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 $3,349 8.6% 22.3% 4.3% 27.5%
Median $21,057 $1,530 7.2% 22.4% 3.4% 27.4%
1 Keurig Green Mountain Food, Beverage and Tobacco 17,084 1,146 6.7 32.4 94.3 157.2
2 Gilead Sciences Pharmaceuticals, Biotechnology and Life Sciences 108,972 1,679 1.5 81.4 5.0 90.4
3 Southwest Airlines Co. Transportation 16,574 1,205 7.3 57.4 17.0 84.1
4 Yahoo! Software and Services 36,237 5,891 16.3 57.7 13.2 78.6
5 Boston Scientific Corp. Healthcare Equipment and Services 17,893 1,087 6.1 49.2 17.3 74.9
6 Western Digital Corp. Technology Hardware and Equipment 21,694 1,990 9.2 53.2

13.5

73.9
7 Tyson Foods Food, Beverage and Tobacco 14,976 1,025 6.8 41.5 22.0 72.6
8 The Dow Chemical Co. Materials 58,769 1,557 2.6 22.1 37.1 67.4
9 McKesson Corp. Healthcare Equipment and Services 40,634 1,344 3.3 46.9 13.3 66.4
10 Lincoln National Corp. Insurance 13,362 942 7.1 47.0 12.9 66.0
11 Lockheed Martin Corp. Capital Goods 52,117 3,616 6.9 41.1 16.5 64.3
12 Mylan Pharmaceuticals, Biotechnology and Life Sciences 18,161 2,000 11.0 46.9 11.3 63.4
13 Northrop Grumman Corp. Capital Goods 26,741 3,994 14.9 44.9 12.0 62.3
14 Delphi Automotive Automobiles and Components 20,792 1,013 4.9 49.7 8.1 61.9
15 Ameriprise Financial Diversified Financials 20,979 3,129 14.9 44.9 11.5 61.5
16 Celgene Corp. Pharmaceuticals, Biotechnology and Life Sciences 56,680 6,208 11.0 46.5 9.6 60.7
17 St. Jude Medical Healthcare Equipment and Services 18,564 2,001 10.8 28.6 24.9 60.6
18 Adobe Systems Software and Services 32,721 1,625 5.0 41.5 12.8 59.6
19 Seagate Technology Technology Hardware and Equipment 18,463 4,794 26.0 53.9 2.4 57.6
20 Valero Energy Corp. Energy 28,287 1,329 4.7 53.6 1.2 55.4
21 Flowserve Corp. Capital Goods 10,779 1,318 12.2 44.3 6.6 53.9
22 Harris Corp. Technology Hardware and Equipment 7,813 662 8.5 34.9 13.8 53.5
23 McGraw Hill Financial Diversified Financials 20,879 1,411 6.8 35.6 12.8 52.9
24 SanDisk Corp. Technology Hardware and Equipment 18,309 1,873 10.2 23.1 24.1 52.7
25 Gannett Co. Media 6,280 273 4.4 44.4 5.7 52.6
26 H&R Block Consumer Services 8,279 346 4.2 39.9 7.8 50.8
27 Hewlett-Packard Co. Technology Hardware and Equipment 61,326 3,417 5.6 8.5 38.9 50.7
28 LyondellBasell Industries Materials 48,292 2,169 4.5 50.9 -0.4 50.3
29 Cardinal Health Healthcare Equipment and Services 23,995 989 4.1 31.9 13.4 49.6
30 Legg Mason Diversified Financials 5,841 797 13.6 30.1 14.9 49.5
31 Moody’s Corp. Diversified Financials 16,973 1,291 7.6 44.6 3.0 48.9
32 Assurant Insurance 4,663 728 15.6 28.5 15.6 48.5
33 CBS Corp. Media 36,674 4,796 13.1 47.1 0.6 48.0
34 Bank of America Corp. Banks 181,086 4,662 2.6 46.2 0.8 47.3
35 Ingersoll-Rand Capital Goods 15,915 2,841 17.8 42.8 2.9 47.0
36 MasterCard Software and Services 88,635 5,612 6.3 42.0 3.5 46.9
37 Express Scripts Holding Co. Healthcare Equipment and Services 58,233 4,673 8.0 20.1 21.6 46.0
38 TE Connectivity Ltd. Technology Hardware and Equipment 24,687 1,404 5.7 30.2 12.2 46.0
39 AmerisourceBergen Corp. Healthcare Equipment and Services 15,033 922 6.1 35.3 7.8 45.9
40 Time Warner Cable Media 38,061 4,262 11.2 38.6 3.9 44.1
41 Bristol-Myers Squibb Co. Pharmaceuticals, Biotechnology and Life Sciences 86,080 2,024 2.4 31.7 9.2 43.9
42 Fidelity National Information Services Software and Services 15,536 929 6.0 36.1 5.1 43.1
43 L-3 Communications Capital Goods 10,218 1,478 14.5 32.6 7.5 42.5
44 Visa Software and Services 136,773 8,357 6.1 42.9 -0.3 42.5
45 The Walt Disney Co. Media 140,287 8,687 6.2 39.1 2.1 42.0
46 GameStop Corp. Retailing 4,760 546 11.5 31.5 7.9 41.9
47 Computer Sciences Corp. Software and Services 8,861 804 9.1 46.0 -3.0 41.6
48 Rockwell Automation Capital Goods 17,285 834 4.8 24.4 13.7 41.5
49 Agilent Technologies Pharmaceuticals, Biotechnology and Life Sciences 18,645 1,144 6.1 17.0 20.9 41.5
50 Aon Insurance 25,377 2,727 10.7 33.4 6.0 41.4
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.
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