Third-Quarter 2013 Corporate Buyback Scorecard; 1–50

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%
1	Constellation Brands	Food, Beverage and Tobacco	10,812	609	5.6	67.2	19.7	100.1
2	GameStop Corp.	Retailing	5,804	660	11.4	47.5	33.7	97.1
3	Gilead Sciences	Pharmaceuticals, Biotechnology and Life Sciences	96,230	1,076	1.1	73.3	12.7	95.2
4	Cigna Corp.	Healthcare Equipment and Services	21,739	1,044	4.8	29.6	35.8	76.1
5	Celgene Corp.	Pharmaceuticals, Biotechnology and Life Sciences	63,393	4,758	7.5	53.8	13.9	75.2
6	Western Digital Corp.	Technology Hardware and Equipment	14,952	1,596	10.7	45.8	17.8

71.87H&R BlockConsumer Services7,2853464.848.715.471.68Lincoln National Corp.Insurance11,1061,0439.439.819.166.59Gannett Co.Media6,1392584.256.85.164.810Yahoo!Software and Services33,8445,69716.843.214.864.311Boston Scientific Corp.Healthcare Equipment and Services15,7651,1767.528.328.064.312General Motors Co.Automobiles and Components49,7907,53915.119.034.560.013Bank of America Corp.Diversified Financials148,2551,8691.332.518.957.614Ameriprise FinancialDiversified Financials18,0202,84815.840.412.057.115TE ConnectivityTechnology Hardware and Equipment21,4131,0294.828.721.956.916Twenty-First Century FoxMedia76,7616,0647.950.14.356.517Moody's Corp.Diversified Financials15,5019446.143.58.655.918Tenet Healthcare Corp.Healthcare Equipment and Services4,18560414.441.69.054.419State Street Corp.Diversified Financials29,3233,41311.638.411.554.220Electronic ArtsSoftware and Services7,8346318.18.841.353.721KeyCorp.Banks10,3896266.033.315.353.722Starbucks Corp.Consumer Services57,8351,1372.038.510.653.123Seagate TechnologyTechnology Hardware and Equipment15,6254,13426.589.1-19.153.024CBS Corp.Media33,3682,7038.147.93.252.625Pentair.Capital Goods12,9338746.835.512.552.526Biogen IdecPharmaceuticals, Biotechnology and Life Sciences57,2221,4962.651.80.552.527SLM Corp.Diversified Financials10,8619298.634.712.251.228Tyson FoodsFood, Beverage and Tobacco9,9618788.830.415.851.129Thermo Fisher ScientificPharmaceuticals, Biotechnology and Life Sciences33,2221,5904.827.817.650.330The Kroger Co.Food and Staples Retailing20,9941,9189.130.514.949.931ViacomMedia39,8746,79417.031.913.549.732Life Technologies Corp.Pharmaceuticals, Biotechnology and Life Sciences12,9208436.532.013.349.533The Interpublic Group of Cos.Media7,25378410.834.610.748.934MylanPharmaceuticals, Biotechnology and Life Sciences15,5741,50010.330.413.848.335Ingersoll-RandCapital Goods18,9122,21711.733.710.948.336priceline.comRetailing52,0651,1412.234.610.048.137Lowe's Cos.Retailing50,0767,69315.451.0-2.347.538Principal Financial GroupInsurance12,6045264.232.411.147.139The GapRetailing18,8311,98410.560.7-8.547.140Time WarnerMedia60,5465,9889.942.83.047.041Halliburton Co.Energy43,9894,47810.22.941.946.142Dover Corp.Capital Goods15,3311,2728.325.516.346.043Northrop Grumman Corp.Capital Goods21,9263,67416.831.810.445.544Discovery CommunicationsMedia29,6352,1607.343.31.445.245Lockheed Martin Corp.Capital Goods40,7062,7616.833.78.545.146Discover Financial ServicesDiversified Financials24,4512,49610.243.40.944.747AmgenPharmaceuticals, Biotechnology and Life Sciences84,31910,73712.743.90.344.348American International GroupInsurance71,79513,26218.536.35.844.349St. Jude MedicalHealthcare Equipment and Services15,4051,60110.410.728.542.350Honeywell InternationalCapital Goods65,1731,1621.832.77.242.2Source: 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.