NEW YORK, Dec. 17, 2019 /PRNewswire/ -- S&P Dow
Jones Indices ("S&P DJI") announced today that preliminary
Q3 2019 S&P 500® stock
buybacks, or share repurchases, were $175.9 billion – a 6.3% increase over Q2 2019's
$165.5 billion. This was the first
increase after two consecutive quarters of declines since the
record $223 billion in Q4 2018.
Historical data on S&P 500 buybacks are available at
www.spdji.com/indices/equity/sp-500.
Key Takeaways:
- Companies reversed declines in buyback expenditures in the past
two quarters of this year, posting a 6.3% gain over Q2 2019, as the
current level remains significantly higher than 2017 and prior
periods. The cumulative rolling four quarters of repurchases
continued to impact EPS, as 22.8% of the issues reduced share
counts by at least 4% year-over-year, the same level as Q2 2019,
but up from the Q3 2018's 17.7%. Over 1-in-5 issues saw at least a
4% EPS tailwind and at this point 14.6% of the issues already have
at least a 4% tailwind built into Q4 2019.
- S&P 500 Q3 2019 dividends set a quarterly record,
increasing to $123.2 billion, up 6.4%
from the Q3 2018 $115.7 billion; Q4
2019 is set to post yet another record, in the $126 billion range.
- Total shareholder return of buybacks and dividends for the
quarter came in at $299.0 billion, up
5.2% from the Q2 2019 period expenditure of $284.1 billion and down 6.4% from the
$319.5 billion reported for Q3
2018.
- Total shareholder return for the 12-month period ending
September 2019 declined to
$1.249 trillion from the 12-month
June 2019 level of $1.270 trillion, and was up 7.1% from the
year-over-year 12-month Q2 2018 level of $1.166 trillion.
"After lowering expenditures in the first half of the year from
their tax-inspired record-setting buying spree of 2018, companies
increased their share repurchases by 6.3% in the third quarter,"
said Howard Silverblatt, Senior
Index Analyst at S&P Dow Jones Indices. "While the
levels still pale in comparison to 2018, they are significantly
higher than the pre-2018 levels, and surpass the hoped for
$170 billion mark, which was seen as
the level needed to support stocks and continue reduced share count
EPS growth. For Q4, the market is looking for another increase in
buybacks, in the mid-single digit range, staying near the
$190 billion level, well shy of the
Q4 2018 record-setting $223
billion."
Silverblatt also found that buybacks continue to be top heavy,
with the top 20 issues accounting for 50.4% of the buybacks,
compared to the 10-year average of 44.5%.
Q3 2019 GICS® Sector Analysis:
Information Technology buybacks continued to decline as a
percentage of all buybacks, as they decreased 10.8% to $49.2 billion compared to $55.2 billion for Q2 2019. Twelve-month
expenditures were down 7.6% to $233.7
billion from the $253.0
billion spent in the same period in 2018. The sector
represents 28.0% of the index's buybacks, down from Q2 2019's 33.4%
and 40.4% in Q3 2018.
Financials were right behind Information Technology for
expenditures, as they increased 26.4% to $47.8 billion, up from last quarter's
$37.8 billion. They represented 27.2%
of all buybacks, up from 22.9% in Q2 2019, and are less than one
percentage point away from Information Technology's 28.0%.
Materials buybacks continued to be volatile, as they
increased 123.1% after declining 49.3% last quarter, spending
$5.4 billion on buybacks, up from
$2.4 billion last quarter and down
from $4.8 billion for Q1 2019.
Utilities again declined, spending 11.1% less, to
$0.8 billion from last quarter's
$0.9 billion and $1.5 billion in Q1 2019.
Health Care buybacks declined 6.2%, to $16.0 billion, from last quarter's $17.1 billion, as they represent 9.1% of all
buybacks, down from last quarter's 10.3%.
Issues:
The five issues with the highest total buybacks for Q3 2019
are:
- Apple (AAPL) continued to lead in buybacks, spending
$17.6 billion in Q3 2019, ranking
8th in S&P 500 history, as the level was down 2.9%
from their Q2 2019 $18.2 billion
expenditure. Over the past 12-months, Apple has spent $69.7 billion on buybacks, down from $75.3 billion in the prior 12-month period. Over
the five-year period they have spent $247.8
billion, more than the market value of Home Depot.
- Bank of America (BAC): $7.6
billion for Q3 2019, up from $6.5
billion for Q2 2019; in the last 12-months they spent
$25.6 billion, up from $19.7 billion.
- Wells Fargo (WFC):
$7.5 billion for Q3 2019, up from
their $4.9 billion Q2 2019
expenditure; in the last 12 months they spent $24.7 billion, up from $16.5 billion.
- JP Morgan (JPM): $6.9
billion for Q3 2019, up from the $5.2
billion spent in Q2 2019; in the last 12-months they spent
$23.2 billion, up from $18.9 billion.
- Alphabet (GOOG/L): $5.7
billion for Q3 2019, up from $3.6
billion for Q2 2019; in the last 12-months they spent
$14.9 billion, up from $8.5 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)
|
|
|
|
|
|
PERIOD
|
MARKET
|
OPERATING
|
AS
REPORTED
|
|
|
|
|
DIVIDEND
&
|
|
VALUE
|
EARNINGS
|
EARNINGS
|
DIVIDENDS
|
BUYBACKS
|
DIVIDEND
|
BUYBACK
|
BUYBACK
|
|
$
BILLIONS
|
$
BILLIONS
|
$
BILLIONS
|
$
BILLIONS
|
$
BILLIONS
|
YIELD
|
YIELD
|
YIELD
|
12 Mo
Sep,'19
|
$24,706.92
|
$1,274.15
|
$1,106.84
|
$478.94
|
$770.14
|
1.94%
|
3.12%
|
5.06%
|
12 Mo
Sep,'18
|
$24,579.28
|
$1,276.77
|
$1,106.65
|
$445.96
|
$720.40
|
1.81%
|
2.93%
|
4.75%
|
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%
|
|
|
|
|
|
|
|
|
|
9/30/2019
|
$24,707
|
$330.51
|
$282.12
|
$123.12
|
$175.89
|
1.94%
|
3.12%
|
5.06%
|
6/28/2019
|
$24,423
|
$333.26
|
$290.00
|
$118.68
|
$165.46
|
1.93%
|
3.27%
|
5.20%
|
3/29/2019
|
$23,619
|
$316.56
|
$291.82
|
$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%
|
S&P Dow Jones
Indices
|
|
|
|
|
|
|
S&P 500 SECTOR
BUYBACKS
|
|
|
|
|
|
SECTOR $
MILLIONS
|
Q3,'19
|
Q2,'19
|
Q3,'18
|
12MoSep,'19
|
12MoSep,'18
|
5-YEARS
|
10-YEARS
|
|
|
|
|
|
|
|
|
Consumer
Discretionary
|
$18,372
|
$15,764
|
$19,688
|
$77,509
|
$81,798
|
$426,508
|
$742,619
|
Consumer
Staples
|
$7,509
|
$7,114
|
$10,025
|
$33,997
|
$34,351
|
$208,836
|
$440,792
|
Energy
|
$4,880
|
$4,552
|
$7,330
|
$22,423
|
$26,932
|
$88,212
|
$264,332
|
Financials
|
$47,789
|
$37,819
|
$40,643
|
$174,094
|
$138,316
|
$621,259
|
$859,660
|
Healthcare
|
$16,007
|
$17,066
|
$14,482
|
$95,158
|
$93,170
|
$410,508
|
$699,142
|
Industrials
|
$14,181
|
$16,967
|
$15,159
|
$73,600
|
$66,775
|
$354,187
|
$556,114
|
Information
Technology
|
$49,241
|
$55,187
|
$82,293
|
$233,713
|
$253,044
|
$871,620
|
$1,373,018
|
Materials
|
$5,400
|
$2,420
|
$3,014
|
$18,449
|
$10,601
|
$61,764
|
$113,442
|
Real
Estate
|
$694
|
$555
|
$520
|
$3,138
|
$3,602
|
$10,029
|
$10,029
|
Communication
Services
|
$11,028
|
$7,132
|
$10,092
|
$34,061
|
$10,690
|
$52,070
|
$83,086
|
Utilities
|
$784
|
$882
|
$509
|
$3,994
|
$1,119
|
$9,142
|
$18,756
|
TOTAL
|
$175,886
|
$165,458
|
$203,756
|
$770,135
|
$720,397
|
$3,114,135
|
$5,160,989
|
S&P Dow Jones
Indices
|
|
|
|
|
|
|
|
S&P 500 20
LARGEST Q3 2019 BUYBACKS, $ MILLIONS
|
|
|
|
|
|
Company
|
Ticker
|
Sector
|
Q3
2019
|
12-Months
|
12-Months
|
5-Year
|
10-Year
|
Indicated
|
|
|
|
Buybacks
|
Sep,'19
|
Sep,'18
|
Buybacks
|
Buybacks
|
Dividend
|
|
|
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
Apple
|
AAPL
|
Information
Technology
|
$17,635
|
$69,714
|
$75,265
|
$247,797
|
$320,049
|
$14,808
|
Bank of
America
|
BAC
|
Financials
|
$7,626
|
$25,627
|
$19,732
|
$60,790
|
$65,685
|
$7,447
|
Wells
Fargo
|
WFC
|
Financials
|
$7,459
|
$24,757
|
$16,518
|
$68,966
|
$87,356
|
$9,877
|
JPMorgan
Chase
|
JPM
|
Financials
|
$6,949
|
$23,178
|
$18,863
|
$68,851
|
$90,405
|
$11,511
|
Alphabet
|
GOOGL
|
Communication
Services
|
$5,696
|
$14,948
|
$8,526
|
$31,692
|
$32,610
|
$0
|
Oracle
|
ORCL
|
Information
Technology
|
$5,519
|
$31,816
|
$21,366
|
$74,484
|
$105,087
|
$4,852
|
Citigroup
|
C
|
Financials
|
$4,978
|
$12,855
|
$15,800
|
$53,997
|
$57,889
|
$4,608
|
Microsoft
|
MSFT
|
Information
Technology
|
$4,912
|
$20,711
|
$11,895
|
$74,488
|
$116,365
|
$15,576
|
Intel
|
INTC
|
Information
Technology
|
$4,521
|
$11,874
|
$8,464
|
$34,421
|
$65,163
|
$5,582
|
LyondellBasell
|
LYB
|
Materials
|
$3,240
|
$4,805
|
$801
|
$15,507
|
$21,803
|
$1,829
|
Procter &
Gamble
|
PG
|
Consumer
Staples
|
$3,000
|
$6,751
|
$5,754
|
$24,090
|
$53,999
|
$7,458
|
Charter
Communications
|
CHTR
|
Communication
Services
|
$2,767
|
$5,753
|
$7,181
|
$22,283
|
$23,066
|
$0
|
Starbucks
|
SBUX
|
Consumer
Discretionary
|
$2,255
|
$10,334
|
$7,196
|
$23,269
|
$26,278
|
$1,963
|
Visa
|
V
|
Information
Technology
|
$2,132
|
$8,718
|
$7,286
|
$33,238
|
$46,605
|
$2,072
|
Mastercard
|
MA
|
Information
Technology
|
$1,803
|
$6,553
|
$5,156
|
$21,721
|
$30,291
|
$1,803
|
DaVita
|
DVA
|
Health
Care
|
$1,764
|
$1,837
|
$1,643
|
$4,973
|
$5,876
|
$0
|
Facebook
|
FB
|
Communication
Services
|
$1,739
|
$8,661
|
$13,886
|
$26,001
|
$29,756
|
$0
|
Johnson &
Johnson
|
JNJ
|
Health
Care
|
$1,628
|
$10,128
|
$2,875
|
$35,636
|
$60,511
|
$10,029
|
Morgan
Stanley
|
MS
|
Financials
|
$1,538
|
$5,633
|
$5,664
|
$21,297
|
$24,020
|
$3,045
|
McDonald's
|
MCD
|
Consumer
Discretionary
|
$1,468
|
$4,458
|
$5,029
|
$31,806
|
$44,772
|
$3,797
|
Top
20
|
|
|
$88,629
|
$309,111
|
$258,900
|
$975,307
|
$1,307,586
|
$106,257
|
S&P
500
|
|
|
$175,886
|
$770,135
|
$720,397
|
$3,114,135
|
$5,160,989
|
$546,855
|
Top 20 % of
S&P 500
|
|
|
50.39%
|
40.14%
|
35.94%
|
31.32%
|
25.34%
|
19.43%
|
Gross
values are not adjusted for float
|
|
|
|
|
|
|
S&P Dow Jones
Indices
|
|
|
|
S&P 500 20
Largest Quarterly Buybacks, $ Millions, as of Q3 2019; Apple added
at #8
|
$
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
|
$17,635
|
Q3
2019
|
Apple
|
Information
Technology
|
8
|
$17,319
|
Q3 2014
|
Apple
|
Information
Technology
|
9
|
$16,413
|
Q2 2013
|
Apple
|
Information
Technology
|
10
|
$15,707
|
Q3 2007
|
International
Business Machines
|
Information
Technology
|
11
|
$13,420
|
Q3 2015
|
Apple
|
Information
Technology
|
12
|
$12,852
|
Q4 2013
|
Johnson &
Johnson
|
Healthcare
|
13
|
$12,318
|
Q4 2016
|
Allergan
plc
|
Healthcare
|
14
|
$12,183
|
Q2 2012
|
Johnson &
Johnson
|
Healthcare
|
15
|
$11,480
|
Q4 2016
|
Apple
|
Information
Technology
|
16
|
$11,133
|
Q4 2017
|
Apple
|
Information
Technology
|
17
|
$10,776
|
Q2 2016
|
Apple
|
Information
Technology
|
18
|
$10,724
|
Q2 2015
|
Apple
|
Information
Technology
|
19
|
$10,723
|
Q1 2016
|
Home Depot
|
Consumer
Discretionary
|
20
|
S&P Dow Jones
Indices
|
|
|
|
|
S&P 500 Q3
2019 Buyback Report
|
|
|
|
|
|
|
|
|
SECTOR
|
DIVIDEND
|
BUYBACK
|
COMBINED
|
|
|
YIELD
|
YIELD
|
YIELD
|
|
Consumer
Discretionary
|
1.65%
|
3.08%
|
4.73%
|
|
Consumer
Staples
|
3.63%
|
1.78%
|
5.41%
|
|
Energy
|
4.11%
|
1.96%
|
6.07%
|
|
Financials
|
2.35%
|
4.83%
|
7.18%
|
|
HealthCare
|
1.78%
|
2.56%
|
4.34%
|
|
Industrials
|
2.02%
|
3.03%
|
5.06%
|
|
Information
Technology
|
1.44%
|
3.87%
|
5.32%
|
|
Materials
|
2.26%
|
2.67%
|
4.93%
|
|
Real
Estate
|
3.36%
|
0.41%
|
3.77%
|
|
Communications
Services
|
1.53%
|
1.49%
|
3.01%
|
|
Utilities
|
3.17%
|
0.46%
|
3.63%
|
|
S&P
500
|
2.11%
|
2.96%
|
5.07%
|
|
Uses
full values (unadjusted for float)
|
|
|
|
Dividends based on indicated; buybacks based on the last 12-months
ending Q3,'19
|
Share Count
Reduction (SCR)
|
SCR
|
SCR
|
(Y/Y diluted
shares used for EPS)
|
>=4%
|
<=-4%
|
Q3
2019
|
8.62%
|
22.85%
|
Q2
2019
|
7.98%
|
24.15%
|
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%
|
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