S&P 500 Buybacks & Dividends - Yardeni Research
Corporate Finance Briefing: S&P 500 Buybacks & Dividends
Yardeni Research, Inc.
September 29, 2023
Dr. Edward Yardeni
516-972-7683 eyardeni@
Joe Abbott
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 Quarterly Buybacks
11
S&P 500 Sectors Cumulative Buybacks Since Q1-2009
12
S&P 500 Sectors Quarterly Dividends
13
S&P 500 Sectors Four Quarter Buybacks
14
S&P 500 Sectors Quarterly Buybacks+Dividends
15
September 29, 2023 / S&P 500 Buybacks & Dividends
Yardeni Research, Inc.
Buybacks & Dividends
Figure 1.
1250
S&P 500 BUYBACKS 1150 (billion dollars, annualized)
1050
950
Actual x 4 (699.7)
4-Quarter Sum (812.5)
850
750
650
1250
1150
1050
950
850 Q2
750 Q2
650
550
550
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 2023 2024 2025
Source: Standard & Poor's.
Figure 2.
600
S&P 500 DIVIDENDS 550 (billion dollars, annualized)
600 Q3
550
500
500
450
Actual x 4 (578.3)
450
400
4-Quarter Sum (579.7)
400
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 2023 2024 2025
Source: Standard & Poor's.
Page 3 / September 29, 2023 / S&P 500 Buybacks & Dividends
Yardeni Research, Inc.
Buybacks & Dividends
Figure 3.
300
300
S&P 500 BUYBACKS (billion dollars, quarterly, nsa)
250
250
200
200
Q2
150
150
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 2023 2024 2025
Source: Standard & Poor's.
Figure 4.
175
S&P 500 DIVIDENDS (billion dollars, quarterly)
150
125
175
150 Q3
125
100
100
75
75
50
50
25
25
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 2023 2024 2025
Source: Standard & Poor's.
Page 4 / September 29, 2023 / S&P 500 Buybacks & Dividends
Yardeni Research, Inc.
Buybacks & Dividends
Figure 5.
5
S&P 500 DIVIDENDS & BUYBACKS (trillion dollars, annualized)
4
Buybacks
3
Dividends
S&P 500 Index
5 Sep
4
3
2
2
Q2
1
1
Q3
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 2023 2024 2025
Source: Standard & Poor's.
Figure 6.
1200
S&P 500 BUYBACKS 1000 (billion dollars, annualized)
800
600
1200
1000
800 Q2
600
400
400
200
200
0
0
16
16
14
S&P 500 FORWARD EARNINGS YIELD & CORPORATE BOND YIELD
14
(percent)
12
12
10
10
8
8
6
4
BoFA Merrill Lynch AAA
Corporate Bond Yield (5.0)
A9u/2g2
6
4
2
S&P 500 Forward Earnings Yield* (5.6)
0
2
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 2023 2024 2025
* 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 / September 29, 2023 / S&P 500 Buybacks & Dividends
Yardeni Research, Inc.
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