.	Consumer Services	8,107	1,324	16.3	41.5	-8.6	29.4
127	General Dynamics Corp.	Capital Goods	30,620	1,307	4.3	18.7	8.7	29.0
128	Harley-Davidson	Automobiles and Components	14,416	741	5.1	25.6	2.6	28.9
129	People's United Financial	Banks	4,452	553	12.4	16.2	10.8	28.8
130	L Brands	Retailing	17,714	801	4.5	33.5	-3.7	28.6
131	CVS Caremark Corp.	Food and Staples Retailing	69,632	6,602	9.5	31.4	-2.1	28.6
132	Coca-Cola Enterprises	Food, Beverage and Tobacco	10,750	1,874	17.4	21.0	6.2	28.4
133	Tyco International	Commercial and Professional Services	16,171	800	4.9	29.8	-1.2	28.1
134	Stanley Black & Decker	Capital Goods	14,498	1,106	7.6	21.2	5.5	27.8
135	The Travelers Cos.	Insurance	31,659	4,151	13.1	29.1	-1.2	27.7
136	FMC Corp.	Materials	9,780	571	5.8	31.1	-2.7	27.5
137	Omnicom Group	Media	16,554	1,839	11.1	25.9	1.2	27.5
138	General Mills	Food, Beverage and Tobacco	30,394	1,546	5.1	19.7	6.3	27.2
139	E. I. du Pont de Nemours and Co.	Materials	54,076	1,400	2.6	12.9	12.6	27.2
140	Zimmer	Healthcare Equipment and Services	13,927	1,107	8.0	19.8	6.2	27.2
141	Mattel	Consumer Durables and Apparel	14,430	583	4.0	32.6	-4.2	27.0
142	Agilent Technologies	Pharmaceuticals, Biotechnology and Life Sciences	16,953	1,072	6.3	11.4	13.4	26.3
143	Nike	Consumer Durables and Apparel	64,675	2,975	4.6	24.1	1.7	26.2
144	The Nasdaq OMX Group	Diversified Financials	5,373	390	7.3	18.2	6.8	26.2
145	Best Buy Co.	Retailing	12,807	574	4.5	16.0	8.8	26.2
146	Becton Dickinson and Co.	Healthcare Equipment and Services	19,425	1,951	10.0	14.1	10.5	26.1
147	Robert Half International	Commercial and Professional Services	5,419	311	5.7	26.7	-0.6	25.9
148	Starwood Hotels & Resorts Worldwide	Consumer Services	12,954	557	4.3	20.3	4.6	25.8
149	Pfizer	Pharmaceuticals, Biotechnology and Life Sciences	190,168	16,425	8.6	28.6	-2.7	25.1
150	Cablevision Systems Corp.	Media	4,503	290	6.4	-1.6	26.9	24.9
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.