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S&P 500 Q4 2017 Buybacks Rose 6.0% to $137.0 Billion; Full-Year 2017 Fell 3.2% to $519.4 Billion
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PR Newswire
NEW YORK, March 21, 2018
NEW YORK, March 21, 2018 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI") today announced preliminary results indicating that S&P 500® stock buybacks, or share repurchases, totaled $137.0 billion for Q4 2017. This is a 6.0% increase from the $129.2 billion reported for Q3 2017 and a 1.2% increase from the $135.3 billion reported for Q4 2016.
For the 12-month period ending December 2017, S&P 500 issues spent $519.4 billion on buybacks, down 3.2% from $536.4 billion for 2016 and 9.2% from $572.2 billion for 2015; the all-time high, set in 2007, is $589.4 billion.
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, which increases EPS, inched up to 15.1%, substantially lower than the 20% plus rate posted for 2015 and 2016.
- Total shareholder return rose to $246.4 billion, up 5.0% from $234.6 billion for Q3 2017.
- S&P 500 dividends rose to a record-high $109.5 billion, compared to $105.4 billion for Q3 2017.
- For full-year 2017, total shareholder return was $939.2 billion, up 0.6% from $933.6 billion for full-year 2016, yet down 1.6% from $954.5 billion for full-year 2015.
- 294 S&P 500 issues reduced their share count during Q4 2017, compared to 274 during Q3 2017 and 281 during Q4 2016.
- Year-over-year share count reductions of at least 4%, which are seen as affecting EPS, held flat at 70 issues.
"Year-end buyback expenditures for Q4 2017 increased 6.0%, while the average corresponding stock price increased 5.5%," said Howard Silverblatt, Senior Index Analyst at S&P Dow Jones Indices.
"Fewer index issues are experiencing a significant EPS tailwind, as share count reductions greater than 4% have yet to match the 20%+ levels from parts of 2015 and 2016.
"Buyback concentration slightly declined for the quarter. The 20 issues with the most quarterly expenditures accounted for 44.8% ($61.4 billion) of all share repurchases, down from 45.5% ($58.8 billion) for Q3 2017 and 46.7% ($63.2 billion) for Q4 2016; the five-year average is 41.5%."
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GICS® Sector Analysis:
Information Technology expenditures rose 28.3% to $35.8 billion, compared to $27.9 billion for Q3 2017. The sector represents 26.1% of the index's buybacks and 45.7% of cash reserves.
Financials' expenditures declined 1.0% to $33.9 billion, after last quarter's strong 27.7% increase; the sector represents 24.8% of the buybacks, down from 26.5% for Q3 2017.
Energy buybacks returned, increasing to $5.2 billion, up 124% from $2.3 billion for Q3 2017 and 431% from $1.0 billion for Q4 2016; levels remain a fraction of previous amounts, such as $10.3 billion during Q4 2014 and $25.3 billion during Q4 2007.
Issues:
The five issues with the highest total buybacks for Q4 2017 are:
- Apple (AAPL): $10.1 billion for Q4 2017, the 12th highest quarter in S&P 500 history and up from $7.8 billion for Q3 2017.
- Citigroup (C): $5.5 billion for Q4 2017, up from $5.4 billion for Q3 2017 and $4.1 billion for Q4 2016.
- Bank of America (BAC): $4.9 billion for Q4 2017, up from $3.0 billion for Q3 2017 and $1.3 billion for Q4 2016.
- J.P. Morgan (JPM): $4.81 billion for Q4 2017, up from $4.76 billion for Q3 2017 and $2.3 billion for Q4 2016.
- Charter Communications (CHTR): $4.0 billion for Q4 2017, up from $3.5 billion for Q3 2017 and $1.1 billion for Q4 2016.
The five issues with the highest total buybacks for full-year 2017 are:
- AAPL: $32.1 billion for full-year 2017, down from $33.7 billion for full-year 2016.
- JPM: $15.4 billion for full-year 2017, up from $9.1 billion for full-year 2016.
- C: $14.9 billion for full-year 2017, up from $9.6 billion for full-year 2016.
- BAC: $12.8 billion for full-year 2017, up from $5.1 billion for full-year 2016.
- CHTR: $11.7 billion for full-year 2017, up from $1.6 billion for full-year 2016.
The five issues combined for $87.0 billion in share repurchases for full-year 2017.
Total Shareholder Return:
Silverblatt determined that total shareholder return, through regular cash dividends and buybacks, increased 5.0% to $246.4 billion for Q4 2017, up from $234.6 billion for Q3 2017. For the 12-month period ending December 2017, shareholder return totaled $939.2 billion, up 0.6% from $933.6 billion for the 12-month period ending December 2016.
S&P 500 dividends posted a 3.8% increase for Q4 2017 to a record $109.5 billion, up from $105.4 billion for Q3 2017. Payments totaled a record $419.8 billion for the 12-month period ending December 2017, up 5.7% from $397.2 billion for the 12-month period ending December 2016.
According to Silverblatt, preliminary cash reserves increased from Q3 2017, setting another record. S&P 500 Industrial (Old), which consists of the S&P 500 less Financials, Transportations, Real Estate and Utilities, available cash and equivalent stood at $1.636 trillion, slightly above the $1.630 trillion level for Q3 2017; available cash stood at $1.478 trillion for Q4 2016.
"Repatriation frees up cash for companies to use, but also reduces the overall cash on hand since taxes will need to be paid on them," noted Silverblatt.
"For 2018, expectations are high for greater corporate expenditures, as lower income tax rates and repatriation should add to available funds and investors pressure companies to use it.
"Dividends, which are on track to set a seventh consecutive record annual payment for 2018, may return to double-digit gains last seen in 2015; 2016 posted a 5.4% gain and 2017 had a 7.0% gain.
"S&P 500 issues have increased the size of their dividends hikes this year an average of 14.04%, versus 11.36% for 2017 and 10.51% for 2016. No issues have lowered their rate and there are 128 increases so far for 2018.
"Combined, buybacks and dividends could put the S&P 500 over $1 trillion for total shareholder return this year."
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 & | DIVIDENDS |
| | VALUE | EARNINGS | EARNINGS | DIVIDENDS | BUYBACKS | DIVIDEND | BUYBACK | BUYBACK | & BUYBACKS |
| | $ BILLIONS | $ BILLIONS | $ BILLIONS | $ BILLIONS | $ BILLIONS | YIELD | YIELD | YIELD | $ BILLION |
| | | | | | | | | | |
| 2017 Prelim. | $22,821.24 | $1,072.06 | $940.95 | $419.77 | $519.40 | 1.84% | 2.28% | 4.12% | $939.17 |
| 2016 | $19,267.93 | $919.85 | $818.55 | $397.21 | $536.38 | 2.06% | 2.78% | 4.85% | $933.60 |
| 2015 | $17,899.56 | $885.38 | $762.74 | $382.32 | $572.16 | 2.14% | 3.20% | 5.33% | $954.47 |
| | | | | | | | | | |
| 12/29/2017 Prelim. | $22,821 | $294.65 | $230.12 | $109.46 | $136.97 | 1.84% | 2.28% | 4.12% | $246.43 |
| 9/29/2017 | $21,579 | $268.69 | $243.77 | $105.45 | $129.17 Werbung Mehr Nachrichten zur Cisco Systems Inc. Aktie kostenlos abonnieren
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