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Third-Quarter 2013 Corporate Buyback Scorecard; 101–150

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
$ Total
$ Total
/ Market Cap
Buyback ROI
 Average $41,922$3,0168.7%23.1%4.4%28.5%
 Median $17,310$1,4007.8%22.0%3.5%28.4%
101XL GroupInsurance8,8201,02911.726.64.932.8
102Express ScriptsHealthcare Equipment and Services50,3171,5533.116.514.032.7
103Bristol-Myers Squibb Co.Pharmaceuticals, Biotechnology and Life Sciences76,1922,6773.527.53.932.6
104Cisco SystemsTechnology Hardware and Equipment125,6268,1666.528.72.932.5
105The Bank of New York Mellon Corp.Diversified Financials34,7331,9245.520.79.632.3
106CareFusion Corp.Healthcare Equipment and Services7,8895647.121.38.932.1
107American Express Co.Diversified Financials81,4767,5029.226.04.732.0
108The TJX Cos.Retailing40,3322,6896.741.2-6.631.9
109Murphy Oil Corp.Energy11,2735004.415.614.031.7
110Legg MasonDiversified Financials4,12663215.310.119.431.5
111SanDisk Corp.Technology Hardware and Equipment14,3061,67411.721.58.031.2
112Lam Research Corp.Semiconductors and Semiconductor Equipment8,2991,72120.711.317.831.1
113WellPointHealthcare Equipment and Services24,9964,35317.415.613.531.1
114Texas InstrumentsSemiconductors and Semiconductor Equipment44,3664,2349.520.29.031.1
115L-3 Communications Capital Goods8,4661,24514.719.49.831.1
116The J. M. Smucker Co.Food, Beverage and Tobacco11,0428017.323.85.730.8
117ConAgra FoodsFood, Beverage and Tobacco12,8066284.922.86.430.7
118BorgWarnerAutomobiles and Components11,6076105.316.412.230.7
119Marathon Petroleum Corp.Energy20,1373,69118.341.1-7.530.4
120UnitedHealth Group IncorporatedHealthcare Equipment and Services72,8066,3328.723.85.130.1
1213M Co.Capital Goods81,6136,2367.620.77.830.1
122Illinois Tool WorksCapital Goods34,1602,4977.326.62.730.1
123McGraw Hill FinancialDiversified Financials18,0501,98311.
124Xerox Corp.Technology Hardware and Equipment12,6831,61612.710.417.629.8
125Automatic Data ProcessingSoftware and Services34,7591,4424.124.04.629.7
126Wyndham Worldwide Corp.Consumer Services8,1071,32416.341.5-8.629.4
127General Dynamics Corp.Capital Goods30,6201,3074.318.78.729.0
128Harley-DavidsonAutomobiles and Components14,4167415.125.62.628.9
129People's United FinancialBanks4,45255312.416.210.828.8
130L BrandsRetailing17,7148014.533.5-3.728.6
131CVS Caremark Corp.Food and Staples Retailing69,6326,6029.531.4-2.128.6
132Coca-Cola EnterprisesFood, Beverage and Tobacco10,7501,87417.421.06.228.4
133Tyco InternationalCommercial and Professional Services16,1718004.929.8-1.228.1
134Stanley Black & DeckerCapital Goods14,4981,1067.621.25.527.8
135The Travelers Cos.Insurance31,6594,15113.129.1-1.227.7
136FMC Corp.Materials9,7805715.831.1-2.727.5
137Omnicom GroupMedia16,5541,83911.
138General MillsFood, Beverage and Tobacco30,3941,5465.119.76.327.2
139E. I. du Pont de Nemours and Co.Materials54,0761,4002.612.912.627.2
140ZimmerHealthcare Equipment and Services13,9271,1078.
141MattelConsumer Durables and Apparel14,4305834.032.6-4.227.0
142Agilent TechnologiesPharmaceuticals, Biotechnology and Life Sciences16,9531,0726.311.413.426.3
143NikeConsumer Durables and Apparel64,6752,9754.624.11.726.2
144The Nasdaq OMX GroupDiversified Financials5,3733907.318.26.826.2
145Best Buy Co.Retailing12,8075744.516.08.826.2
146Becton Dickinson and Co.Healthcare Equipment and Services19,4251,95110.014.110.526.1
147Robert Half InternationalCommercial and Professional Services5,4193115.726.7-0.625.9
148Starwood Hotels & Resorts WorldwideConsumer Services12,9545574.320.34.625.8
149PfizerPharmaceuticals, Biotechnology and Life Sciences190,16816,4258.628.6-2.725.1
150Cablevision Systems Corp.Media4,5032906.4-1.626.924.9
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.