- S&P 500 Q1 2023 buybacks were $215.5 billion, up 2.1% from Q4 2022's
$211.2 billion and down 23.3% from
the Q1 2022 $281.0 billion record, as
the 12-month March 2023 expenditure
of $857.2 billion was down from the
$922.7 billion paid in fiscal
2022
- Financials significantly increased to $46.9 billion, as the sector returned to the
buyback market, and was higher than Information Technology's
$45.9 billion the first time since Q3
2017
- Energy slightly decreased, spending $19.3 billion, representing 9.0% of all buybacks,
whereas the sector represented 4.6% of the market value
- The new net buyback 1% excise tax, which started in 2023,
reduced Q1 2023 operating earnings by 0.45% and As Reported GAAP by
0.49%
NEW
YORK, June 14, 2023 /PRNewswire/ -- S&P Dow
Jones Indices ("S&P DJI") announced today preliminary S&P
500® stock buybacks, or share repurchases, data for Q1
2023.
Historical data on S&P 500 buybacks are available at
www.spdji.com/indices/equity/sp-500.
Key Takeaways:
- Q1 2023 share repurchases were $215.5
billion, up 2.1% from Q4 2022's $211.2 billion expenditure and down 23.3% from
the record Q1 2022's $281.0
billion.
- 358 companies reported buybacks of at least $5 million for the quarter, up from 318 in Q1
2022 and down from 374 in Q1 2022; 390 companies did some buybacks
for the quarter, up from 385 in Q4 2022 and down from 395 in Q1
2022; 436 companies did some buybacks for the 12-months ending
March 2023, up from 430 in the prior
2022 period.
- Buybacks remained top heavy with the top 20 companies
accounting for 48.6% of Q1 2023 buybacks, above the 45.7% of Q4
2022, above the historical average of 47.1%, and above the 42.1%
level reported for Q1 2022; in addition, above the pre-COVID
historical average of 44.5%.
- For the 12-months ending March
2023, buybacks were $857.2
billion, down from the record fiscal $922.7 billion of 2022, down from the record
12-month June 2022 $1.005 trillion, the only 12-month
trillion-dollar expenditure, and down from the 12-month
March 2022 $984.6 billion.
- 18.5% of companies reduced share counts used for
earnings-per-share (EPS) by at least 4% year-over-year, down
from Q4 2022's 19.4% and up from Q1 2022's 17.6%; for Q1 2023 165
issues increased their shares used for EPS over Q4 2022, and 270
reduced them.
- S&P 500 Q1 2023 dividends increased 0.5% to a record
$146.8 billion from the prior Q4
2022's record of $146.1 billion and
were 6.7% greater than the $137.6
billion in Q1 2022. For the 12-months ending in March 2023, dividends set a record $573.7 billion payment, up 9.3% on an aggregate
basis from March 2022's $524.9
billion.
- Total shareholders return of buybacks and dividends
increased to $362.3 billion in Q1
2023, up 1.4% from Q4 2022's $357.3
billion and down 13.4% from Q1 2022's $418.6 billion. Total shareholder returns for
the 12-months ending March 2023
decreased to $1.431 trillion from
the 12-month March 2022's $1.510
trillion.
- The new 1% excise tax on net buybacks, which started in
2023, reduced the Q1 2023 S&P 500 operating earnings by 0.45%
and As Reported GAAP earnings by 0.49%, the proforma for full
year 2022 was a 0.51% reduction for operating and a 0.58% reduction
for as reported.
"Companies, led by Financials, pushed buybacks up slightly. If
Financials had not returned to the buyback market, the 2.1%
expenditure increase would have been a 10.6% decline, as 8 of the
11 sectors pulled back. While the year-to-date S&P 500 price
increase was top-heavy, the Q1 2023 buyback market was Financial
heavy. The EPS impact, due to share count reduction, also declined,
as 18.5% of the issues increased their Q1 2023 EPS year-over-year
by at least 4% compared to 19.4% last quarter," said
Howard Silverblatt, Senior Index
Analyst at S&P Dow Jones Indices. "Going forward and given
the recent banking issues and the current regulatory reviews, banks
may again pull back on buybacks to protect their dividends for what
is expected to be a more difficult Fed stress test due to stricter
and more extensive regulations."
1% Buyback Excise Tax for 2023:
On a proforma basis, the new 1% excise tax on net buybacks
reduced Q1 2023 operating earnings by 0.45%, down from proforma
0.46% for Q4 2022 and the proforma 2022 0.51%, with as reported
GAAP earnings being reduced by 0.49%, down from the proforma 0.58%
for Q4 2022 and the proforma 2022 0.58%.
Silverblatt added: "The 1% tax is an additional cost, but it is
still not significant enough to impact the overall buybacks at this
point. In his proposed fiscal 2024 budget, President Biden
quantified increasing the tax to 4%, but no changes were
incorporated into the recently passed Fiscal Responsibility Act of
2023 (debt ceiling deal). Given the initial 1% buyback tax had
bipartisan support, there is an expectation that some increase
and/or potentially a change to the type of buybacks that are taxed
to be discussed later this year for fiscal 2024. An increase to the
2.5% area could start to impact buybacks and the EPS impact of
share-count-reduction due to some of the expenditures shifting from
buybacks to dividends. Any shift however would not be on
a-dollar-for-dollar basis, as dividends remain a long-term pure
cash-flow item which must be incorporated into corporate
budgets."
Q1 2022 GICS® Sector Analysis:
Financials, as expected, returned to the buyback market
in 2023, after pulling back in Q2, Q3 and Q4 2022. For Q1 2023,
Financials spent $46.9 billion on
buybacks, accounting for 21.8% of all S&P 500 buybacks. This
was up 108% from their Q4 2022 $22.5
billion expenditure, which represented 10.7% of buybacks,
but were still down 14.3% from their Q1 2022 $54.7 billion in buybacks, which represented
19.5% of buybacks. Financials spent the most of any sector in Q1
2023, overtaking Information Technology for the first time since Q3
2017 (Information Technology had held the lead since Q4 2017). For
the 12-month March 2023 period,
Financials spent $113.6 billion, down
from $209.9 billion for the 12-month
June 2022 period. Given the recent
banking events and current regulatory review, there is some
discussion if the sector will again pull back on buybacks,
partially to protect their dividends during stress tests.
Information Technology pulled back 20.3% on buybacks for
the quarter, spending $45.9 billion
in Q1 2023, representing 21.3% of all buybacks. This was down from
the Q4 2022 $57.7 billion, which
accounted for 27.3% of the buybacks and down from the Q1 2022
expenditure of $71.6 billion (25.5%
of the buybacks). For the 12-month March period the sector spent
$236.3 billion, down 14.2% from the
prior period's $275.3 billion.
Energy decreased their buybacks by 2.7% for the quarter
to $19.3 billion, representing 9.0%
of the buybacks compared to the prior quarter's $19.8 billion, as the Q1 2023 quarter was an
increase of 126% over Q1 2022's $8.6
billion level. For the 12-month period ending in
March 2023, Energy spent $74.5 billion on buybacks, up 259% from the prior
period's $20.8 billion.
Health Care buybacks decreased 4.9% for the quarter,
spending $23.2 billion in Q1 2023,
representing 10.8% of all buybacks. This was down from the Q4 2022
$24.4 billion and Q1 2022's
$41.1 billion. For the 12-month March
period, the sector spent $84.8
billion, down 12.3% from prior 12-month period's
$96.9 billion.
Issues:
The five issues with the highest total buybacks for Q1 2023
are:
- Apple (AAPL): continued to be the poster child for
buybacks as it once again spent the most of any issue, with its Q1
2023 expenditure ranking as the fifteenth highest in S&P 500
history. For the quarter, the company spent $20.0 billion, down from Q4 2022's $21.8 billion (the eleventh largest in index
history). Apple holds 18 of the top 20 record quarters (Meta
Platforms holds #12 and QUALCOMM holds #13). For the 12 months
ending in March 2023, Apple spent
$91.1 billion on buybacks, down from
the prior 12-month period's $92.4
billion. Over the five-year period, they have spent
$416.9 billion, and $621.3 billion over the ten-year period.
- Alphabet (GOOG/L): was next with $14.6 billion for Q1 2023, down from the
$15.4 billion in Q4 2022; the
12-month expenditure was $60.6
billion versus the prior period's expenditure of
$52.2 billion.
- Meta Platforms (META): $10.4
billion for Q1 2023, up from $7.5
billion in Q4 2022; the 12-month expenditure was
$31.5 billion versus the prior
period's $55.5 billion.
- Microsoft (MSFT): $5.51
billion for Q1 2023, up from $5.46
billion in Q4 2022; the 12-month expenditure was
$25.3 billion versus the prior
period's $31.12 billion.
- T-Mobile (TMUS): $4.8
billion in Q1 2023, up from $2.5
billion in Q4 2022; the 12-month expenditure was
$7.9 billion versus the prior periods
$0.3 billion.
- Of note, ExxonMobil (XOM) spent $4.3
billion in Q1 2023, down from $4.7
billion in Q4 2022, as its 12-month March 2023 expenditure was $17.4 billion versus the prior 12 month's
$2.2 billion.
For more information about S&P Dow Jones Indices, please
visit www.spdji.com.
S&P Dow Jones Indices
|
|
|
S&P 500 proforma net buyback tax
impact
|
|
|
TAX
|
TAX % OF
|
TAX % OF
|
|
$ BILLIONS
|
OPERATING
|
AS REPORTED
|
Q1 2023
|
$1.98
|
0.45 %
|
0.49 %
|
2022
proforma
|
$8.47
|
0.51 %
|
0.58 %
|
2021
proforma
|
$7.93
|
0.45 %
|
0.47 %
|
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 Mar,'23
Prelim.
|
$34,342
|
$1,678.51
|
$1,469.32
|
$573.73
|
$857.20
|
1.67 %
|
2.50 %
|
4.17 %
|
12 Mo
Mar,'22
|
$38,288
|
$1,778.72
|
$1,675.06
|
$524.92
|
$984.60
|
1.37 %
|
2.57 %
|
3.94 %
|
2022
|
$32,133
|
$1,656.66
|
$1,453.43
|
$564.57
|
$922.68
|
1.76 %
|
2.87 %
|
4.63 %
|
2021
|
$40,356
|
$1,762.75
|
$1,675.22
|
$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 %
|
7/10/1905
|
$21,027
|
$1,281.66
|
$1,119.43
|
$456.31
|
$806.41
|
2.17 %
|
3.84 %
|
6.01 %
|
|
|
|
|
|
|
|
|
|
3/31/2023
Prelim.
|
$34,342
|
$439.00
|
$404.57
|
$146.76
|
$215.53
|
1.67 %
|
2.50 %
|
4.17 %
|
12/31/2022
|
$32,133
|
$421.55
|
$331.50
|
$146.07
|
$211.19
|
1.76 %
|
2.87 %
|
4.63 %
|
9/30/2022
|
$30,119
|
$422.94
|
$373.04
|
$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 %
|
S&P Dow Jones Indices
|
|
|
|
|
|
|
|
S&P 500 SECTOR BUYBACKS
|
|
|
|
|
|
|
|
SECTOR $ MILLIONS
|
Q1,'23
|
Q4,'22
|
Q1,'22
|
12MoMar,'23
|
12MoMar,'22
|
5-YEARS
|
10-YEARS
|
Consumer Discretionary
|
$18,301
|
$18,819
|
$28,238
|
$84,301
|
$98,873
|
$365,078
|
$785,540
|
Consumer Staples
|
$6,284
|
$7,033
|
$8,419
|
$35,294
|
$38,485
|
$163,182
|
$384,386
|
Energy
|
$19,304
|
$19,833
|
$8,552
|
$74,534
|
$20,755
|
$139,160
|
$256,567
|
Financials
|
$46,891
|
$22,497
|
$54,690
|
$113,632
|
$209,908
|
$734,551
|
$1,212,659
|
Healthcare
|
$23,194
|
$24,394
|
$41,134
|
$84,941
|
$96,898
|
$413,238
|
$777,021
|
Industrials
|
$14,239
|
$22,403
|
$24,745
|
$71,589
|
$73,474
|
$314,241
|
$652,181
|
Information Technology
|
$45,923
|
$57,654
|
$71,580
|
$236,303
|
$275,264
|
$1,209,727
|
$1,920,351
|
Materials
|
$3,773
|
$6,548
|
$7,434
|
$24,725
|
$26,555
|
$91,274
|
$158,896
|
Real Estate
|
$526
|
$728
|
$1,131
|
$3,174
|
$2,089
|
$13,468
|
$18,954
|
Communication Services
|
$35,797
|
$31,155
|
$34,069
|
$126,691
|
$139,872
|
$428,049
|
$446,104
|
Utilities
|
$1,299
|
$126
|
$1,017
|
$2,018
|
$2,423
|
$13,820
|
$19,014
|
TOTAL
|
$215,532
|
$211,189
|
$281,011
|
$857,202
|
$984,596
|
$3,885,787
|
$6,631,672
|
|
|
|
|
|
|
|
|
SECTOR BUYBACK MAKEUP %
|
Q1,'23
|
Q4,'22
|
Q1,'22
|
12MoMar,'23
|
12MoMar,'22
|
5-YEARS
|
10-YEARS
|
Consumer Discretionary
|
8.49 %
|
8.91 %
|
10.05 %
|
9.83 %
|
10.04 %
|
9.40 %
|
11.85 %
|
Consumer Staples
|
2.92 %
|
3.33 %
|
3.00 %
|
4.12 %
|
3.91 %
|
4.20 %
|
5.80 %
|
Energy
|
8.96 %
|
9.39 %
|
3.04 %
|
8.70 %
|
2.11 %
|
3.58 %
|
3.87 %
|
Financials
|
21.76 %
|
10.65 %
|
19.46 %
|
13.26 %
|
21.32 %
|
18.90 %
|
18.29 %
|
Healthcare
|
10.76 %
|
11.55 %
|
14.64 %
|
9.91 %
|
9.84 %
|
10.63 %
|
11.72 %
|
Industrials
|
6.61 %
|
10.61 %
|
8.81 %
|
8.35 %
|
7.46 %
|
8.09 %
|
9.83 %
|
Information Technology
|
21.31 %
|
27.30 %
|
25.47 %
|
27.57 %
|
27.96 %
|
31.13 %
|
28.96 %
|
Materials
|
1.75 %
|
3.10 %
|
2.65 %
|
2.88 %
|
2.70 %
|
2.35 %
|
2.40 %
|
Real Estate
|
0.24 %
|
0.34 %
|
0.40 %
|
0.37 %
|
0.21 %
|
0.35 %
|
0.29 %
|
Communication Services
|
16.61 %
|
14.75 %
|
12.12 %
|
14.78 %
|
14.21 %
|
11.02 %
|
6.73 %
|
Utilities
|
0.60 %
|
0.06 %
|
0.36 %
|
0.24 %
|
0.25 %
|
0.36 %
|
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 Q1 2023 BUYBACKS, $
MILLIONS
|
|
|
|
|
|
|
Company
|
Ticker
|
Sector
|
Q1 2023
|
Q4 2022
|
Q1 2022
|
12-Months
|
12-Months
|
5-Year
|
10-Year
|
Indicated
|
|
|
|
Buybacks
|
Buybacks
|
Buybacks
|
Mar,'23
|
Mar,'22
|
Buybacks
|
Buybacks
|
Dividend
|
|
|
|
$ Million
|
$ Million
|
$ Million
|
$ Million
|
$ Million
|
$ Million
|
$ Million
|
$ Million
|
Apple
|
AAPL
|
Information
Technology
|
$20,012
|
$21,791
|
$22,961
|
$91,101
|
$92,371
|
$416,885
|
$621,306
|
$14,278
|
Alphabet
|
GOOGL
|
Communication
Services
|
$14,557
|
$15,407
|
$13,300
|
$60,553
|
$52,179
|
$180,574
|
$193,066
|
$0
|
Meta
Platforms
|
META
|
Communication
Services
|
$10,374
|
$7,520
|
$10,431
|
$31,494
|
$55,467
|
$121,833
|
$130,224
|
$0
|
Microsoft
|
MSFT
|
Information
Technology
|
$5,509
|
$5,459
|
$8,822
|
$25,298
|
$31,116
|
$121,495
|
$180,412
|
$20,247
|
T-Mobile US
|
TMUS
|
Communication
Services
|
$4,806
|
$2,461
|
$172
|
$7,877
|
$270
|
$28,973
|
$30,656
|
$0
|
Berkshire
Hathaway
|
BRK.b
|
Financials
|
$4,450
|
$2,608
|
$3,180
|
$9,124
|
$23,661
|
$70,267
|
$70,267
|
$0
|
Exxon
Mobil
|
XOM
|
Energy
|
$4,340
|
$4,675
|
$2,067
|
$17,428
|
$2,221
|
$20,848
|
$50,599
|
$14,990
|
Wells Fargo
|
WFC
|
Financials
|
$4,016
|
$6
|
$6,018
|
$4,031
|
$19,886
|
$71,227
|
$116,558
|
$4,573
|
Goldman Sachs
Group
|
GS
|
Financials
|
$3,825
|
$1,504
|
$2,031
|
$6,889
|
$4,578
|
$26,515
|
$58,810
|
$3,386
|
Chevron
|
CVX
|
Energy
|
$3,607
|
$3,417
|
$0
|
$12,410
|
$618
|
$19,148
|
$27,027
|
$10,745
|
Johnson &
Johnson
|
JNJ
|
Health Care
|
$3,548
|
$1,320
|
$1,577
|
$8,006
|
$3,595
|
$27,430
|
$60,241
|
$12,445
|
Broadcom
|
AVGO
|
Information
Technology
|
$3,420
|
$1,521
|
$3,290
|
$7,007
|
$7,002
|
$28,832
|
$29,264
|
$7,689
|
Marathon
Petroleum
|
MPC
|
Energy
|
$3,180
|
$0
|
$2,846
|
$7,088
|
$7,500
|
$17,498
|
$26,852
|
$1,362
|
Thermo Fisher
Scientific
|
TMO
|
Health Care
|
$3,000
|
$1,057
|
$2,000
|
$4,057
|
$2,101
|
$11,665
|
$14,168
|
$549
|
Mastercard
|
MA
|
Financials
|
$2,954
|
$2,418
|
$2,540
|
$9,308
|
$7,100
|
$32,750
|
$50,131
|
$1,924
|
Home Depot
|
HD
|
Consumer
Discretionary
|
$2,887
|
$1,560
|
$2,308
|
$7,275
|
$13,329
|
$40,990
|
$77,341
|
$8,520
|
Charles
Schwab
|
SCHW
|
Financials
|
$2,842
|
$1,940
|
$0
|
$6,237
|
$0
|
$9,457
|
$9,457
|
$1,525
|
JPMorgan
Chase
|
JPM
|
Financials
|
$2,690
|
$0
|
$2,455
|
$3,397
|
$16,057
|
$70,090
|
$111,840
|
$11,733
|
Verisk
Analytics
|
VRSK
|
Industrials
|
$2,512
|
$467
|
$583
|
$3,613
|
$886
|
$5,671
|
$7,375
|
$213
|
Bank of
America
|
BAC
|
Financials
|
$2,215
|
$998
|
$2,650
|
$4,638
|
$24,306
|
$82,819
|
$112,872
|
$6,142
|
Top 20
|
|
|
$104,744
|
$76,129
|
$89,231
|
$326,831
|
$364,243
|
$1,404,967
|
$1,978,466
|
$120,320
|
S&P 500
|
|
|
$215,532
|
$211,189
|
$281,011
|
$857,202
|
$984,596
|
$3,885,787
|
$6,631,672
|
$576,004
|
Top 20 % of S&P 500
|
|
|
48.60 %
|
36.05 %
|
31.75 %
|
38.13 %
|
36.99 %
|
36.16 %
|
29.83 %
|
20.89 %
|
Gross
values are not adjusted for float
|
|
|
|
|
|
|
|
|
S&P Dow Jones Indices
|
|
|
|
|
S&P 500 Q1 2023 Buyback
Report
|
|
|
|
|
|
|
|
|
SECTOR
|
DIVIDEND
|
BUYBACK
|
COMBINED
|
|
|
YIELD
|
YIELD
|
YIELD
|
|
Consumer Discretionary
|
0.88 %
|
2.10 %
|
2.98 %
|
|
Consumer Staples
|
2.66 %
|
1.57 %
|
4.22 %
|
|
Energy
|
3.75 %
|
4.61 %
|
8.36 %
|
|
Financials
|
1.93 %
|
3.03 %
|
4.97 %
|
|
HealthCare
|
1.76 %
|
1.74 %
|
3.50 %
|
|
Industrials
|
1.73 %
|
2.38 %
|
4.12 %
|
|
Information Technology
|
0.87 %
|
2.14 %
|
3.01 %
|
|
Materials
|
2.10 %
|
2.87 %
|
4.96 %
|
|
Real Estate
|
3.73 %
|
0.36 %
|
4.09 %
|
|
Communications Services
|
1.04 %
|
5.18 %
|
6.22 %
|
|
Utilities
|
3.32 %
|
0.21 %
|
3.53 %
|
|
S&P 500
|
1.64 %
|
2.42 %
|
4.05 %
|
|
Uses full
values (unadjusted for float)
|
|
|
|
Dividends
based on indicated; buybacks based on the last 12-months ending
Q1,'23
|
Share Count Changes
|
|
|
(Y/Y diluted shares used for
EPS)
|
>=4%
|
<=-4%
|
Q1 2023
|
4.02 %
|
18.47 %
|
Q4 2022
|
5.01 %
|
19.44 %
|
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 %
|
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Services:
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