NEW YORK, Sept. 16, 2019 /PRNewswire/ -- S&P Dow Jones
Indices ("S&P DJI") announced today that preliminary Q2
2019 S&P 500® stock buybacks, or
share repurchases, were $164.5
billion. This was the second consecutive quarterly decline
after four consecutive quarters of record buybacks. Q2 2019
buybacks were 20.1% lower than Q1 2019's $205.6 billion, 13.7% lower year-over-year from
Q2 2018's $190.6 billion, and 26.2%
lower than the Q4 2018 record expenditure of $223.0 billion.
Historical data on S&P 500 buybacks are available at
www.spdji.com/indices/equity/sp-500.
Key Takeaways:
- While companies significantly reduced their Q2 2019 buyback
expenditures from the record setting quarters of 2018, levels
remain higher than 2017 and prior periods.
-
- The 2018 tax rate decline may have pushed companies to
overspend on buybacks, posting a 55% gain over 2017 and a 39% gain
over the prior record in 2015.
- The cumulative rolling four quarters of repurchases continued
to impact EPS as 24.2% of the issues reduced share counts by at
least 4% year-over-year, slightly down from the Q1 2019 24.9% rate,
and substantially up from the Q2 2018's 15.6%, giving 1-in-4 issues
at least a 4% EPS tailwind.
- S&P 500 Q2 2019 dividends totaled $118.7 billion, up 6.3% from the Q2 2018 of
$111.6 billion; Q3 2019 is set to
post a new record, in the $122
billion range.
- Total shareholder return of buybacks and dividends for the
quarter came in at $283.2 billion,
down 12.4% from the Q1 2019 period expenditure of $323.1 billion and down 6.3% from the
$302.2 billion reported for Q2
2018.
- Total shareholder return for the 12-month period ending
June 2019 declined to $1.269 trillion, from the record 12-month
March 2019 level of $1.288 trillion, and was up 17.3% from the
year-over-year 12-month Q2 2018 of $1.081
trillion.
"In what may have been a reaction to their tax-inspired
record-setting buying spree of 2018, companies significantly pulled
back on their Q2 2019 buybacks, said Howard Silverblatt, Senior Index Analyst at
S&P Dow Jones Indices. "While the decline is
significant compared to 2018, it remains higher than the pre-2018
levels. Estimates vary, but a base amount of $170 billion a quarter has been emerging as the
consensus level of buybacks going forward."
Silverblatt also found that buybacks continue to be top heavy,
with the top 20 issues accounting for 51.4% of the buybacks, up a
tick from the Q1 2019 51.2%, as the 10-year average is
44.1%.
Q2 2019 GICS® Sector Analysis:
Information Technology buybacks continued to dominate,
even as they decreased 20.3% to $54.2
billion compared to $68.0
billion for Q1 2019. Twelve-month expenditures were up 33.8%
to $265.8 billion from $198.7 billion spent for the same period in 2018.
The sector represents 33.0% of the index's buybacks for the
quarter, flat from last quarter.
Materials buyback declined 49.3% to $2.4 billion compared to $4.8 billion for Q1 2018. Utilities
declined 40.4%, to 0.9 billion from 1.5 billion in Q1 2019.
Health Care buybacks continued to be volatile, as they
decreased 44.5% to $17.1 billion,
down from $30.7 billion for Q1 2019,
as the 12-months ending in Q2 2019, buybacks were $93.6 billion, up 6.1% from the $88.2 billion spent in the corresponding 2018
period.
Issues:
The five issues with the highest total buybacks for Q2 2019
are:
- Apple (AAPL) again led in buybacks spending $18.2 billion in Q2 2018, ranking 6th
in S&P 500 history, as the level was down 23.8% from the record
$23.8 billion spent in Q1 2019. Over
the past 12-months, Apple has spent $71.4
billion on buybacks, almost twice the value of Ford Motor
Company, up from $63.9 billion in the
prior 12-month period.
- Bank of America (BAC): $6.5
billion for Q2 2019, up from $6.3
billion for Q1 2019; in the last 12-months they spent
$23.0 billion, up from $17.7 billion.
- Oracle (ORCL): $6.3
billion for Q2 2019, down up from their $10.0 billion Q1 2019 expenditure; in the last 12
months they spent $36.6 billion, up
from $11.9 billion.
- JP Morgan (JPM): $5.2
billion for Q2 2019, up from the $5.1
billion spent in Q1 2019; in the last 12-months they spent
$20.6 billion, up from $19.2 billion.
- Cisco Systems (CSCO): $4.9
billion for Q2 2019, down from $6.1
billion for Q1 2019; in the last 12-months they spent
$21.6 billion, up from $18.3 billion.
For more information about S&P Dow Jones Indices, please
visit www.spdji.com.
S&P Dow Jones
Indices
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S&P 500, $
U.S. BILLIONS (preliminary and estimates in bold)
|
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|
PERIOD
|
MARKET
|
OPERATING
|
AS
REPORTED
|
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DIVIDEND
&
|
|
VALUE
|
EARNINGS
|
EARNINGS
|
DIVIDENDS
|
BUYBACKS
|
DIVIDEND
|
BUYBACK
|
BUYBACK
|
|
$
BILLIONS
|
$
BILLIONS
|
$
BILLIONS
|
$
BILLIONS
|
$
BILLIONS
|
YIELD
|
YIELD
|
YIELD
|
12 Mo Jun,'19
Prelim.
|
$24,423.49
|
$1,295.01
|
$1,132.67
|
$471.54
|
$797.03
|
1.93%
|
3.26%
|
5.19%
|
12 Mo
Jun,'18
|
$23,036.32
|
$1,196.08
|
$1,043.63
|
$435.69
|
$645.81
|
1.89%
|
2.80%
|
4.69%
|
2018
|
$21,026.90
|
$1,281.66
|
$1,119.43
|
$456.31
|
$806.41
|
2.17%
|
3.84%
|
6.01%
|
2017
|
$22,821.24
|
$1,066.00
|
$940.86
|
$419.77
|
$519.40
|
1.84%
|
2.28%
|
4.12%
|
2016
|
$19,267.93
|
$919.85
|
$818.55
|
$397.21
|
$536.38
|
2.06%
|
2.78%
|
4.85%
|
|
|
|
|
|
|
|
|
|
6/28/2019
Prelim
|
$24,423
|
$335.58
|
$291.25
|
$118.68
|
$164.48
|
1.93%
|
3.26%
|
5.19%
|
3/29/2019
|
$23,619
|
$316.48
|
$291.23
|
$117.33
|
$205.81
|
1.97%
|
3.49%
|
5.45%
|
12/31/2018
|
$21,027
|
$293.82
|
$242.91
|
$119.81
|
$222.98
|
2.17%
|
3.84%
|
6.01%
|
9/30/2018
|
$24,579
|
$349.04
|
$306.70
|
$115.72
|
$203.76
|
1.81%
|
2.93%
|
4.75%
|
6/30/2018
|
$23,036
|
$327.53
|
$288.55
|
$111.60
|
$190.62
|
1.89%
|
2.80%
|
4.69%
|
3/29/2018
|
$22,496
|
$311.26
|
$281.28
|
$109.18
|
$189.05
|
1.90%
|
2.56%
|
4.46%
|
12/29/2017
|
$22,821
|
$288.93
|
$230.12
|
$109.46
|
$136.97
|
1.84%
|
2.28%
|
4.12%
|
9/29/2017
|
$21,579
|
$268.35
|
$243.68
|
$105.45
|
$129.17
|
1.92%
|
2.40%
|
4.32%
|
6/30/2017
|
$20,762
|
$261.39
|
$231.40
|
$104.01
|
$120.11
|
1.96%
|
2.41%
|
4.37%
|
3/31/2017
|
$20,276
|
$247.32
|
$235.65
|
$100.86
|
$133.15
|
1.98%
|
2.51%
|
4.49%
|
12/31/2016
|
$19,268
|
$240.11
|
$207.93
|
$103.82
|
$135.29
|
2.06%
|
2.78%
|
4.85%
|
9/30/2016
|
$18,742
|
$247.98
|
$219.46
|
$98.43
|
$112.20
|
2.10%
|
2.92%
|
5.01%
|
6/30/2016
|
$18,193
|
$222.77
|
$201.79
|
$98.30
|
$127.50
|
2.14%
|
3.22%
|
5.36%
|
3/31/2016
|
$17,958
|
$208.99
|
$189.37
|
$96.67
|
$161.39
|
2.15%
|
3.28%
|
5.43%
|
12/31/2015
|
$17,900
|
$201.95
|
$163.76
|
$99.39
|
$145.88
|
2.14%
|
3.20%
|
5.33%
|
9/30/2015
|
$16,917
|
$224.14
|
$204.58
|
$95.07
|
$150.58
|
2.22%
|
3.30%
|
5.52%
|
6/30/2015
|
$18,219
|
$230.84
|
$201.35
|
$94.45
|
$131.56
|
2.03%
|
3.04%
|
5.07%
|
S&P Dow Jones
Indices
|
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|
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|
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S&P 500 SECTOR
BUYBACKS
|
|
|
|
|
|
|
|
SECTOR $
MILLIONS
|
Q2,'18
|
Q1,'19
|
Q2,'18
|
12MoJun,'19
|
12MoJun,'18
|
5-YEARS
|
10-YEARS
|
|
|
|
|
|
|
|
|
Consumer
Discretionary
|
$15,764
|
$17,721
|
$22,656
|
$78,825
|
$86,352
|
$429,464
|
$728,807
|
Consumer
Staples
|
$7,114
|
$9,786
|
$6,580
|
$36,512
|
$39,904
|
$211,298
|
$439,981
|
Energy
|
$4,552
|
$4,294
|
$4,285
|
$24,874
|
$21,922
|
$92,142
|
$263,972
|
Financials
|
$37,819
|
$42,845
|
$29,968
|
$166,948
|
$131,925
|
$593,911
|
$813,978
|
Healthcare
|
$17,066
|
$30,749
|
$27,241
|
$93,633
|
$88,210
|
$408,431
|
$686,549
|
Industrials
|
$16,967
|
$19,426
|
$23,426
|
$74,578
|
$64,702
|
$356,504
|
$543,959
|
Information
Technology
|
$54,210
|
$67,986
|
$71,511
|
$265,787
|
$198,677
|
$864,307
|
$1,333,335
|
Materials
|
$2,420
|
$4,771
|
$3,237
|
$16,062
|
$8,998
|
$67,230
|
$108,265
|
Real
Estate
|
$555
|
$409
|
$884
|
$2,963
|
$3,888
|
$9,334
|
$9,334
|
Communication
Services
|
$7,132
|
$6,345
|
$419
|
$33,125
|
$601
|
$41,328
|
$72,197
|
Utilities
|
$882
|
$1,479
|
$413
|
$3,720
|
$631
|
$8,517
|
$18,596
|
TOTAL
|
$164,481
|
$205,811
|
$190,621
|
$797,028
|
$645,811
|
$3,082,465
|
$5,018,974
|
S&P Dow Jones
Indices
|
|
|
|
|
|
|
|
|
S&P 500 20
LARGEST Q2 2019 BUYBACKS, $ MILLIONS
|
|
|
|
|
|
|
Company
|
Ticker
|
Sector
|
Q2
2019
|
12-Months
|
12-Months
|
5-Year
|
10-Year
|
Indicated
|
|
|
|
Buybacks
|
Jun,'19
|
Jun,'18
|
Buybacks
|
Buybacks
|
Dividend
|
|
|
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
Apple
|
AAPL
|
Information
Technology
|
$18,154
|
$71,443
|
$63,924
|
$247,481
|
$302,414
|
$14,917
|
Bank of
America
|
BAC
|
Financials
|
$6,507
|
$23,041
|
$17,673
|
$53,164
|
$58,059
|
$7,361
|
Oracle
|
ORCL
|
Information
Technology
|
$6,301
|
$36,643
|
$11,853
|
$70,970
|
$99,812
|
$4,621
|
JPMorgan
|
JPM
|
Financials
|
$5,210
|
$20,645
|
$19,210
|
$63,391
|
$83,456
|
$11,678
|
Cisco
Systems
|
CSCO
|
Information
Technology
|
$4,936
|
$21,579
|
$18,250
|
$53,425
|
$85,891
|
$5,993
|
Wells
Fargo
|
WFC
|
Financials
|
$4,906
|
$24,691
|
$11,734
|
$63,997
|
$79,914
|
$10,187
|
Microsoft
|
MSFT
|
Information
Technology
|
$4,633
|
$19,543
|
$10,721
|
$72,464
|
$112,993
|
$14,100
|
Johnson Controls
Internat'l
|
JCI
|
Industrials
|
$4,125
|
$5,154
|
$484
|
$8,011
|
$9,537
|
$828
|
Alphabet
|
GOOGL
|
Communication
Services
|
$3,577
|
$11,452
|
$6,326
|
$25,996
|
$26,914
|
$0
|
Citigroup
|
C
|
Financials
|
$3,464
|
$13,043
|
$16,071
|
$49,206
|
$52,920
|
$4,717
|
Intel
|
INTC
|
Information
Technology
|
$3,049
|
$10,037
|
$6,920
|
$34,109
|
$62,342
|
$5,641
|
Booking
Holdings
|
BKNG
|
Consumer
Discretionary
|
$2,718
|
$9,557
|
$3,178
|
$18,043
|
$19,578
|
$0
|
Johnson &
Johnson
|
JNJ
|
Health
Care
|
$2,486
|
$8,971
|
$2,715
|
$36,423
|
$58,932
|
$10,089
|
Amgen
|
AMGN
|
Health
Care
|
$2,415
|
$9,426
|
$15,730
|
$32,349
|
$51,126
|
$3,538
|
Biogen
|
BIIB
|
Health
Care
|
$2,402
|
$4,410
|
$3,000
|
$15,325
|
$20,316
|
$0
|
Visa
|
V
|
Information
Technology
|
$2,152
|
$8,178
|
$7,418
|
$31,863
|
$44,473
|
$1,739
|
Lowe's
Companies
|
LOW
|
Consumer
Discretionary
|
$1,944
|
$3,961
|
$2,535
|
$18,373
|
$34,586
|
$1,722
|
Mastercard
|
MA
|
Information
Technology
|
$1,921
|
$5,920
|
$4,824
|
$20,322
|
$28,488
|
$1,498
|
Honeywell
Internat'l
|
HON
|
Industrials
|
$1,900
|
$4,946
|
$3,601
|
$13,875
|
$16,396
|
$2,387
|
Walgreens Boots
Alliance
|
FB
|
Communication
Services
|
$1,752
|
$12,083
|
$10,230
|
$24,262
|
$28,017
|
$0
|
Top
20
|
|
|
$84,552
|
$324,723
|
$236,397
|
$953,050
|
$1,276,164
|
$101,017
|
S&P
500
|
|
|
$164,481
|
$797,028
|
$645,811
|
$3,082,465
|
$5,073,953
|
$530,924
|
Top 20 % of
S&P 500
|
|
|
51.40%
|
40.74%
|
36.60%
|
30.92%
|
25.15%
|
19.03%
|
Gross
values are not adjusted for float
|
|
|
|
|
|
|
S&P Dow Jones
Indices
|
|
|
|
S&P 500 20
Largest Quarterly Buybacks, $ Millions, as of Q2 2019; Apple
added at #6
|
$
MILLIONS
|
QUARTER
|
COMPANY
|
SECTOR
|
|
$23,811
|
Q1 2019
|
Apple
|
Information
Technology
|
1
|
$22,908
|
Q1 2018
|
Apple
|
Information
Technology
|
2
|
$21,860
|
Q2 2018
|
Apple
|
Information
Technology
|
3
|
$21,162
|
Q2 2006
|
QUALCOMM
|
Information
Technology
|
4
|
$19,364
|
Q3 2018
|
Apple
|
Information
Technology
|
5
|
$18,154
|
Q2
2019
|
Apple
|
Information
Technology
|
6
|
$18,036
|
Q1 2014
|
Apple
|
Information
Technology
|
7
|
$17,319
|
Q3 2014
|
Apple
|
Information
Technology
|
8
|
$16,413
|
Q2 2013
|
Apple
|
Information
Technology
|
9
|
$15,707
|
Q3 2007
|
International
Business Machines
|
Information
Technology
|
10
|
$13,420
|
Q3 2015
|
Apple
|
Information
Technology
|
11
|
$12,852
|
Q4 2013
|
Johnson &
Johnson
|
Healthcare
|
12
|
$12,318
|
Q4 2016
|
Allergan plc
(AGN)
|
Healthcare
|
13
|
$12,183
|
Q2 2012
|
Johnson &
Johnson
|
Healthcare
|
14
|
$11,480
|
Q4 2016
|
Apple
|
Information
Technology
|
15
|
$11,133
|
Q4 2017
|
Apple
|
Information
Technology
|
16
|
$10,776
|
Q2 2016
|
Apple
|
Information
Technology
|
17
|
$10,724
|
Q2 2015
|
Apple
|
Information
Technology
|
18
|
$10,723
|
Q1 2016
|
Home Depot
|
Consumer
Discretionary
|
19
|
$10,697
|
Q1 2018
|
Amgen
|
Healthcare
|
20
|
S&P Dow Jones
Indices
|
|
|
|
|
S&P 500 Q2
2019 Buyback Report
|
|
|
|
|
|
|
|
|
SECTOR
|
DIVIDEND
|
BUYBACK
|
COMBINED
|
|
|
YIELD
|
YIELD
|
YIELD
|
|
Consumer
Discretionary
|
1.43%
|
3.12%
|
4.54%
|
|
Consumer
Staples
|
3.74%
|
1.97%
|
5.71%
|
|
Energy
|
4.03%
|
2.11%
|
6.15%
|
|
Financials
|
2.53%
|
5.04%
|
7.58%
|
|
HealthCare
|
1.87%
|
2.77%
|
4.64%
|
|
Industrials
|
2.10%
|
3.22%
|
5.32%
|
|
Information
Technology
|
1.52%
|
4.90%
|
6.42%
|
|
Materials
|
2.35%
|
2.46%
|
4.82%
|
|
Real
Estate
|
3.17%
|
0.38%
|
3.55%
|
|
Communications
Services
|
1.60%
|
1.50%
|
3.10%
|
|
Utilities
|
3.18%
|
0.44%
|
3.62%
|
|
S&P
500
|
2.18%
|
3.25%
|
5.43%
|
|
Uses
full values (unadjusted for float)
|
|
|
|
Dividends based on indicated; buybacks based on the last 12-months
ending Q2,'19
|
Share Count
Reduction (SCR)
|
SCR
|
SCR
|
(Y/Y diluted
shares used for EPS)
|
>=4%
|
<=-4%
|
Q2
2019
|
8.00%
|
24.20%
|
Q1
2019
|
8.03%
|
24.90%
|
Q4
2018
|
8.45%
|
18.71%
|
Q3
2018
|
6.43%
|
17.67%
|
Q2
2018
|
6.20%
|
15.60%
|
Q1
2018
|
7.01%
|
13.63%
|
Q4
2017
|
6.83%
|
15.06%
|
Q3
2017
|
8.62%
|
14.23%
|
Q2
2017
|
10.00%
|
14.00%
|
Q1
2017
|
12.00%
|
14.80%
|
Q4
2016
|
10.48%
|
19.35%
|
Q3
2016
|
9.94%
|
23.73%
|
Q2
2016
|
10.48%
|
26.61%
|
Q1
2016
|
10.06%
|
28.17%
|
Q4
2015
|
9.48%
|
25.81%
|
Q3
2015
|
9.64%
|
22.69%
|
Q2
2015
|
9.04%
|
21.08%
|
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