S&P 500 Buybacks & Dividends
Corporate Finance Briefing: S&P 500 Buybacks & Dividends
Yardeni Research, Inc.
August 26, 2019
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
August 26, 2019 / S&P 500 Buybacks & Dividends
Yardeni Research, Inc.
Figure 1.
1000
S&P 500 BUYBACKS (billion dollars, annualized)
Buybacks & Dividends
800 Actual x 4 (823.2) 4-Quarter Sum (823.2)
600
1000 Q1
800 600
400
400
200
200
0
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: Standard & Poor's.
Figure 2.
500
S&P 500 DIVIDENDS (billion dollars, annualized)
450
500 Q2
450
400
400
350
350
4-Quarter Sum (469.1)
300
300
250
250
200
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
Source: Standard & Poor's.
Page 3 / August 26, 2019 / S&P 500 Buybacks & Dividends
Yardeni Research, Inc.
Buybacks & Dividends
Figure 3.
250
S&P 500 BUYBACKS (billion dollars, quarterly, nsa)
200
250 Q1
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
Source: Standard & Poor's.
Figure 4.
140
S&P 500 DIVIDENDS (billion dollars, quarterly)
120
100
140
Q2
120
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
Source: Standard & Poor's Corporation.
Page 4 / August 26, 2019 / S&P 500 Buybacks & Dividends
Yardeni Research, Inc.
Buybacks & Dividends
Figure 5.
3250
S&P 500 DIVIDENDS & BUYBACKS 3000 (trillion dollars, annualized)
2750
Buybacks
2500
Dividends
2250
S&P 500 Index
2000
3.0 Jul
2.5
2.0
1750 1500 1250 1000
1.5 Q1
1.0
750
500
Q2
.5
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
Source: Standard & Poor's.
Figure 6.
1000
S&P 500 BUYBACKS (billion dollars, annualized)
800
1000
Q1
800
600
600
400
400
200
200
0
0
13
13
12
S&P 500 FORWARD EARNINGS YIELD & CORPORATE BOND YIELD (percent)
12
11
11
10
S&P 500 Forward Earnings Yield* (6.2)
10
9
BoA Merrill Lynch AA-AAA
9
8
Corporate Bond Yield (3.4)
8
7
7
6
8/23
6
5
5
4
3
4
Jul
3
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
* 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 / August 26, 2019 / S&P 500 Buybacks & Dividends
Yardeni Research, Inc.
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