S&P 500 Buybacks & Dividends - Yardeni Research

Corporate Finance Briefing: S&P 500 Buybacks & Dividends

Yardeni Research, Inc.

May 21, 2021

Dr. Edward Yardeni

516-972-7683 eyardeni@

Joe Abbott

732-497-5306 jabbott@

Mali Quintana

480-664-1333 aquintana@

Please visit our sites at blog.

thinking outside the box

Table Of Contents Table Of Contents

Buybacks & Dividends

3-6

Buybacks

7

S&P 1500/500/400/600 Divisors

8

Buybacks & Dividends

9

Buybacks & Dividends as % of Operating Earnings

10

S&P 500 Sectors Buybacks

11

S&P 500 Sectors Cumulative Buybacks Since Q1-2009

12

S&P 500 Sectors Dividends

13

S&P 500 Sectors Buybacks

14

May 21, 2021 / S&P 500 Buybacks & Dividends

Yardeni Research, Inc.



Buybacks & Dividends

Figure 1.

1050

1050

S&P 500 BUYBACKS

(billion dollars, annualized)

950

950

850

850

Actual x 4 (522.1)

750

4-Quarter Sum (519.7)

750

650

650



550

550

Q4

450

450

350

350

250

250

150

150

50

50

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Standard & Poor's.

Figure 2.

550

S&P 500 DIVIDENDS (billion dollars, annualized)

500

550

Q1

500

450

450

400

Actual x 4 (496.9)

400

4-Quarter Sum (482.0)

350

350



300

300

250

250

200

200

150

150

100

100

50

50

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Standard & Poor's.

Page 3 / May 21, 2021 / S&P 500 Buybacks & Dividends

Yardeni Research, Inc.



Buybacks & Dividends

Figure 3.

250

250

S&P 500 BUYBACKS

(billion dollars, quarterly, nsa)

200

200



150

150

Q4

100

100

50

50

0

0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Standard & Poor's.

Figure 4.

140

S&P 500 DIVIDENDS (billion dollars, quarterly)

120

140

Q1 120

100

100



80

80

60

60

40

40

20

20

0

0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Standard & Poor's.

Page 4 / May 21, 2021 / S&P 500 Buybacks & Dividends

Yardeni Research, Inc.



Buybacks & Dividends

Figure 5.

5000

4750

S&P 500 DIVIDENDS & BUYBACKS (trillion dollars, annualized)

4500

4250

Buybacks

4000

Dividends

3750

3.0

Apr

2.5

3500

S&P 500 Index

3250

2.0

3000



2750

2500

1.5

2250

2000

1750 1500

Q4

1.0

1250

1000 750

Q1

.5

500

250

0

.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Standard & Poor's.

Figure 6.

1000

1000

S&P 500 BUYBACKS

(billion dollars, annualized)

800

800

600

600

Q4

400

400

200

200

0

0

12

12

S&P 500 FORWARD EARNINGS YIELD & CORPORATE BOND YIELD

10 (percent)

10

8

8

6

6

5/14

4

4

BoFA Merrill Lynch AAA

2

Corporate Bond Yield (2.9)

Apr 2

S&P 500 Forward Earnings Yield* (4.7) 0

0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Forward earnings (time-weighted average of consensus operating earnings estimates for current and next year) divided by S&P 500 stock price index. Source: Thomson Reuters I/B/E/S, Standard & Poor's and Bank of America Merrill Lynch.

Page 5 / May 21, 2021 / S&P 500 Buybacks & Dividends

Yardeni Research, Inc.



 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download