| 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. | ||||||||
