First-Quarter 2014 Corporate Buyback Scorecard; 101–150

Buyback
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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%
101 3M Co. Capital Goods 89,238 8,600 9.6 26.6 4.8 32.7
102 Becton, Dickinson and Co. Healthcare Equipment and Services 22,599 1,164 5.2 23.8 7.0 32.5
103 WellPoint Healthcare Equipment and Services 28,119 4,250 15.1 18.2 12.0 32.4
104 CR Bard Healthcare Equipment and Services 11,460 1,344 11.7 23.0 7.3 31.9
105 Rockwell Collins Capital Goods 10,770 862 8.0 18.3 11.5 31.9
106 Amphenol Corp. Technology Hardware and Equipment 14,499 744 5.1 28.7 2.5 31.9
107 American International Group Insurance 72,467 11,464 15.8 35.8 -3.0 31.7
108 Zimmer Holdings Healthcare Equipment and Services 15,942 1,464 9.2 26.9 3.6 31.4
109 FedEx Corp. Transportation 39,174 4,230 10.8 22.4 7.3 31.3
110 Newell Rubbermaid Consumer Durables and Apparel 8,339 596 7.1 34.1 -2.1 31.3
111 General Motors Co. Automobiles and Components 54,939 7,539 13.7 21.0 8.4 31.2
112 Cigna Corp. Healthcare Equipment and Services 22,727 1,826 8.0 35.2 -3.1 31.1
113 Intuit Software and Services 22,022 1,844 8.4 16.6 12.4 31.1
114 Omnicom Group Media 18,746 1,479 7.9 27.1 3.2 31.1
115 Marsh & McLennan Cos. Insurance 27,084 3.8 25.6 4.4 31.0 31.9
116 Zions BanCorp. Banks 5,727 923 16.1 26.7 3.1 30.6
117 Humana Healthcare Equipment and Services 17,440 947 5.4 9.6 19.0 30.5
118 The Boeing Co. Capital Goods 93,290 4,301 4.6 34.8 -3.2 30.4
119 Pall Corp. Capital Goods 9,822 671 6.8 19.8 8.7 30.2
120 Navient Corp. Diversified Financials 10,680 720 6.7 29.2 0.7 30.2
121 State Street Corp. Diversified Financials 30,020 4,724 15.7 30.5 -0.4 30.1
122 Time Warner Media 58,318 5,831 10.0 35.8 -4.4 29.8
123 United Technologies Corp. Capital Goods 107,077 1,535 1.4 21.5 6.5 29.4
124 AutoZone Retailing 17,846 2,759 15.5 20.0 7.8 29.3
125 Robert Half International Commercial and Professional Services 5,767 323 5.6 20.8 6.8 29.0
126 Medtronic Healthcare Equipment and Services 61,590 3,800 6.2 25.0 3.1 28.9
127 Wyndham Worldwide Corp. Consumer Services 9,384 1,220 13.0 33.0 -3.1 28.9
128 Fluor Corp. Capital Goods 12,464 754 6.1 16.5 10.3 28.5
129 Wells Fargo & Co. Banks 261,218 10,235 3.9 25.9 1.9 28.3
130 Illinois Tool Works Capital Goods 34,555 4,566 13.2 25.0 2.5 28.1
131 Apple Technology Hardware and Equipment 479,069 45,860 9.6 4.8 22.1 28.0
132 The Goldman Sachs Group Diversified Financials 74,296 12,169 16.4 23.4 3.6 27.8
133 Marriott International Consumer Services 16,516 2,163 13.1 22.4 4.2 27.6
134 The Bank of New York Mellon Corp. Diversified Financials 40,117 2,151 5.4 25.1 1.9 27.5
135 The TJX Cos. Retailing 43,134 2,879 6.7 31.9 -3.3 27.4
136 Lorillard Food, Beverage and Tobacco 19,588 1,175 6.0 17.0 8.9 27.4
137 Norfolk Southern Corp. Transportation 32,074 1,565 4.9 17.5 8.1 27.0
138 Covidien Healthcare Equipment and Services 33,170 2,677 8.1 24.6 1.9 27.0
139 Invesco Diversified Financials 16,027 780 4.9 23.5 2.4 26.5
140 VeriSign Software and Services 7,199 1,432 19.9 23.8 2.1 26.4
141 Johnson & Johnson Pharmaceuticals, Biotechnology and Life Sciences 277,826 29,347 10.6 23.3 2.5 26.4
142 Lam Research Corp. Semiconductors and Semiconductor Equipment 8,927 1,821 20.4 12.6 12.2 26.4
143 JPMorgan Chase & Co. Banks 228,004 6,612 2.9 24.5 1.4 26.2
144 CF Industries Holdings Materials 14,457 2,691 18.6 17.9 7.0 26.2
145 The Hartford Financial Services Group Insurance 15,742 900 5.7 35.7 -7.2 25.9
146 Harley-Davidson Automobiles and Components 14,655 858 5.9 22.3 3.0 25.9
147 Cummins Capital Goods 27,396 1,048 3.8 12.2 12.0 25.7
148 Scripps Networks Interactive Media 11,105 853 7.7 32.5 -5.2 25.7
149 Merck & Co. Pharmaceuticals, Biotechnology and Life Sciences 166,939 9,818 5.9 23.7 1.4 25.4
150 Automatic Data Processing Software and Services 37,226 1,406 3.8 22.1 2.6 25.3
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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