NEW YORK, Dec. 13, 2017 /PRNewswire/ -- S&P
Dow Jones Indices ("S&P DJI") today announced preliminary
results indicating that S&P 500® stock
buybacks, or share repurchases, totaled $129.2 billion for Q3 2017. This is a 7.5%
increase from the $120.1 billion
reported for Q2 2017 and a 15.2% increase from the $112.2 billion reported for Q3 2016.
For the 12-month period ending September
2017, S&P 500 issues spent $517.7 billion on buybacks, down 5.3% from
$547.0 billion for the 12-month
period ending September 2016.
Historical data on S&P 500 buybacks is available at:
www.spdji.com/indices/equity/sp-500.
Key Takeaways:
- The number of S&P 500 issues substantially reducing their
year-over-year share count slightly increased to 14.2% for Q3 2017,
compared to 14.0% for Q2 2017 and 23.7% for Q3 2016.
- Total shareholder return totaled $234.6
billion, up 4.7% from $224.1
billion for Q2 2017.
- S&P 500 dividends set a new record payment, at $105.4 billion, compared to $104.0 billion for Q2 2017.
- For the 12-month period ending September
2017, total shareholder return was $931.9 billion, down 0.8% from $939.8 billion for the 12-month period ending
September 2016.
- 274 S&P 500 issues reduced their share count for Q3 2017,
compared to 268 for Q2 2017 and 257 for Q3 2016.
- Year-over-year share count reductions of at least 4%, which are
seen as affecting EPS, increased to 70 issues for Q3 2017, compared
to 66 for Q2 2017 and 117 for Q3 2016.
"Buyback expenditures for Q3 2017 increased slightly more than
share prices, even though the EPS tailwind remains weaker than
recent history," said Howard
Silverblatt, Senior Index Analyst at S&P Dow Jones
Indices.
"For the last two years, more than 20% of S&P 500 issues
provided at least a 4% tailwind to EPS via significantly-reduced
share counts. For 2017, that rate has stabilized closer to 14%.
Earnings, which set a record in Q3 2017, are expected to rise again
during Q4 and appear stable due to improvements in both profit
margins and sales."
Buyback concentration increased for the quarter. The top 20
issues accounted for 45.5% ($58.8
billion) of all share repurchases, up from 38.6%
($46.4 billion) for Q2 2017 and 42.3%
($47.5 billion) for Q3 2016.
GICS® Sector Analysis:
Consumer Staples buybacks surged 51.3% to $15.6 billion, up from $10.3 billion for Q2 2017.
Financials posted a strong 27.7% increase to $34.3 billion, spending the most of any sector
and representing 26.5% of all buybacks. The sector appears
committed to fulfilling their share repurchase programs.
Information Technology expenditures rose 1.1% to
$27.9 billion, compared to
$27.6 billion for Q2 2017. The sector
represents 21.6% of all buybacks but has 46% of the index's cash
reserves.
Issues:
Apple (AAPL) spent $7.8
billion for Q3 2017, up from $7.1
billion for Q2 2017 and $6.0
billion for Q3 2016; the issue spent the most of any issue
for the quarter.
Citigroup (C) was second, with $5.4 billion, up from $1.8
billion for Q2 2017 and $2.5 billion for Q3 2016.
J. P. Morgan (JPM) was third, with $4.8 billion, up from $3.0
billion for Q2 2017 and $2.3
billion for Q3 2016.
Walgreens Boots Alliance (WBA) came in fourth, with
$3.8 billion, up from $1.0 billion for Q2 2017 and none for Q3
2016.
Charter Communications (CHTR) rounded out the top five,
at $3.5 billion, up from $3.3 billion in Q2 2017 and $0.3 billion for Q3 2016.
Total Shareholder Return:
Silverblatt determined that total shareholder
return, through regular cash dividends and buybacks,
increased 4.7% to $234.6
billion for Q3 2017, up from $224.1 billion for Q2 2017. For the 12-month
period ending September 2017,
shareholder return totaled $931.9
billion, down 0.8% from $939.8
billion for the 12-month period ending September 2016.
Dividends posted a 1.4% increase for Q3 2017, to a record
$105.4 billion, up from $104.0 billion for Q2 2017. Payments totaled
$414.1 billion for the 12-month
period ending September 2017, up 5.3%
from $392.8 billion for the 12-month
period ending September 2016. With Q4
2017 nearing its end, the quarter is expected to post another
record for cash dividend payments, even as General Electric
(GE) reduced its annual rate by 50% ($4.2
billion).
According to Silverblatt, preliminary cash reserves increased
from Q2 2017. S&P 500 Industrial (Old), which consists of
the S&P 500 less Financials, Transportations, Real Estate and
Utilities, available cash and equivalent surpassed $1.6 trillion for the first time, standing at
$1.630 trillion. Available cash stood
at $1.534 trillion for Q2 2017 and
$1.487 trillion for Q3 2016.
"While the current quarter ticked up, the pace of both buyback
and dividend growth has been waning," said Silverblatt.
"Record-level cash reserves could reach shareholders, with the
current belief being that buybacks would benefit more than
dividends. Dividends are a pure cash-flow item and are considered
longer-term events than buybacks; once increased, a dividend cut
usually solicits a negative market reaction."
For more information about S&P Dow Jones Indices, please
visit www.spdji.com.
S&P Dow Jones
Indices
|
|
|
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|
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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 Months Sep
2017
|
$21,579
|
$1,017.52
|
$918.75
|
$414.13
|
$517.72
|
1.92%
|
2.40%
|
4.32%
|
12 Months Sep
2016
|
$18,742
|
$881.68
|
$774.38
|
$392.79
|
$546.97
|
2.10%
|
2.92%
|
5.01%
|
2016
|
$19,268
|
$919.85
|
$818.55
|
$397.21
|
$536.38
|
2.06%
|
2.78%
|
4.85%
|
2015
|
$17,900
|
$885.38
|
$762.74
|
$382.32
|
$572.16
|
2.14%
|
3.20%
|
5.33%
|
2014
|
$18,245
|
$1,004.22
|
$909.09
|
$350.43
|
$553.28
|
1.92%
|
3.03%
|
4.95%
|
|
|
|
|
|
|
|
|
|
9/29/2017
Prelim.
|
$21,579
|
$268.69
|
$243.77
|
$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%
|
3/31/2015
|
$18,303
|
$228.45
|
$193.05
|
$93.41
|
$144.13
|
1.98%
|
2.94%
|
4.92%
|
12/30/2014
|
$18,245
|
$237.14
|
$202.31
|
$92.80
|
$132.63
|
1.92%
|
3.03%
|
4.95%
|
9/30/2014
|
$17,519
|
$262.92
|
$244.00
|
$89.02
|
$145.19
|
1.96%
|
3.14%
|
5.10%
|
6/30/2014
|
$17,404
|
$260.50
|
$240.96
|
$86.65
|
$116.17
|
1.91%
|
3.06%
|
4.98%
|
3/31/2014
|
$16,700
|
$243.67
|
$221.82
|
$81.96
|
$159.28
|
1.93%
|
3.20%
|
5.14%
|
12/31/2013
|
$16,495
|
$252.10
|
$236.31
|
$84.98
|
$129.41
|
1.89%
|
2.88%
|
4.77%
|
9/30/2013
|
$14,960
|
$239.50
|
$219.13
|
$79.26
|
$128.16
|
2.05%
|
2.98%
|
5.03%
|
6/30/2013
|
$14,310
|
$234.84
|
$221.56
|
$76.67
|
$118.05
|
2.07%
|
2.94%
|
5.02%
|
3/31/2013
|
$13,979
|
$229.57
|
$215.76
|
$70.86
|
$99.97
|
2.06%
|
2.97%
|
5.02%
|
12/31/2012
|
$12,742
|
$206.84
|
$184.50
|
$79.83
|
$99.15
|
2.20%
|
3.13%
|
5.33%
|
9/30/2012
|
$12,881
|
$214.58
|
$189.64
|
$69.48
|
$103.72
|
2.07%
|
3.01%
|
5.08%
|
S&P Dow Jones
Indices
|
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|
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S&P 500 SECTOR
BUYBACKS
|
|
|
|
|
|
|
SECTOR $
MILLIONS
|
Q3,'17
|
Q2,'17
|
Q3,'16
|
12MO
SEP','17
|
12MO
SEP,'16
|
5-YEARS
|
|
|
|
|
|
|
|
Consumer
Discretionary
|
$24,242
|
$22,357
|
$21,970
|
$83,398
|
$91,873
|
$411,266
|
Consumer
Staples
|
$15,578
|
$10,296
|
$8,397
|
$51,957
|
$48,219
|
$226,089
|
Energy
|
$2,320
|
$3,107
|
$1,344
|
$8,513
|
$7,369
|
$118,850
|
Financials
|
$34,252
|
$26,815
|
$25,213
|
$117,336
|
$102,603
|
$434,418
|
Healthcare
|
$9,523
|
$12,636
|
$13,089
|
$78,066
|
$75,146
|
$340,717
|
Industrials
|
$13,087
|
$14,799
|
$13,267
|
$56,771
|
$81,220
|
$330,327
|
Information
Technology
|
$27,926
|
$27,628
|
$25,978
|
$111,762
|
$126,243
|
$651,789
|
Materials
|
$1,412
|
$1,020
|
$2,228
|
$6,287
|
$12,232
|
$67,469
|
Real
Estate
|
$806
|
$1,150
|
$456
|
$2,833
|
$456
|
$3,289
|
Telecommunication
Services
|
$3
|
$282
|
$247
|
$545
|
$1,007
|
$28,756
|
Utilities
|
$22
|
$20
|
$15
|
$250
|
$602
|
$6,008
|
TOTAL
|
$129,170
|
$120,109
|
$112,203
|
$517,720
|
$546,970
|
$2,618,978
|
S&P Dow Jones
Indices
|
|
|
|
|
|
|
|
|
S&P 500 20
LARGEST Q3 2017 BUYBACKS, $ MILLIONS
|
|
|
|
|
|
|
Company
|
Ticker
|
Sector
|
Q3,'17
|
12MO
Sep,'17
|
12MO
Sep,'16
|
5-Year
|
10-year
|
Indicated
|
|
|
|
Buybacks
|
Buybacks
|
Buybacks
|
Buybacks
|
Buybacks
|
Dividend
|
|
|
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
$
Million
|
Apple
|
AAPL
|
Information
Technology
|
$7,795
|
$32,900
|
$29,722
|
$165,735
|
$165,735
|
$13,139
|
Citigroup
|
C
|
Financials
|
$5,437
|
$13,599
|
$7,135
|
$27,989
|
$29,760
|
$0
|
JPMorgan
|
JPM
|
Financials
|
$4,763
|
$12,853
|
$8,050
|
$34,849
|
$48,583
|
$7,958
|
Walgreens
|
WBA
|
Consumer
Staples
|
$3,763
|
$5,220
|
$1,152
|
$8,918
|
$14,466
|
$4,256
|
Charter
Communications
|
CHTR
|
Consumer
Discretionary
|
$3,525
|
$8,862
|
$462
|
$9,389
|
$10,132
|
$3,428
|
Walt
Disney
|
DIS
|
Consumer
Discretionary
|
$3,424
|
$9,368
|
$7,499
|
$33,576
|
$48,844
|
$2,467
|
Bank of
America
|
BAC
|
Financials
|
$2,981
|
$9,275
|
$4,581
|
$20,326
|
$20,470
|
$1,185
|
Wells
Fargo
|
WFC
|
Financials
|
$2,609
|
$9,473
|
$8,542
|
$40,829
|
$50,429
|
$7,796
|
Microsoft
|
MSFT
|
Information
Technology
|
$2,570
|
$9,996
|
$15,574
|
$55,814
|
$104,255
|
$6,150
|
Procter &
Gamble
|
PG
|
Consumer
Staples
|
$2,502
|
$5,203
|
$4,004
|
$22,369
|
$55,321
|
$4,777
|
Boeing
|
BA
|
Industrials
|
$2,500
|
$8,000
|
$7,251
|
$29,054
|
$32,999
|
$9,051
|
Wal-Mart
Stores
|
WMT
|
Consumer
Staples
|
$2,209
|
$8,700
|
$8,646
|
$29,707
|
$61,775
|
$3,524
|
Goldman Sachs
Group
|
GS
|
Financials
|
$2,174
|
$6,631
|
$6,180
|
$28,524
|
$46,594
|
$12,044
|
Home
Depot
|
HD
|
Consumer
Discretionary
|
$2,146
|
$8,412
|
$6,492
|
$36,147
|
$45,724
|
$1,219
|
McDonald's
|
MCD
|
Consumer
Discretionary
|
$2,082
|
$5,446
|
$11,207
|
$26,565
|
$42,974
|
$0
|
Cisco
Systems
|
CSCO
|
Information
Technology
|
$2,028
|
$4,908
|
$4,298
|
$28,184
|
$59,149
|
$5,133
|
Comcast
|
CMCSA
|
Consumer
Discretionary
|
$1,736
|
$5,450
|
$5,041
|
$23,262
|
$33,668
|
$5,637
|
Visa
|
V
|
Information
Technology
|
$1,724
|
$6,967
|
$7,249
|
$26,867
|
$46,693
|
$2,982
|
General Motors
(GM)
|
GM
|
Consumer
Discretionary
|
$1,498
|
$2,497
|
$2,133
|
$18,331
|
$19,793
|
$1,181
|
American
Express
|
AXP
|
Financials
|
$1,320
|
$4,041
|
$4,692
|
$21,434
|
$27,535
|
$5,800
|
Top
20
|
|
|
$58,786
|
$177,801
|
$149,910
|
$687,869
|
$964,899
|
$97,726
|
S&P
500
|
|
|
$129,170
|
$517,720
|
$546,970
|
$2,618,978
|
$4,241,640
|
$438,849
|
Top 20 % of
S&P 500
|
|
|
45.51%
|
34.34%
|
27.41%
|
26.26%
|
22.75%
|
22.27%
|
Gross
values are not adjusted for float
|
|
|
|
|
|
|
S&P Dow Jones
Indices
|
|
|
|
S&P 500 20
Largest Quarterly Buybacks, $ Millions, as of Q3 2017, no issues added for Q3
2017
|
$
MILLIONS
|
QUARTER
|
COMPANY
|
SECTOR
|
|
$17,971
|
Q1 2014
|
Apple
|
Information
Technology
|
1
|
$17,000
|
Q3 2014
|
Apple
|
Information
Technology
|
2
|
$16,000
|
Q2 2013
|
Apple
|
Information
Technology
|
3
|
$15,707
|
Q2 2007
|
International
Business Machines
|
Information
Technology
|
4
|
$13,253
|
Q3 2015
|
Apple
|
Information
Technology
|
5
|
$12,852
|
Q2 2012
|
Johnson &
Johnson
|
Healthcare
|
6
|
$12,318
|
Q4 2016
|
Allergan plc
(AGN)
|
Healthcare
|
7
|
$12,183
|
Q3 2012
|
Johnson &
Johnson
|
Healthcare
|
8
|
$10,851
|
Q4 2016
|
Apple
|
Information
Technology
|
9
|
$10,723
|
Q3 2007
|
Home Depot
|
Consumer
Discretionary
|
10
|
$10,166
|
Q2 2016
|
Apple
|
Information
Technology
|
11
|
$10,000
|
Q2 2015
|
Apple
|
Information
Technology
|
12
|
$9,859
|
Q4 2007
|
Transocean
|
Energy
|
13
|
$9,179
|
Q4 2006
|
Exxon
Mobil
|
Energy
|
14
|
$9,465
|
Q1 2008
|
Exxon
Mobil
|
Energy
|
15
|
$8,845
|
Q4 2008
|
Exxon
Mobil
|
Energy
|
16
|
$8,761
|
Q2 2008
|
Exxon
Mobil
|
Energy
|
17
|
$8,663
|
Q3 2008
|
Exxon
Mobil
|
Energy
|
18
|
$8,463
|
Q3 2007
|
Exxon
Mobil
|
Energy
|
19
|
$8,166
|
Q1 2014
|
International
Business Machines
|
Information
Technology
|
20
|
$230,425
|
|
TOP
20
|
|
|
|
|
|
|
|
$7,795
|
Q3
2017
|
Apple
|
Information
Technology
|
27
|
$5,437
|
Q3
2017
|
Citigroup
|
Financials
|
49
|
S&P Dow Jones
Indices
|
|
|
|
|
S&P 500 Q3
2017 Buyback Report
|
|
|
|
|
|
|
|
|
SECTOR
|
DIVIDEND
|
BUYBACK
|
COMBINED
|
|
|
YIELD
|
YIELD
|
YIELD
|
|
Consumer
Discretionary
|
1.44%
|
3.08%
|
4.52%
|
|
Consumer
Staples
|
3.05%
|
2.84%
|
5.88%
|
|
Energy
|
2.89%
|
0.65%
|
3.54%
|
|
Financials
|
1.77%
|
3.44%
|
5.20%
|
|
HealthCare
|
1.67%
|
2.56%
|
4.24%
|
|
Industrials
|
1.91%
|
2.53%
|
4.44%
|
|
Information
Technology
|
1.40%
|
2.21%
|
3.61%
|
|
Materials
|
1.96%
|
0.99%
|
2.95%
|
|
Real
Estate
|
3.41%
|
0.48%
|
3.89%
|
|
Telecommunication
Services
|
5.25%
|
0.13%
|
5.38%
|
|
Utilities
|
3.40%
|
0.04%
|
3.44%
|
|
S&P
500
|
1.99%
|
2.35%
|
4.35%
|
|
Uses
full values (unadjusted for float)
|
|
|
|
Dividends based on indicated; buybacks based on the last 12-months
ending Q3,'17
|
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View original
content:http://www.prnewswire.com/news-releases/sp-500-q3-2017-buybacks-increase-75-to-1292-billion-300570322.html
SOURCE S&P Dow Jones Indices