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 or $1 billion of their shares from June 30, 2011 through June 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—268
Company Industry Market
Capitalization $ Total
Buyback $ Total
Buyback
/ Market Cap Buyback
Strategy Buyback
Effectiveness Buyback ROI Average $38,681 $2,912 9.3% 13.5% 10.4% 25.0% Median $15,858 $1,350 8.1% 13.5% 9.7% 24.1% 1 Constellation Brands Food, Beverage and Tobacco $9,809 $797 8.1% 52.3% 30.9% 99.4% 2 Gilead Sciences Pharmaceuticals, Biotechnology and Life Sciences $78,205 $1,860 2.4% 60.0% 13.3% 81.3% 3 Tesoro Corp. Energy $7,210 $360 5.0% 52.9% 16.7% 78.5% 4 Western Digital Corp. Technology Hardware and Equipment $14,677 $1,446 9.9% 26.5% 37.9% 74.5% 5 Tenet Healthcare Healthcare Equipment and Services $4,771 $620 13.0% 31.1% 31.9% 72.9% 6 H&R Block Consumer Services $7,567 $521 6.9% 37.2% 24.3% 70.5% 7 Seagate Technology Technology Hardware and Equipment $16,074 $4,080 25.4% 63.8% 1.1% 65.6% 8 GameStop Corp. Retailing $4,944 $523 10.6% 19.5% 36.3% 62.9% 9 Celgene Corp. Pharmaceuticals, Biotechnology and Life Sciences $48,795 $5,454 11.2% 43.2% 13.7% 62.8% 10 Biogen Idec Pharmaceuticals, Biotechnology and Life Sciences $51,083 $1,137 2.2% 51.6% 6.0% 60.7% 11 The Sherwin-Williams Co. Materials $18,219 $1,025 5.6% 48.8% 7.8% 60.4% 12 General Motors Co. Automobiles and Components $45,791 $5,101 11.1% 1.5% 55.6% 58.0% 13 The Gap Retailing $19,517 $1,820 9.3% 41.0% 11.9% 57.7% 14 Yahoo! Software and Services $27,207 $4,605 16.9% 24.6% 26.5% 57.7% 15 Life Technologies Corp. Pharmaceuticals, Biotechnology and Life Sciences $12,750 $914 7.2% 16.9% 34.3% 57.0% 16 The Home Depot Retailing $113,168 $9,549 8.4% 47.2% 5.8% 55.8% 17 Gannett Co. Media $5,599 $249 4.4% 27.3% 21.1% 54.2% 18 Twenty-First Century Fox Media $75,649 $6,423 8.5% 37.1% 11.7% 53.0% 19 Time Warner Media $53,898 $4,907 9.1% 31.8% 15.6% 52.4% 20 Expedia Retailing $8,129 $711 8.8% 57.4% -3.4% 52.1% 21 NYSE Euronext Diversified Financials $10,060 $552 5.5% 8.2% 40.3% 51.8% 22 Lincoln National Corp. Insurance $9,791 $943 9.6% 10.2% 37.7% 51.7% 23 State Street Corp. Diversified Financials $29,740 $3,052 10.3% 19.7% 26.7% 51.6% 24 Discovery Communications Media $27,172 $2,067 7.6% 36.2% 11.2% 51.5% 25 Moody's Corp. Diversified Financials $13,581 $753 5.5% 28.8% 16.6% 50.2% 26 BlackRock Diversified Financials $43,948 $2,591 5.9% 21.4% 23.6% 50.0% 27 Visa Software and Services $118,742 $5,252 4.4% 51.2% -1.2% 49.5% 28 CBS Corp. Media $31,051 $2,690 8.7% 37.2% 8.9% 49.4% 29 Amgen Pharmaceuticals, Biotechnology and Life Sciences $73,993 $13,009 17.6% 36.7% 9.0% 49.0% 30 Avery Dennison Corp. Materials $4,258 $384 9.0% 6.1% 39.6% 48.1% 31 Valero Energy Corp. Energy $18,962 $1,111 5.9% 27.6% 15.4% 47.2% 32 Ameriprise Financial Diversified Financials $16,300 $2,888 17.7% 16.6% 26.0% 46.9% 33 The Allstate Corp. Insurance $22,551 $2,219 9.8% 27.8% 14.9% 46.8% 34 Thermo Fisher Scientific Pharmaceuticals, Biotechnology and Life Sciences $30,478 $1,815 6.0% 17.7% 24.5% 46.5% 35 Pentair Capital Goods $11,786 $7,67. 6.7% 26.4% 15.2% 45.6% 36 The Walt Disney Co. Media $113,729 $2,162 9.7% 39.3% -1.4% 37.4% 37 Flowserve Corp. Capital Goods $7,723 $1,202 15.6% 18.0% 23.2% 45.3% 38 Discover Financial Services Diversified Financials $23,364 $2,325 10.0% 39.4% 3.8% 44.7% 39 SLM Corp. Diversified Financials $10,155 $1,073 10.6% 20.3% 19.7% 44.0% 40 Southwest Airlines Co. Transportation $9,310 $991 10.6% 8.5% 32.6% 43.8% 41 Wyndham Worldwide Corp. Consumer Services $7,776 $1,467 18.9% 38.6% 3.3% 43.1% 42 Lowe's Cos. Retailing $43,862 $6,924 15.8% 29.8% 10.1% 42.9% 43 American International Group Insurance $65,993 $13,070 19.8% 18.6% 20.2% 42.5% 44 CareFusion Corp. Healthcare Equipment and Services $8,100 $450 5.6% 11.6% 27.3% 42.2% 45 SanDisk Corp. Technology Hardware and Equipment $14,867 $604 4.1% 11.9% 26.6% 41.7% 46 Comcast Corp. Media $108,917 $5,091 4.7% 31.7% 7.5% 41.5% 47 Bristol-Myers Squibb Co. Pharmaceuticals, Biotechnology and Life Sciences $73,406 $2,624 3.6% 29.4% 8.9% 40.9% 48 Ingersoll-Rand Capital Goods $16,594 $2,419 14.6% 9.8% 28.3% 40.8% 49 KeyCorp. Banks $10,162 $428 4.2% 12.7% 24.4% 40.2% 50 ConAgra Foods Food, Beverage and Tobacco $14,559 $597 4.1% 22.8% 13.9% 39.8% Source: Fortuna Advisors Analysis using data from the Capital IQ database. Financial Data from June 2011 to June 2013. Includes the 487 members of the current S&P 500 that were public for the full period. Market Capitalization as of: 06/30/2013. Companies Included here if $ Total Buyback / Market Capitalization is greater than 4% or if $ Total Buyback is greater than $1 Billion.