S&P 500 Buybacks & Dividends - Yardeni Research
Corporate Finance Briefing: S&P 500 Buybacks & Dividends
Yardeni Research, Inc.
October 1, 2021
Dr. Edward Yardeni
516-972-7683 eyardeni@
Joe Abbott
732-497-5306 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 Buybacks
11
S&P 500 Sectors Cumulative Buybacks Since Q1-2009
12
S&P 500 Sectors Dividends
13
S&P 500 Sectors Buybacks
14
October 1, 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 Actual x 4 (795.4)
750
4-Quarter Sum (609.3)
850 Q2
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
Source: Standard & Poor's.
Figure 2.
550
S&P 500 DIVIDENDS (billion dollars, annualized)
500
550
Q3 500
450
450
400
Actual x 4 (521.2)
400
4-Quarter Sum (501.2)
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
Source: Standard & Poor's.
Page 3 / October 1, 2021 / S&P 500 Buybacks & Dividends
Yardeni Research, Inc.
Buybacks & Dividends
Figure 3.
250
S&P 500 BUYBACKS (billion dollars, quarterly, nsa)
200
250
Q2
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
Source: Standard & Poor's.
Figure 4.
140
S&P 500 DIVIDENDS (billion dollars, quarterly)
120
140 Q3
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 2023 2024
Source: Standard & Poor's.
Page 4 / October 1, 2021 / 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
Source: Standard & Poor's.
Figure 6.
1000
S&P 500 BUYBACKS (billion dollars, annualized)
800
1000
Q2
800
600
600
400
400
200
200
0
0
12
12
S&P 500 FORWARD EARNINGS YIELD & CORPORATE BOND YIELD
10 (percent)
10
8
8
6
6
9/24
4
4
BoFA Merrill Lynch AAA
2
Corporate Bond Yield (2.5)
Sep 2
S&P 500 Forward Earnings Yield* (4.8) 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
* 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 / October 1, 2021 / S&P 500 Buybacks & Dividends
Yardeni Research, Inc.
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