Stock Market Indicators S&P Yields: Earnings, Dividends, & Buybacks November, Dr. Edward Yardeni -9- eyardeni@ Joe Abbott -9- jabbott@ Mali Quintana -- aquintana@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents S&P S&P and Ex-Energy S&P Consumer Discretionary S&P Consumer Staples S&P Energy S&P Financials S&P Health Care 9 S&P Industrials S&P Information Technology S&P Materials S&P Telecommunication Services S&P Utilities S&P Sectors Dividend Yield S&P Sectors Buyback Yield S&P Sectors Dividends + Buybacks Yield Dividends + Buybacks as % of Operating Earnings Buybacks as % of Market Cap 9 S&P Sectors Buybacks S&P Sectors Cumulative Buybacks Since Q-9 November, / S&P Yields: Earnings, Dividends, & Buybacks www.
Figure. S&P S&P BUYBACKS, DIVIDENDS, & OPERATING EARNINGS Buybacks (.) Operating Earnings (9.) Dividends (.) (.) Operating Earnings (9.) 999 9 9 Figure. S&P YIELD FROM BUYBACKS & DIVIDENDS Buybacks + Dividends (.) Yield (%) Buybacks (.) Dividends (.) Buybacks + Dividends (.9) 99 999 9 9 Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
Figure. S&P BUYBACKS (billion dollars, quarterly) S&P and Ex-Energy..... Buybacks as a % of S&P Market Cap (.)......... 99 999 9 9.. Figure. S&P EX-ENERGY BUYBACKS, DIVIDENDS, & OPERATING EARNINGS Buybacks (.9) Operating Earnings (.) Dividends (.) (9.) Operating Earnings (9.) Capped at % due to extreme values. 9 9 Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
Figure. S&P CONSUMER DISCRETIONARY BUYBACKS, DIVIDENDS, & OPERATING EARNINGS Buybacks (.) Operating Earnings (.) Dividends (.) (.) Capped at % due to extreme values. Operating Earnings (9.) 9 9 S&P Consumer Discretionary Figure. S&P CONSUMER DISCRETIONARY YIELD FROM BUYBACKS & DIVIDENDS Buybacks + Dividends (.) Yield (%) Buybacks (.9) Dividends (.) Buybacks + Dividends (.) 9 9 Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
Figure. S&P Consumer Staples S&P CONSUMER STAPLES BUYBACKS, DIVIDENDS, & OPERATING EARNINGS Buybacks (9.9) Operating Earnings (9.) Dividends (.) (9.) Operating Earnings (9.) 9 9 Figure. S&P CONSUMER STAPLES YIELD FROM BUYBACKS & DIVIDENDS Buybacks + Dividends (9.) Yield (%) Buybacks (.9) Dividends (.) Buybacks + Dividends (.) 9 9 Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
Figure 9. S&P ENERGY BUYBACKS, DIVIDENDS, & OPERATING EARNINGS Buybacks (.9) Dividends (9.) S&P Energy Operating Earnings (.9) (.) - Operating Earnings (9.) Capped at % due to extreme values. - 9 9 Figure. S&P ENERGY YIELD FROM BUYBACKS & DIVIDENDS 9 9 Buybacks + Dividends (.) Yield (%) Buybacks (.) Dividends (.) Buybacks + Dividends (.) Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
Figure. S&P Financials S&P FINANCIALS BUYBACKS, DIVIDENDS, & OPERATING EARNINGS - - - Capped at % due to extreme values. Buybacks (.9) Dividends (.) Operating Earnings (.) (9.) Operating Earnings (.9) - - - 9 9 Figure. S&P FINANCIALS YIELD FROM BUYBACKS & DIVIDENDS Buybacks + Dividends (9.) Yield (%) Buybacks (.) Dividends (.) Buybacks + Dividends (.9) 9 9 Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
Figure. S&P HEALTH CARE BUYBACKS, DIVIDENDS, & OPERATING EARNINGS Buybacks (.) Dividends (.9) S&P Health Care Operating Earnings (.) (.) Operating Earnings (9.9) 9 9 Figure. S&P HEALTH CARE YIELD FROM BUYBACKS & DIVIDENDS Buybacks + Dividends (.9) 9 9 Yield (%) Buybacks (.) Dividends (.) Buybacks + Dividends (.) Page 9 / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
Figure. S&P INDUSTRIALS BUYBACKS, DIVIDENDS, & OPERATING EARNINGS Buybacks (.) Dividends (.) S&P Industrials Operating Earnings (.) (9.) Operating Earnings (.) 9 9 Figure. S&P INDUSTRIALS YIELD FROM BUYBACKS & DIVIDENDS Buybacks + Dividends (9.) Yield (%) Buybacks (.9) Dividends (.) Buybacks + Dividends (.9) 9 9 Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
Figure. S&P INFORMATION TECHNOLOGY BUYBACKS, DIVIDENDS, & OPERATING EARNINGS Buybacks (9.) Dividends (.) Operating Earnings (9.) (9.) Operating Earnings (9.) 9 9 S&P Information Technology Figure. S&P INFORMATION TECHNOLOGY YIELD FROM BUYBACKS & DIVIDENDS Buybacks + Dividends (9.) Yield (%) Buybacks (.) Dividends (.) Buybacks + Dividends (.) 9 9 Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
Figure 9. S&P MATERIALS BUYBACKS, DIVIDENDS, & OPERATING EARNINGS Buybacks (9.) Dividends (.) Operating Earnings (.) (.) Capped at % due to extreme values. Operating Earnings (.) 9 9 S&P Materials Figure. S&P MATERIALS YIELD FROM BUYBACKS & DIVIDENDS Buybacks + Dividends (.) 9 9 Yield (%) Buybacks (.) Dividends (.) Buybacks + Dividends (.9) Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
Figure. S&P Telecommunication Services S&P COMMUNICATION SERVICES BUYBACKS, DIVIDENDS, & OPERATING EARNINGS Buybacks (.) Operating Earnings (.) Dividends (.) (.) Operating Earnings (9.) Capped at % due to extreme values. 9 9 Figure. S&P COMMUNICATION SERVICES YIELD FROM BUYBACKS & DIVIDENDS Buybacks + Dividends (.) Yield (%) Buybacks (.) Dividends (.) Buybacks + Dividends (.) 9 9 Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
Figure. S&P Utilities S&P UTILITIES BUYBACKS, DIVIDENDS, & OPERATING EARNINGS Buybacks (.) Dividends (.) Operating Earnings (9.) (.) Operating Earnings (.) 9 9 Figure. S&P UTILITIES YIELD FROM BUYBACKS & DIVIDENDS Buybacks + Dividends (.) Yield (%) Buybacks (.9) Dividends (.9) Buybacks + Dividends (.) 9 9 Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
S&P Sectors Dividend Yield... Figure. S&P % Dividend Yield (.) INDUSTRIALS (.).... 9 9 CONSUMER DISCRETIONARY 9 9 INFORMATION TECHNOLOGY... (.) (.)..... 9 9 CONSUMER STAPLES 9 9 MATERIALS.. (.) (.)... 9 9 ENERGY 9 9 REAL ESTATE (.) (.) 9 9 FINANCIALS (.) 9 9 TELECOMMUNICATION SERVICES (.). 9 9 HEALTH CARE 9 9 UTILITIES.... (.) 9 9 (.9) 9 9 Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
S&P Sectors Buyback Yield Figure. S&P % Buyback Yield (.) 9 9 CONSUMER DISCRETIONARY (.9) INDUSTRIALS (.9) 9 9 INFORMATION TECHNOLOGY (.) 9 9 9 CONSUMER STAPLES (.9) 9 9 MATERIALS (.) 9 9 ENERGY (.) 9 9 FINANCIALS (.) 9 9 HEALTH CARE 9 9 REAL ESTATE (.) 9 9 COMMUNICATION SERVICES (.) 9 9 UTILITIES (.9)...... - (.) 9 9 9 9 - Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
9 S&P Sectors Dividends + Buybacks Yield Figure. S&P % Buybacks + Dividends Yield (.9) 9 9 CONSUMER DISCRETIONARY (.) INDUSTRIALS (.9) 9 9 INFORMATION TECHNOLOGY (.) 9 9 9 CONSUMER STAPLES (.) 9 9 MATERIALS (.9) 9 9 ENERGY 9 9 REAL ESTATE. (.) (.9).. 9 9 FINANCIALS (.9) 9 9 COMMUNICATION SERVICES (.). 9 9 HEALTH CARE (.) 9 9 UTILITIES 9 9 (.) 9 9 Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
Dividends + Buybacks as % of Operating Earnings Figure. S&P as % of Operating Earnings (9.) 9 9 Capped at % due to extreme values. CONSUMER DISCRETIONARY (9.) INDUSTRIALS (.) 9 9 INFORMATION TECHNOLOGY (9.) 9 9 CONSUMER STAPLES (9.) Capped at % due to extreme values. 9 9 ENERGY (9.) 9 9 MATERIALS (.) Capped at % due to extreme values. 9 9 REAL ESTATE (.) Capped at % due to extreme values. 9 9 FINANCIALS Capped at % due to extreme values. (.9) 9 9 HEALTH CARE 9 9 COMMUNICATION SERVICES (9.) Capped at % due to extreme values. 9 9 UTILITIES (.) 9 (9.9) 9 9 9 9 Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
............. Figure 9. S&P Buybacks as a % of Market Cap (.) 9 9 CONSUMER DISCRETIONARY Buybacks as % of Market Cap (.) INDUSTRIALS (.) 9 9 INFORMATION TECHNOLOGY (.)............ 9 9 CONSUMER STAPLES 9 9 MATERIALS.... (.) (.)............ -... 9 9 ENERGY (.) 9 9 FINANCIALS (.9) 9 9 REAL ESTATE (.) 9 9 TELECOMMUNICATION SERVICES (.9).................. 9 9 HEALTH CARE (.) 9 9 UTILITIES (.) -....... 9 9 9 9 -. Page 9 / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
Figure. S&P SECTORS BUYBACKS (quarterly, billion dollars) Total (9.) 9 9 CONSUMER DISCRETIONARY (.) S&P Sectors Buybacks INDUSTRIALS (.) 9 9 INFORMATION TECHNOLOGY (.) 9 9 CONSUMER STAPLES (.) 9 9 MATERIALS (.) 9 9 ENERGY (.) 9 9 FINANCIALS (.) 9 9 HEALTH CARE (.) 9 9 9 9 REAL ESTATE (.9) 9 9 COMMUNICATION SERVICES (.) 9 9 UTILITIES (.) 9 9..... Note: Real Estate sector data start -. Source: Standard & Poor s. Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
S&P Sectors Cumulative Buybacks Since Q-9 Figure. S&P SECTORS CUMULATIVE BUYBACKS SINCE Q-9 (quarterly, billion dollars) Total (.9) INDUSTRIALS (.) 9 9 CONSUMER DISCRETIONARY (.) 9 9 CONSUMER STAPLES 9 9 INFORMATION TECHNOLOGY (.) 9 9 MATERIALS (.) (9.) 9 9 ENERGY (.) 9 9 REAL ESTATE (.) 9 9 FINANCIALS (.) 9 9 HEALTH CARE (.) 9 9 9 9 COMMUNICATION SERVICES (9.) 9 9 UTILITIES (.9) 9 9 Note: Real Estate sector data start -. Source: Standard & Poor s. Page / November, / S&P Yields: Earnings, Dividends, & Buybacks www.
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