- S&P 500 Q3 2022 buybacks were $210.8 billion, down 4.0% from Q2 2022's
$219.6 billion, as participation
declined
- Financials increased 8.5% from Q2, but remained down 62.8%
from Q3 2021, as Energy went up 64.5% from Q2 and up 640% from Q3
2021
- On a proforma basis, the new net buyback 1% excise tax,
which starts in 2023, would have reduced Q3 2022 operating earnings
by 0.46%
NEW
YORK, Dec. 19, 2022 /PRNewswire/ -- S&P Dow
Jones Indices ("S&P DJI") announced today preliminary S&P
500® stock buybacks, or share repurchases, data for Q3
2022.
Historical data on S&P 500 buybacks are available at
www.spdji.com/indices/equity/sp-500.
Key Takeaways:
- Q3 2022 share repurchases were $210.8
billion, down 4.0% from Q2 2022's $219.6 billion expenditure and down 10.1% from Q3
2021's $234.6 billion.
- 319 companies reported buybacks of at least $5 million for the quarter, down from 331 in
Q2 2022 and up from 309 in Q3 2021; 384 companies did some buybacks
for the quarter, the same as in Q2 2022 and up from 371 in Q3 2021;
441 companies did some buybacks for the 12-months ending
September 2022, up from 424 in the
prior 2021 period.
- Buybacks remained top heavy with the top 20 companies
accounting for 49.0% of Q3 2022 buybacks, an increase from Q2
2022's 46.8%, but down from the 53.8% in Q3 2021, and up from the
pre-COVID historical average of 44.5%.
- For the 12-months ending September
2022, buybacks were $981.6
billion, down from the record $1.005
trillion posted for the June
2022 period, and up from the $742.2
billion spent in the September
2021 time period.
- 21.2% of companies reduced share counts used for
earnings-per-share (EPS) by at least 4% year-over-year, up from
Q2 2022's 19.8% and Q3 2021's 7.4%, and down from the pre-COVID Q3
2019 rate of 22.8%.
- S&P 500 Q3 2022 dividends decreased 0.2% to $140.3 billion from Q2 2022's record
$140.6 billion and were 7.9% greater
than the $130.0 billion in Q3 2021.
For the 12-months ending September
2022, dividends were a record $552.4
billion, up 10.7% on an aggregate basis from the 12-month's
September 2021's $498.9 billion.
- Total shareholders return of buybacks and dividends declined
to $351.2 billion in Q3 2022,
down 2.5% from Q2 2022's $360.2
billion and down 3.7% from Q3 2021's $364.7 billion.
- Total shareholder returns for the 12-months ending
September 2022 increased to a
record $1.534 trillion from the
September 2021 $1.241 trillion.
- On a proforma basis, the new 1% excise tax on net buybacks,
which will start in 2023, would have reduced the Q3 2022 S&P
500 operating earnings by 0.46% and as reported GAAP earnings by
0.52%; for 2021 it would have reduced operating by 0.45% and as
reported GAAP by 0.47%.
"Companies, led by Financials, continued to pull back from their
Q1 record-breaking buyback expenditures. However, energy has
reentered the market at a time when the sector's shares are up
substantially for the year," said Howard
Silverblatt, Senior Index Analyst at S&P Dow Jones
Indices. "The math of lower stock prices has resulted in more
shares repurchased with 21.2% of the companies in the S&P 500
increasing their earnings-per-share by at least 4% thanks to their
newly lowered share counts. The impact is expected to increase in
Q4 2022 as companies appear to have accelerated their buybacks from
Q1 2023 to Q4 2022 to avoid the new buyback tax."
1% Buyback Excise Tax for
2023:
On a proforma basis, the new 1% excise tax on net buybacks would
have reduced Q3 2022 operating earnings by 0.46%, down from the
proforma 0.48% for Q3 2021, with as reported GAAP earnings being
reduced by 0.52%, up from the proforma 0.50% for Q3 2021. For the
proforma 12-months period ending in September 2022, the tax would have cost S&P
500 companies $9.0 billion, and would
have reduced operating earnings by 0.53% and as reported GAAP
earnings by 0.57%.
Silverblatt added: "While going from zero to anything is the
biggest increase, the 1% tax is an additional cost, but it is still
not significant enough to impact overall buybacks at this point.
However, some buybacks planned for 2023 appear to have been moved
into Q4 2022. The buyback tax had bipartisan support, so there is a
good possibility that the 1% level is only the opening rate, which
if increased enough could shift some of the shareholder returns to
dividends."
Q3 2022 GICS® Sector
Analysis:
Information Technology continued to lead in buybacks, as
its percentage of buybacks and aggregate expenditures decreased. In
Q3 2022, IT's share decreased to 28.8% of all S&P 500 buybacks
compared to Q2 2022's 32.8% and Q3 2021's 28.2%, as expenditures
decreased (15.5%) to $60.8 billion
from the prior quarter's $72.0
billion and were 8.0% lower than the Q3 2021 expenditure of
$66.1 billion. For the 12-months
ending September 2022, the sector
spent $279.2 billion, representing
28.4% of all S&P buybacks, compared to the 2021 12-month
$241.3 billion expenditure, which
represented 32.5% of all buybacks. For the 10-years, the sector
spent $1.857 trillion, representing
29.0% of the expenditures.
Financials increased their buybacks after last quarter's
significant pull back, as their Q3 2022 expenditures increased 8.5%
to $23.0 billion, representing 10.9%
of the buybacks, from the Q2 2022 $21.2
billion, which represented 9.7% of all buybacks, but was
62.8% less than their Q3 2021 expenditure of $61.9 billion.
Energy continued to increase their buybacks, as they
increased their expenditures by 64.5% for the quarter, to
$22.0 billion (on a sector basis,
second only to its Q4 2007 $25.3
billion expenditure), from the prior quarter's $13.4 billion and were up 640% from the Q3 2021
$3.0 billion. For the 12-months,
buybacks were $51.6 billion compared
to the prior period's $5.4 billion,
an 853% increase.
Health Care buybacks increased 17.2% (after decreasing
58.2% last quarter), spending $20.2
billion in Q3 2022, representing 9.6% of all buybacks, up
from the Q2 2022 $17.2 billion, which
accounted for 7.8% of the buybacks, and were 24.6% higher than the
Q3 2021 expenditure of $16.2
billion.
Issues:
The five issues with the highest total buybacks for Q3 2022
are:
- Apple (AAPL): continued to be the poster child for
buybacks as it once again spent the most of any issue, with its Q3
2022 expenditure ranking as the third highest in S&P 500
history. For the quarter, the company spent $24.7 billion, up 0.7% from Q2 2022's
$24.6 billion. Apple holds 18 of the
top 20 record quarters (Meta Platforms holds #11 and QUALCOMM holds
#12). For the 12-months ending September
2022, Apple spent $95.6
billion on buybacks, up from the prior 12-month's
$92.5 billion. Over the five-year
period, they have spent $409.1
billion and $582.0 billion
over the ten-year period.
- Alphabet (GOOG/L): was next with $15.4 billion for Q3 2022, up from $15.2 billion in Q2 2022; the 12-month
September 2022 expenditure was
$57.4 billion versus the 12-month
September 2021 expenditure of
$44.7 billion.
- Meta Platforms (META): $7.4
billion for Q3 2022, up from $6.2
billion in Q2 2022; the 12-month September 2022 expenditure was $45.6 billion versus $31.5
billion.
- Microsoft (MSFT): $5.6
billion for Q3 2022, down from $8.8
billion in Q2 2022; the 12-month September 2022 expenditure was $30.6 billion versus $28.3
billion.
- Exxon Mobile (XOM): returning to the top five for the
first time since Q3 2014, the former poster child of buybacks spent
$4.5 billion in Q3 2022, up from
$3.9 billion in Q2 2022 and nothing
in Q3 2021; the 12-month September
2022 expenditure was $10.6
billion versus $0.1
billion.
For more information about S&P Dow Jones Indices, please
visit www.spdji.com.
S&P Dow Jones
Indices
|
|
|
|
|
|
|
|
|
S&P 500, $ U.S.
BILLIONS
|
|
|
(preliminary 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,'22
Prelim.
|
$30,119
|
$1,716.39
|
$1,577.81
|
$552.40
|
$981.59
|
1.83 %
|
3.26 %
|
5.09 %
|
12 Mo
Sep,'21
|
$36,538
|
$1,604.21
|
$1,483.50
|
$498.95
|
$742.21
|
1.37 %
|
2.03 %
|
3.40 %
|
2021
|
$40,356
|
$1,738.62
|
$1,652.78
|
$511.23
|
$881.72
|
1.27 %
|
2.18 %
|
3.45 %
|
2020
|
$31,659
|
$1,019.04
|
$784.21
|
$483.18
|
$519.76
|
1.53 %
|
1.64 %
|
3.17 %
|
2019
|
$26,760
|
$1,304.76
|
$1,158.22
|
$485.48
|
$728.74
|
1.81 %
|
2.72 %
|
4.54 %
|
2018
|
$21,027
|
$1,281.66
|
$1,119.43
|
$456.31
|
$806.41
|
2.17 %
|
3.84 %
|
6.01 %
|
|
|
|
|
|
|
|
|
|
9/30/2022
Prelim.
|
$30,119
|
$423.86
|
$372.20
|
$140.34
|
$210.84
|
1.83 %
|
3.26 %
|
5.09 %
|
6/30/2022
|
$31,903
|
$395.02
|
$360.21
|
$140.56
|
$219.64
|
1.70 %
|
3.15 %
|
4.85 %
|
3/31/2022
|
$38,288
|
$417.16
|
$388.68
|
$137.60
|
$281.01
|
1.37 %
|
2.57 %
|
3.94 %
|
12/31/2021
|
$40,356
|
$480.35
|
$456.72
|
$133.90
|
$270.10
|
1.27 %
|
2.18 %
|
3.45 %
|
9/30/2021
|
$36,538
|
$441.26
|
$420.64
|
$130.04
|
$234.64
|
1.37 %
|
2.03 %
|
3.40 %
|
6/30/2021
|
$36,325
|
$439.95
|
$409.02
|
$123.38
|
$198.84
|
1.33 %
|
1.68 %
|
3.01 %
|
3/31/2021
|
$33,619
|
$401.19
|
$388.84
|
$123.91
|
$178.13
|
1.43 %
|
1.48 %
|
2.91 %
|
12/31/2020
|
$31,659
|
$321.81
|
$265.00
|
$121.62
|
$130.59
|
1.53 %
|
1.64 %
|
3.17 %
|
9/30/2020
|
$27,868
|
$314.06
|
$273.29
|
$115.54
|
$101.79
|
1.75 %
|
2.05 %
|
3.80 %
|
6/30/2020
|
$25,637
|
$221.53
|
$147.44
|
$119.04
|
$88.66
|
1.93 %
|
2.52 %
|
4.45 %
|
3/31/2020
|
$21,424
|
$161.64
|
$98.48
|
$126.98
|
$198.72
|
2.31 %
|
3.37 %
|
5.68 %
|
12/31/2019
|
$26,760
|
$324.52
|
$294.29
|
$126.35
|
$181.58
|
1.81 %
|
2.72 %
|
4.54 %
|
9/30/2019
|
$24,707
|
$330.42
|
$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 %
|
S&P Dow Jones
Indices
|
|
|
|
|
|
|
|
S&P 500 SECTOR
BUYBACKS
|
|
|
|
|
|
|
|
SECTOR $
MILLIONS
|
Q3,'22
|
Q2,'22
|
Q3,'21
|
12MoSep,'22
|
12MoSep,'21
|
5-YEARS
|
10-YEARS
|
Consumer
Discretionary
|
$19,542
|
$27,639
|
$20,553
|
$106,308
|
$64,528
|
$367,413
|
$778,679
|
Consumer
Staples
|
$11,316
|
$10,662
|
$8,337
|
$43,213
|
$35,599
|
$167,612
|
$393,701
|
Energy
|
$22,014
|
$13,383
|
$2,974
|
$51,563
|
$5,410
|
$115,340
|
$234,190
|
Financials
|
$23,027
|
$21,216
|
$61,927
|
$150,447
|
$152,693
|
$732,867
|
$1,167,286
|
Healthcare
|
$20,152
|
$17,201
|
$16,170
|
$100,327
|
$69,336
|
$417,096
|
$757,813
|
Industrials
|
$17,113
|
$17,834
|
$17,567
|
$75,960
|
$53,241
|
$305,788
|
$636,115
|
Information
Technology
|
$60,771
|
$71,956
|
$66,060
|
$279,174
|
$241,262
|
$1,205,391
|
$1,857,180
|
Materials
|
$5,678
|
$8,726
|
$5,252
|
$31,082
|
$16,534
|
$85,303
|
$152,772
|
Real
Estate
|
$793
|
$1,127
|
$272
|
$3,696
|
$1,473
|
$14,411
|
$17,700
|
Communication
Services
|
$30,297
|
$29,441
|
$35,230
|
$137,113
|
$100,860
|
$361,276
|
$390,032
|
Utilities
|
$140
|
$453
|
$299
|
$2,710
|
$1,272
|
$12,590
|
$18,598
|
TOTAL
|
$210,843
|
$219,637
|
$234,640
|
$981,593
|
$742,209
|
$3,785,087
|
$6,404,065
|
|
|
|
|
|
|
|
|
SECTOR BUYBACK
MAKEUP %
|
Q3,'22
|
Q2,'22
|
Q3,'21
|
12MoSep,'22
|
12MoSep,'21
|
5-YEARS
|
10-YEARS
|
Consumer
Discretionary
|
9.27 %
|
12.58 %
|
8.76 %
|
10.83 %
|
8.69 %
|
9.71 %
|
12.16 %
|
Consumer
Staples
|
5.37 %
|
4.85 %
|
3.55 %
|
4.40 %
|
4.80 %
|
4.43 %
|
6.15 %
|
Energy
|
10.44 %
|
6.09 %
|
1.27 %
|
5.25 %
|
0.73 %
|
3.05 %
|
3.66 %
|
Financials
|
10.92 %
|
9.66 %
|
26.39 %
|
15.33 %
|
20.57 %
|
19.36 %
|
18.23 %
|
Healthcare
|
9.56 %
|
7.83 %
|
6.89 %
|
10.22 %
|
9.34 %
|
11.02 %
|
11.83 %
|
Industrials
|
8.12 %
|
8.12 %
|
7.49 %
|
7.74 %
|
7.17 %
|
8.08 %
|
9.93 %
|
Information
Technology
|
28.82 %
|
32.76 %
|
28.15 %
|
28.44 %
|
32.51 %
|
31.85 %
|
29.00 %
|
Materials
|
2.69 %
|
3.97 %
|
2.24 %
|
3.17 %
|
2.23 %
|
2.25 %
|
2.39 %
|
Real
Estate
|
0.38 %
|
0.51 %
|
0.12 %
|
0.38 %
|
0.20 %
|
0.38 %
|
0.28 %
|
Communication
Services
|
14.37 %
|
13.40 %
|
15.01 %
|
13.97 %
|
13.59 %
|
9.54 %
|
6.09 %
|
Utilities
|
0.07 %
|
0.21 %
|
0.13 %
|
0.28 %
|
0.17 %
|
0.33 %
|
0.29 %
|
TOTAL
|
100.00 %
|
100.00 %
|
100.00 %
|
100.00 %
|
100.00 %
|
100.00 %
|
100.00 %
|
S&P Dow Jones
Indices
|
|
|
|
|
|
|
|
|
|
|
S&P 500 20
LARGEST Q3 2022 BUYBACKS, $ MILLIONS
|
|
|
|
|
|
|
|
|
Company
|
Ticker
|
Sector
|
Q3
2022
|
Q2
2021
|
Q3
20221
|
12-Months
|
12-Months
|
5-Year
|
10-Year
|
Indicated
|
|
|
|
Buybacks
|
Buybacks
|
Buybacks
|
Sep,'22
|
Sep,'21
|
Buybacks
|
Buybacks
|
Dividend
|
|
|
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
Apple
|
AAPL
|
Information
Technology
|
$24,736
|
$24,562
|
$20,449
|
$95,625
|
$92,527
|
$409,123
|
$582,041
|
$13,898
|
Alphabet
|
GOOGL
|
Communication
Services
|
$15,392
|
$15,197
|
$12,610
|
$57,362
|
$44,705
|
$154,884
|
$163,102
|
$0
|
Meta
Platforms
|
META
|
Communication
Services
|
$7,365
|
$6,235
|
$15,033
|
$45,600
|
$31,532
|
$108,389
|
$115,597
|
$0
|
Microsoft
|
MSFT
|
Information
Technology
|
$5,573
|
$8,757
|
$7,684
|
$30,585
|
$28,326
|
$116,316
|
$172,130
|
$20,285
|
Exxon
Mobil
|
XOM
|
Energy
|
$4,494
|
$3,919
|
$0
|
$10,634
|
$101
|
$12,492
|
$52,459
|
$15,170
|
Procter &
Gamble
|
PG
|
Consumer
Staples
|
$4,000
|
$1,250
|
$2,750
|
$11,253
|
$11,759
|
$41,922
|
$64,291
|
$8,722
|
Lowe's
Companies
|
LOW
|
Consumer
Discretionary
|
$3,999
|
$4,091
|
$2,825
|
$16,140
|
$12,442
|
$37,598
|
$56,537
|
$2,684
|
Marathon
Petroleum
|
MPC
|
Energy
|
$3,908
|
$0
|
$928
|
$9,496
|
$1,912
|
$16,395
|
$24,603
|
$1,496
|
NVIDIA
|
NVDA
|
Information
Technology
|
$3,779
|
$3,650
|
$439
|
$10,579
|
$1,508
|
$16,000
|
$20,789
|
$401
|
Chevron
|
CVX
|
Energy
|
$3,697
|
$1,689
|
$618
|
$5,386
|
$618
|
$12,124
|
$22,210
|
$10,229
|
Comcast
|
CMCSA
|
Communication
Services
|
$3,525
|
$3,065
|
$1,660
|
$11,868
|
$2,722
|
$22,066
|
$45,381
|
$4,756
|
Cigna
|
CI
|
Health Care
|
$3,500
|
$1,006
|
$2,611
|
$7,295
|
$8,011
|
$20,751
|
$26,260
|
$1,367
|
Walmart
|
WMT
|
Consumer
Staples
|
$2,961
|
$3,339
|
$2,168
|
$11,127
|
$8,807
|
$35,887
|
$65,594
|
$3,193
|
ConocoPhillips
|
COP
|
Energy
|
$2,804
|
$2,300
|
$1,243
|
$7,928
|
$2,390
|
$18,500
|
$20,690
|
$2,597
|
Morgan
Stanley
|
MS
|
Financials
|
$2,608
|
$2,837
|
$3,628
|
$11,973
|
$9,278
|
$35,895
|
$47,763
|
$4,151
|
S&P
Global
|
SPGI
|
Financials
|
$2,512
|
$1,508
|
$10
|
$11,091
|
$60
|
$15,557
|
$19,970
|
$1,158
|
Charter
Commun
|
CHTR
|
Communication
Services
|
$2,225
|
$3,687
|
$3,666
|
$13,842
|
$15,183
|
$51,132
|
$60,521
|
$0
|
Johnson &
Johnson
|
JNJ
|
Health Care
|
$2,165
|
$973
|
$391
|
$5,711
|
$2,781
|
$24,821
|
$55,373
|
$11,884
|
Visa
|
V
|
Information
Technology
|
$2,106
|
$2,434
|
$2,969
|
$11,709
|
$8,820
|
$44,807
|
$71,674
|
$2,943
|
Union
Pacific
|
UNP
|
Industrials
|
$2,024
|
$290
|
$1,361
|
$6,942
|
$6,595
|
$31,653
|
$46,843
|
$3,247
|
Top
20
|
|
|
$103,373
|
$90,789
|
$83,043
|
$392,146
|
$290,077
|
$1,226,312
|
$1,733,828
|
$108,182
|
S&P
500
|
|
|
$210,843
|
$219,637
|
$234,640
|
$981,593
|
$742,209
|
$3,785,087
|
$6,404,065
|
$568,648
|
Top 20 % of S&P
500
|
|
|
49.03 %
|
41.34 %
|
35.39 %
|
39.95 %
|
39.08 %
|
32.40 %
|
27.07 %
|
19.02 %
|
Gross
values are not adjusted for float
|
|
|
|
|
|
|
|
|
|
S&P Dow Jones
Indices
|
|
|
|
|
S&P 500 Q3 2022
Buyback Report
|
|
|
|
|
|
|
|
|
|
SECTOR
|
DIVIDEND
|
BUYBACK
|
COMBINED
|
|
|
YIELD
|
YIELD
|
YIELD
|
|
Consumer
Discretionary
|
1.03 %
|
3.17 %
|
4.20 %
|
|
Consumer
Staples
|
2.56 %
|
1.87 %
|
4.43 %
|
|
Energy
|
3.66 %
|
3.26 %
|
6.92 %
|
|
Financials
|
2.14 %
|
4.00 %
|
6.14 %
|
|
HealthCare
|
1.60 %
|
1.93 %
|
3.53 %
|
|
Industrials
|
1.69 %
|
2.70 %
|
4.39 %
|
|
Information
Technology
|
1.12 %
|
3.20 %
|
4.32 %
|
|
Materials
|
2.06 %
|
3.46 %
|
5.52 %
|
|
Real
Estate
|
3.38 %
|
0.41 %
|
3.79 %
|
|
Communications
Services
|
1.40 %
|
7.01 %
|
8.41 %
|
|
Utilities
|
3.00 %
|
0.27 %
|
3.27 %
|
|
S&P
500
|
1.75 %
|
3.02 %
|
4.76 %
|
|
Uses full
values (unadjusted for float)
|
|
|
|
|
Dividends
based on indicated; buybacks based on the last 12-months ending
Q3,'22
|
|
|
Share Count
Changes
|
|
|
(Y/Y diluted shares
used for EPS)
|
>=4%
|
<=-4%
|
Q3
2022
|
7.21 %
|
21.24 %
|
Q2
2022
|
8.42 %
|
19.84 %
|
Q1
2022
|
7.62 %
|
17.64 %
|
Q4
2021
|
10.06 %
|
14.89 %
|
Q3
2021
|
10.22 %
|
7.41 %
|
Q2
2021
|
11.02 %
|
5.41 %
|
Q1
2021
|
10.40 %
|
5.80 %
|
Q4
2020
|
9.02 %
|
6.01 %
|
Q3
2020
|
8.62 %
|
9.62 %
|
Q2
2020
|
8.60 %
|
17.80 %
|
Q1
2020
|
8.00 %
|
19.60 %
|
Q4
2019
|
7.63 %
|
20.68 %
|
Q3
2019
|
8.62 %
|
22.85 %
|
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