Buyback
Scorecard CFOs Share Their Stock Buyback Secrets Best and Worst Programs Industry Comparisons
The table below ranks the 270 companies in the S&P 500 that bought back at least 4 percent of their shares from March 31, 2012, through March 31, 2014. 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—270
Company Industry Market
Capitalization 		$ Total
Buyback 		$ Total
Buyback
/ Market Cap 		Buyback
Strategy 		Buyback
Effectiveness 		Buyback ROI
  Average   $46,040 $3,349 8.6% 22.3% 4.3% 27.5%
  Median   $21,057 $1,530 7.2% 22.4% 3.4% 27.4%
251 Laboratory Corp. of America Healthcare Equipment and Services 8,377 1,518 18.1 1.8 -3.3 -1.6
252 Jabil Circuit Technology Hardware and Equipment 3,712 278 7.5 -12.6 12.3 -1.9
253 Family Dollar Stores Retailing 6,599 319 4.8 7.6 -9.0 -2.1
254 International Game Technology Consumer Services 3,469 827 23.8 0.1 -2.7 -2.6
255 Denbury Resources Energy 5,777 757 13.1 -7.0 4.4 -2.9
256 PetSmart Retailing 6,798 876 12.9 10.9 -12.4 -2.9
257 International Business Machines Corp. Software and Services 200,448 31,005 15.5 -0.9 -2.5 -3.4
258 Target Corp. Retailing 38,313 2,744 7.2 7.5 -10.4 -3.7
259 Philip Morris International Food, Beverage and Tobacco 129,388 12,302 29.5 3.9 -8.6 -5.1
260 Intuitive Surgical Healthcare Equipment and Services 16,790 1,348 8.0 -7.6 1.6 -6.2
261 Marathon Oil Corp. Energy 24,573 1,051 4.3 3.8 -11.6 -8.2
262 CH Robinson Worldwide Transportation 7,719 1,004 13.0 -7.1 -1.5 -8.5
263 Mattel Consumer Durables and Apparel 13,652 555 54.1 16.3 -21.3 -8.5
264 Coach Consumer Durables and Apparel 13,785 1,094 7.9 -15.1 4.7 -11.1
265 Quest Diagnostics Healthcare Equipment and Services 8,356 1,219 14.6 -2.5 -9.3 -11.6
266 Apache Corp. Energy 32,742 1,500 4.6 -9.9 -1.9 -11.6
267 Citrix Systems Software and Services 10,555 557 5.3 -9.2 -3.7 -12.6
268 Edwards Lifesciences Corp. Healthcare Equipment and Services 7,797 1,050 13.5 -3.1 -10.0 -12.8
269 CenturyLink Telecommunication Services 18,980 1,940 10.2 -4.3 -9.6 -13.4
270 Teradata Corp. Software and Services 7,848 745 9.5 -13.4 -10.8 -22.8
Source: Fortuna Advisors Analysis using data from the Capital IQ database. Financial Data from March 2012 to March 2014. Includes the 490 members of the current S&P 500 that were public for the full period. Market Capitalization as of: 03/31/2014. Companies Included here if $ Total Buyback / Market Capitalization is greater than 4% or if $ Total Buyback is greater than $1 Billion.