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Share Name | Share Symbol | Market | Type |
---|---|---|---|
S&P Global Inc | NYSE:SPGI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 437.74 | 420,956 | 13:47:02 |
NEW YORK, March 18, 2024 /PRNewswire/ -- S&P Dow Jones Indices (S&P DJI) today announced the preliminary S&P 500® stock buybacks or share repurchases data for Q4 2023 and year-end 2023.
Historical data on S&P 500 buybacks is available at www.spdji.com/indices/equity/sp-500.
Key Takeaways:
"The share count impact on EPS decreased for the fifth consecutive quarter, even as companies increased their overall buyback expenditure by 18% to counter the impact of both share issuance and employee options being exercised. While buybacks supported share price, only 12.3% of the issues saw a significant increase (of at least 4%) in their EPS due to share count reduction, compared to 19.4% in Q4 2022. More issues did buybacks and spent more, but the higher cost of shares reduced the number of shares they received and reduced the impact on share-count-reduction. Companies with strong cashflows continued to aggressively do buybacks, as the top 20 issues accounted for over 54.1% of the buybacks in Q4 2023," said Howard Silverblatt, Senior Index Analyst at S&P Dow Jones Indices.
"Given the market's expectations for interest rates to decline later in the year, even as higher-for-longer interest rates continue, companies may be shy of financing buybacks going forward, as discretionary buybacks, which reduce share count, may need to be financed from ongoing operations. Top-tier cash-flow issues however are seen as continuing their buybacks and positively impacting their EPS."
1% Buyback Excise Tax for 2023:
The 1% excise tax on net buybacks reduced Q4 2023 operating earnings by 0.44%, up from Q3 2023's 0.39% and down from the proforma 0.46% for Q4 2022, as the 2023 impact was 0.40%, down from the proforma 2022 of 0.51%. The tax on As Reported GAAP earnings increased to 0.50%, up from the Q3 2023 0.42% and was down from the proforma Q4 2022 0.58%, as 2023 was 0.45%, down from the proforma 2022 rate of 0.58%.
Silverblatt added: "The 1% tax remains an expense but has not impacted overall buybacks at this point. However, given the initial 1% buyback tax had bipartisan support and remains an attractive cash generator for the government, there is an expectation that some increase or potential change to the type of buybacks that are taxed will remain on the table for the current budget process. Given the current corporate sensitivity to costs, a buyback tax rate of 2%-to-2.5% was seen as impacting both buybacks and the EPS impact of share-count-reduction (which is already in decline due to high prices), as some of the expenditures may shift from buybacks to dividends. However, any shift would not be on a-dollar-for-dollar basis as dividends remain a long-term pure cash-flow item which must be incorporated into corporate budgets."
Q4 2023 GICS® Sector Analysis:
Information Technology maintained its lead in buybacks. For Q4 2023, the sector increased their expenditure 15.9% to $56.3 billion, representing 25.7% of all S&P 500 buybacks. This compared to the $48.6 billion spent in Q3 2023, which represented 26.2% of all buybacks. For 2023, the sector spent $197.9 billion, down 24.5% from 2022's $262.0 billion.
Financials ticked up 0.4% for Q4 2023 as they spent $29.4 billion on buybacks, accounting for 13.4% of all S&P 500 buybacks. This was up compared to the Q3 2023 expenditure of $29.3 billion and up from Q4 2022's $22.5 billion. For 2023, Financials spent $138.4 billion, up from $121.4 billion for 2022.
Energy slightly decreased their buybacks for the fifth consecutive quarter after significantly increasing them in the prior periods. For Q4 2023, Energy expenditures declined 1.1% to $16.1 billion, representing 7.3% of the buybacks compared to the prior quarter's $16.2 billion, and were 19.0% lower than Q4 2022's $19.8 billion. For 2023, Energy spent $69.8 billion on buybacks, up 9.5% from the prior period's $63.8 billion, but up significantly compared to 2021's $12.7 billion expenditure.
Industrials increased 89.8% for the quarter, spending $27.1 billion in Q4 2023. This represented 12.4% of all buybacks compared to $14.3 billion in Q3 2023 and $22.4 billion in Q4 2022. For 2023, the sector spent $68.2 billion, down 16.9% from 2022's $82.1 billion.
Issues:
The five issues with the highest total buybacks for Q4 2023 were:
For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/en/.
S&P Dow Jones Indices | |||
S&P 500 proforma net buyback tax impact | |||
TAX | TAX % OF | TAX % OF | |
$ BILLIONS | OPERATING | AS REPORTED | |
Q4 2023 | $2.02 | 0.44 % | 0.50 % |
Q3 2023 | $1.70 | 0.39 % | 0.42 % |
Q2 2023 | $1.55 | 0.34 % | 0.38 % |
Q1 2023 | $1.98 | 0.45 % | 0.49 % |
2023 | $7.47 | 0.40 % | 0.45 % |
2022 proforma | $8.47 | 0.51 % | 0.58 % |
2021 proforma | $7.93 | 0.45 % | 0.47 % |
S&P Dow Jones Indices | ||||||||
S&P 500, $ U.S. BILLIONS | (preliminary in bold) | |||||||
PERIOD | MARKET | OPERATING | AS REPORTED | DIVIDEND & | ||||
VALUE | EARNINGS | EARNINGS | DIVIDENDS | BUYBACKS | DIVIDEND | BUYBACK | BUYBACK | |
$ BILLIONS | $ BILLIONS | $ BILLIONS | $ BILLIONS | $ BILLIONS | YIELD | YIELD | YIELD | |
2023 Prelim. | $40,039 | $1,789.88 | $1,615.60 | $588.23 | $795.16 | 1.47 % | 1.99 % | 3.46 % |
2022 | $32,133 | $1,656.66 | $1,453.43 | $564.57 | $922.68 | 1.76 % | 2.87 % | 4.63 % |
2021 | $40,356 | $1,762.75 | $1,675.22 | $511.23 | $881.72 | 1.27 % | 2.18 % | 3.45 % |
2020 | $31,659 | $1,019.04 | $784.21 | $483.18 | $519.76 | 1.53 % | 1.64 % | 3.17 % |
2019 | $26,760 | $1,304.76 | $1,158.22 | $485.48 | $728.74 | 1.81 % | 2.72 % | 4.54 % |
2018 | $21,027 | $1,281.66 | $1,119.43 | $456.31 | $806.41 | 2.17 % | 3.84 % | 6.01 % |
12/31/2023 Prelim. | $40,039 | $454.96 | $406.02 | $154.10 | $219.09 | 1.47 % | 1.99 % | 3.46 % |
9/30/2023 | $35,938 | $437.90 | $399.35 | $144.18 | $185.62 | 1.61 % | 2.19 % | 3.81 % |
6/30/2023 | $37,162 | $457.93 | $405.66 | $143.20 | $174.92 | 1.55 % | 2.19 % | 3.74 % |
3/31/2023 | $34,342 | $439.08 | $404.57 | $146.76 | $215.53 | 1.67 % | 2.50 % | 4.17 % |
12/31/2022 | $32,133 | $421.55 | $331.50 | $146.07 | $211.19 | 1.76 % | 2.87 % | 4.63 % |
9/30/2022 | $30,119 | $422.94 | $373.04 | $140.34 | $210.84 | 1.83 % | 3.26 % | 5.09 % |
6/30/2022 | $31,903 | $395.02 | $360.21 | $140.56 | $219.64 | 1.70 % | 3.15 % | 4.85 % |
3/31/2022 | $38,288 | $417.16 | $388.68 | $137.60 | $281.01 | 1.37 % | 2.57 % | 3.94 % |
12/31/2021 | $40,356 | $480.35 | $456.72 | $133.90 | $270.10 | 1.27 % | 2.18 % | 3.45 % |
9/30/2021 | $36,538 | $441.26 | $420.64 | $130.04 | $234.64 | 1.37 % | 2.03 % | 3.40 % |
6/30/2021 | $36,325 | $439.95 | $409.02 | $123.38 | $198.84 | 1.33 % | 1.68 % | 3.01 % |
3/31/2021 | $33,619 | $401.19 | $388.84 | $123.91 | $178.13 | 1.43 % | 1.48 % | 2.91 % |
12/31/2020 | $31,659 | $321.81 | $265.00 | $121.62 | $130.59 | 1.53 % | 1.64 % | 3.17 % |
9/30/2020 | $27,868 | $314.06 | $273.29 | $115.54 | $101.79 | 1.75 % | 2.05 % | 3.80 % |
6/30/2020 | $25,637 | $221.53 | $147.44 | $119.04 | $88.66 | 1.93 % | 2.52 % | 4.45 % |
3/31/2020 | $21,424 | $161.64 | $98.48 | $126.98 | $198.72 | 2.31 % | 3.37 % | 5.68 % |
12/31/2019 | $26,760 | $324.52 | $294.29 | $126.35 | $181.58 | 1.81 % | 2.72 % | 4.54 % |
S&P Dow Jones Indices | |||||||
S&P 500 SECTOR BUYBACKS | |||||||
SECTOR $ MILLIONS | Q4,'23 | Q3,'23 | Q4,'22 | 12MoDec,'23 | 12MoDec,'22 | 5-YEARS | 10-YEARS |
Consumer Discretionary | $28,716 | $18,809 | $18,819 | $83,490 | $94,238 | $362,272 | $795,830 |
Consumer Staples | $9,042 | $5,014 | $7,033 | $24,604 | $37,429 | $155,310 | $370,268 |
Energy | $16,060 | $16,233 | $19,833 | $69,850 | $63,782 | $169,393 | $274,497 |
Financials | $29,418 | $29,303 | $22,497 | $138,354 | $121,431 | $709,761 | $1,258,599 |
Healthcare | $13,188 | $14,960 | $24,394 | $64,750 | $102,881 | $381,734 | $773,384 |
Industrials | $27,112 | $14,286 | $22,403 | $68,222 | $82,095 | $306,613 | $661,409 |
Information Technology | $56,283 | $48,554 | $57,654 | $197,893 | $261,960 | $1,146,595 | $1,968,457 |
Materials | $2,963 | $5,278 | $6,548 | $15,168 | $28,386 | $90,561 | $162,904 |
Real Estate | $243 | $853 | $728 | $1,693 | $3,779 | $11,750 | $20,121 |
Communication Services | $34,715 | $32,020 | $31,155 | $127,903 | $124,963 | $500,087 | $529,828 |
Utilities | $1,353 | $306 | $126 | $3,237 | $1,737 | $13,985 | $20,385 |
TOTAL | $219,091 | $185,615 | $211,189 | $795,163 | $922,680 | $3,848,061 | $6,835,682 |
SECTOR BUYBACK MAKEUP % | Q4,'23 | Q3,'23 | Q4,'22 | 12MoDec,'23 | 12MoDec,'22 | 5-YEARS | 10-YEARS |
Consumer Discretionary | 13.11 % | 10.13 % | 8.91 % | 10.50 % | 10.21 % | 9.41 % | 11.64 % |
Consumer Staples | 4.13 % | 2.70 % | 3.33 % | 3.09 % | 4.06 % | 4.04 % | 5.42 % |
Energy | 7.33 % | 8.75 % | 9.39 % | 8.78 % | 6.91 % | 4.40 % | 4.02 % |
Financials | 13.43 % | 15.79 % | 10.65 % | 17.40 % | 13.16 % | 18.44 % | 18.41 % |
Healthcare | 6.02 % | 8.06 % | 11.55 % | 8.14 % | 11.15 % | 9.92 % | 11.31 % |
Industrials | 12.37 % | 7.70 % | 10.61 % | 8.58 % | 8.90 % | 7.97 % | 9.68 % |
Information Technology | 25.69 % | 26.16 % | 27.30 % | 24.89 % | 28.39 % | 29.80 % | 28.80 % |
Materials | 1.35 % | 2.84 % | 3.10 % | 1.91 % | 3.08 % | 2.35 % | 2.38 % |
Real Estate | 0.11 % | 0.46 % | 0.34 % | 0.21 % | 0.41 % | 0.31 % | 0.29 % |
Communication Services | 15.85 % | 17.25 % | 14.75 % | 16.09 % | 13.54 % | 13.00 % | 7.75 % |
Utilities | 0.62 % | 0.16 % | 0.06 % | 0.41 % | 0.19 % | 0.36 % | 0.30 % |
TOTAL | 100.00 % | 100.00 % | 100.00 % | 100.00 % | 100.00 % | 100.00 % | 100.00 % |
S&P Dow Jones Indices | ||||||||||
S&P 500 20 LARGEST Q4 2023 BUYBACKS, $ MILLIONS | ||||||||||
Company | Ticker | Sector | Q4 2023 | Q3 2023 | Q4 2022 | 12-Months | 12-Months | 5-Year | 10-Year | Indicated |
Buybacks | Buybacks | Buybacks | Dec,'23 | Dec,'22 | Buybacks | Buybacks | Dividend | |||
$ Million | $ Million | $ Million | $ Million | $ Million | $ Million | $ Million | $ Million | |||
Apple | AAPL | Information Technology | $22,730 | $21,315 | $21,791 | $83,920 | $94,050 | $429,455 | $658,416 | $14,035 |
Alphabet | GOOGL | Communication Services | $16,191 | $15,787 | $15,407 | $61,504 | $59,296 | $220,619 | $240,013 | $0 |
RTX | RTX | Industrials | $10,283 | $1,429 | $408 | $12,870 | $2,803 | $18,162 | $32,934 | $3,393 |
General Motors | GM | Consumer Discretionary | $9,996 | $250 | $1,000 | $11,115 | $2,500 | $13,615 | $27,594 | $657 |
Broadcom | AVGO | Information Technology | $8,290 | $577 | $1,521 | $14,454 | $6,877 | $29,388 | $40,215 | $9,218 |
Meta Platforms | META | Communication Services | $8,165 | $5,657 | $7,520 | $26,786 | $31,551 | $124,764 | $146,152 | $4,439 |
Exxon Mobil | XOM | Energy | $4,656 | $4,412 | $4,675 | $17,748 | $15,155 | $34,057 | $53,630 | $15,222 |
Microsoft | MSFT | Information Technology | $4,000 | $4,831 | $5,459 | $20,044 | $28,611 | $123,511 | $189,604 | $22,297 |
Visa | V | Financials | $3,752 | $3,756 | $3,227 | $12,756 | $10,719 | $51,010 | $81,060 | $3,316 |
Comcast | CMCSA | Communication Services | $3,521 | $3,543 | $3,515 | $11,291 | $13,328 | $30,329 | $57,437 | $4,979 |
NVIDIA | NVDA | Information Technology | $3,500 | $4,570 | $1,557 | $12,316 | $11,514 | $27,227 | $33,675 | $395 |
Chevron | CVX | Energy | $3,397 | $3,334 | $3,417 | $14,678 | $8,803 | $28,607 | $34,631 | $11,447 |
Lockheed Martin | LMT | Industrials | $3,000 | $1,750 | $4,206 | $6,000 | $7,900 | $20,202 | $28,532 | $2,782 |
Caterpillar I | CAT | Industrials | $2,790 | $380 | $921 | $4,999 | $4,232 | $17,077 | $27,139 | $2,653 |
Marathon Petroleum | MPC | Energy | $2,505 | $2,819 | $0 | $11,572 | $6,754 | $23,930 | $32,882 | $1,253 |
Netflix | NFLX | Communication Services | $2,500 | $2,500 | $0 | $6,045 | $0 | $6,870 | $6,870 | $0 |
Booking Holdings | BKNG | Consumer Discretionary | $2,488 | $2,640 | $2,343 | $10,377 | $6,621 | $26,651 | $39,301 | $1,221 |
Wells Fargo | WFC | Financials | $2,350 | $1,480 | $6 | $11,851 | $6,033 | $61,434 | $119,420 | $5,084 |
JPMorgan | JPM | Financials | $2,275 | $2,382 | $0 | $9,824 | $3,162 | $61,912 | $116,763 | $12,142 |
T-Mobile US | TMUS | Communication Services | $2,213 | $2,691 | $2,461 | $13,371 | $3,243 | $37,061 | $39,221 | $1,323 |
Top 20 | $118,602 | $86,103 | $79,434 | $373,521 | $323,152 | $1,385,881 | $2,005,489 | $115,856 | ||
S&P 500 | $219,091 | $185,615 | $211,189 | $795,163 | $922,680 | $3,848,061 | $6,835,682 | $607,554 | ||
Top 20 % of S&P 500 | 54.13 % | 46.39 % | 37.61 % | 46.97 % | 35.02 % | 36.02 % | 29.34 % | 19.07 % | ||
Gross values are not adjusted for float |
S&P Dow Jones Indices | ||||
S&P 500 Q4 2023 Buyback Report | ||||
SECTOR | DIVIDEND | BUYBACK | COMBINED | |
YIELD | YIELD | YIELD | ||
Consumer Discretionary | 0.80 % | 1.92 % | 2.71 % | |
Consumer Staples | 2.60 % | 0.95 % | 3.56 % | |
Energy | 3.31 % | 4.31 % | 7.62 % | |
Financials | 1.68 % | 2.48 % | 4.17 % | |
HealthCare | 1.62 % | 1.19 % | 2.81 % | |
Industrials | 1.47 % | 1.85 % | 3.31 % | |
Information Technology | 0.71 % | 1.51 % | 2.22 % | |
Materials | 1.84 % | 1.49 % | 3.33 % | |
Real Estate | 3.51 % | 0.17 % | 3.68 % | |
Communications Services | 1.06 % | 4.09 % | 5.15 % | |
Utilities | 3.63 % | 0.35 % | 3.98 % | |
S&P 500 | 1.43 % | 1.87 % | 3.30 % | |
Uses full values (unadjusted for float) | ||||
Dividends based on indicated; buybacks based on the last 12-months ending Q4,'23 |
Share Count Changes | ||
(Y/Y diluted shares used for EPS) | >=4% | <=-4% |
Q4 2024 | 3.85 % | 12.35 % |
Q3 2023 | 4.60 % | 13.80 % |
Q2 2023 | 4.22 % | 16.27 % |
Q1 2023 | 4.02 % | 18.47 % |
Q4 2022 | 5.01 % | 19.44 % |
Q3 2022 | 7.21 % | 21.24 % |
Q2 2022 | 8.42 % | 19.84 % |
Q1 2022 | 7.62 % | 17.64 % |
Q4 2021 | 10.06 % | 14.89 % |
Q3 2021 | 10.22 % | 7.41 % |
Q2 2021 | 11.02 % | 5.41 % |
Q1 2021 | 10.40 % | 5.80 % |
Q4 2020 | 9.02 % | 6.01 % |
ABOUT S&P DOW JONES INDICES
S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P Dow Jones Indices has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.
S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit: https://www.spglobal.com/spdji/en/.
S&P Dow Jones Indices Media Contacts:
April Kabahar
(+1) 917 796 3121
april.kabahar@spglobal.com
Alyssa Augustyn
(+1) 773 919 4732
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S&P Dow Jones Indices Index Services:
Howard Silverblatt
Senior Index Analyst
(+1) 973 769 2306
howard.silverblatt@spglobal.com
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