S&P 500 Buybacks & Dividends - Yardeni Research

Corporate Finance Briefing: S&P 500 Buybacks & Dividends

Yardeni Research, Inc.

January 13, 2023

Dr. Edward Yardeni

516-972-7683 eyardeni@

Joe Abbott

jabbott@

Mali Quintana

480-664-1333 aquintana@

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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

January 13, 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 (843.4)

4-Quarter Sum (981.6)

850

1250

1150

1050 Q3

950

Q3

850



750

750

650

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 Q4

550

500

500

450

Actual x 4 (582.2)

450

400

4-Quarter Sum (562.9)

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 / January 13, 2023 / S&P 500 Buybacks & Dividends

Yardeni Research, Inc.



Buybacks & Dividends

Figure 3.

300

S&P 500 BUYBACKS (billion dollars, quarterly, nsa)

250

200

300

250 Q3

200



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 Q4 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 / January 13, 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

Dec

4

3



2

2

Q3

1

1

Q4

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

1200

1000

Q3

800

600

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

1/6

6

4

BoFA Merrill Lynch AAA

Corporate Bond Yield (4.5)

Dec

4

2

S&P 500 Forward Earnings Yield* (5.9)

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 / January 13, 2023 / S&P 500 Buybacks & Dividends

Yardeni Research, Inc.



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