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First-Quarter 2014 Corporate Buyback Scorecard; 1–50

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$3,3498.6%22.3%4.3%27.5%
 Median $21,057$1,5307.2%22.4%3.4%27.4%
1Keurig Green MountainFood, Beverage and Tobacco17,0841,1466.732.494.3157.2
2Gilead SciencesPharmaceuticals, Biotechnology and Life Sciences108,9721,6791.581.45.090.4
3Southwest Airlines Co.Transportation16,5741,2057.357.417.084.1
4Yahoo!Software and Services36,2375,89116.357.713.278.6
5Boston Scientific Corp.Healthcare Equipment and Services17,8931,0876.149.217.374.9
6Western Digital Corp.Technology Hardware and Equipment21,6941,9909.253.2

13.5

73.97Tyson FoodsFood, Beverage and Tobacco14,9761,0256.841.522.072.68The Dow Chemical Co.Materials58,7691,5572.622.137.167.49McKesson Corp.Healthcare Equipment and Services40,6341,3443.346.913.366.410Lincoln National Corp.Insurance13,3629427.147.012.966.011Lockheed Martin Corp.Capital Goods52,1173,6166.941.116.564.312MylanPharmaceuticals, Biotechnology and Life Sciences18,1612,00011.046.911.363.413Northrop Grumman Corp.Capital Goods26,7413,99414.944.912.062.314Delphi Automotive Automobiles and Components20,7921,0134.949.78.161.915Ameriprise FinancialDiversified Financials20,9793,12914.944.911.561.516Celgene Corp.Pharmaceuticals, Biotechnology and Life Sciences56,6806,20811.046.59.660.717St. Jude MedicalHealthcare Equipment and Services18,5642,00110.828.624.960.618Adobe SystemsSoftware and Services32,7211,6255.041.512.859.619Seagate Technology Technology Hardware and Equipment18,4634,79426.053.92.457.620Valero Energy Corp.Energy28,2871,3294.753.61.255.421Flowserve Corp.Capital Goods10,7791,31812.244.36.653.922Harris Corp.Technology Hardware and Equipment7,8136628.534.913.853.523McGraw Hill FinancialDiversified Financials20,8791,4116.835.612.852.924SanDisk Corp.Technology Hardware and Equipment18,3091,87310.223.124.152.725Gannett Co.Media6,2802734.444.45.752.626H&R BlockConsumer Services8,2793464.239.97.850.827Hewlett-Packard Co.Technology Hardware and Equipment61,3263,4175.68.538.950.728LyondellBasell Industries Materials48,2922,1694.550.9-0.450.329Cardinal HealthHealthcare Equipment and Services23,9959894.131.913.449.630Legg MasonDiversified Financials5,84179713.630.114.949.531Moody's Corp.Diversified Financials16,9731,2917.644.63.048.932Assurant Insurance4,66372815.628.515.648.533CBS Corp.Media36,6744,79613.147.10.648.034Bank of America Corp.Banks181,0864,6622.646.20.847.335Ingersoll-RandCapital Goods15,9152,84117.842.82.947.036MasterCard Software and Services88,6355,6126.342.03.546.937Express Scripts Holding Co.Healthcare Equipment and Services58,2334,6738.020.121.646.038TE Connectivity Ltd.Technology Hardware and Equipment24,6871,4045.730.212.246.039AmerisourceBergen Corp.Healthcare Equipment and Services15,0339226.135.37.845.940Time Warner CableMedia38,0614,26211.238.63.944.141Bristol-Myers Squibb Co.Pharmaceuticals, Biotechnology and Life Sciences86,0802,0242.431.79.243.942Fidelity National Information ServicesSoftware and Services15,5369296.036.15.143.143L-3 CommunicationsCapital Goods10,2181,47814.532.67.542.544VisaSoftware and Services136,7738,3576.142.9-0.342.545The Walt Disney Co.Media140,2878,6876.239.12.142.046GameStop Corp.Retailing4,76054611.531.57.941.947Computer Sciences Corp.Software and Services8,8618049.146.0-3.041.648Rockwell AutomationCapital Goods17,2858344.824.413.741.549Agilent TechnologiesPharmaceuticals, Biotechnology and Life Sciences18,6451,1446.117.020.941.550AonInsurance25,3772,72710.733.46.041.4Source: 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.