Tuesday, January 8, 2019
A Look at Climate Change Disclosures

Wednesday, January 2, 2019
Quants: Point-in-Time Data for Backtesting

Friday, December 28, 2018
Now Showing: Controls & Procedures

Thursday, December 27, 2018
A Reminder on Non-GAAP Reporting Rules

Monday, December 17, 2018
Researching PG&E’s Wildfire Risk

Wednesday, December 12, 2018
Tracking Brexit Disclosures

Thursday, December 6, 2018
Campbell Soup: Looking Behind the Label

Sunday, December 2, 2018
SEC Comment Letters: The Amazon Example

Wednesday, November 28, 2018
Measuring Big Pharma’s Chemical Dependency

Monday, November 26, 2018
Analysts, Can You Relate? A True Story

Monday, November 19, 2018
Digging Up Historical Trend Data: Quest Example

Sunday, November 11, 2018
Cost of Revenue, SG&A: Q3 Update

Monday, November 5, 2018
Lease Accounting: FedEx vs. UPS

Saturday, November 3, 2018
New Email Alerting Powers

Wednesday, October 31, 2018
PTC and Two Tales of Revenue

Tuesday, October 30, 2018
10-K/Q Section Text Change Detection

Sunday, October 28, 2018
Finding Purchase Price Allocation

Sunday, October 21, 2018
Charting Netflix Growth in Three Ways

Wednesday, October 17, 2018
Interesting Data on Interest Income

Thursday, October 11, 2018
The Decline of Sears in Three Charts

Archive  |  Search:
Share Repurchase Programs Through Q3 2016
Wednesday, February 8, 2017

We’re in a bit of data drought here at Calcbench, as we wait a few more weeks for companies to start filing their Form 10-Ks for 2016. When those reports start arriving, the floodgates will open and you’ll be awash in fresh financial data and research, we promise.

Meanwhile, to pass the time, we have our latest look at money Corporate America spent to buy back shares, through third quarter 2016.

Figure 1, below, shows the number of filers buying back shares each quarter back to 2012. The red line shows the average amount spent per quarter. That average does zigzag quite a bit, but across the whole five-year period the trend is clearly upward.

We also totaled up the dollars spent for the first three quarters of every year, to get a sense of how our partial 2016 results compare. The results are as follows:

  • 2012: $257.66 billion
  • 2013: $357.95 billion
  • 2014: $411.04 billion
  • 2015: $414.59 billion
  • 2016: $386.83 billion

In other words, after brisk year-over-year growth in share repurchase programs for four straight years, Corporate America stepped in the brakes in 2016—a 6.7 percent decline from the comparable period in 2015.

Will results from fourth quarter 2016 change the overall story? Calcbench will report back later this spring when we have those full-year numbers in hand.

Don’t Forget the Big Boys

Calcbench also tracks the pace of “mega-buybacks”—firms that spent at least $ billion in any given quarter on repurchase programs. As you can see from Figure 2, below, the number of mega-buyers declined over the course of 2016, but it is still considerably larger than the figure from 2012.

Who are these companies? All the usual suspects, really: Walmart, United Airlines, Apple, Disney, Goldman Sachs, Express Scripts; and a dozen other titans of the U.S. corporate world.

Calcbench subscribers can do your own exploring via our Company-in-Detail or Multi-Company pages, depending on whether you want to investigate one specific company or look at industry trends broadly. Just visit the appropriate page, and in the “Search Standardized Metrics” box enter “repurchase.”

You’ll then see numerous choices: number of shares authorized to be repurchased; number of shares repurchased in a period; value of stock repurchased in a period; cash used to repurchase common stock; and so forth.

Check this blog regularly to see other quick morsels of research we post. And once those 2016 annual reports start arriving en masse, we promise—it will be fresh analysis galore.

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