S&P 500 Q4 2023 Buybacks Increase 18.0% Compared to Q3, Full Year 2023 Shows Decline of 13.8% from 2022 Levels, Earnings Per Share Impact Continues to Decline; Buybacks Tax Reduced Q4 Operating Earnings by 0.44% and 2023 by 0.40%

Rhea-AI Summary

S&P 500 Q4 2023 buybacks reached $219.1 billion, up 18.0% from Q3 2023, with Consumer Discretionary and Consumer Staples leading in spending. Information Technology and Energy also saw notable changes. The 1% tax on net buybacks impacted operating earnings by 0.44% for Q4 2023.

Positive

• Q4 2023 buybacks increased to $219.1 billion, up 18.0% from Q3 2023 and 3.7% from Q4 2022.
• Consumer Discretionary and Consumer Staples had significant spending increases, while Information Technology and Energy showed varying trends.
• The 1% tax on net buybacks reduced operating earnings by 0.44% for Q4 2023.

Negative

• The 2023 expenditure of $795.1 billion was down 13.8% from 2022, with overall buybacks declining.
• Only 12.3% of companies saw a significant increase in EPS due to share count reduction, compared to 19.4% in Q4 2022.
• The impact of the 1% tax on net buybacks may lead to changes in future buyback strategies.

Insights

Market Research Analyst

The recent uptick in S&P 500 share repurchases reflects a more aggressive stance by companies to manage their capital allocation amid shifting market conditions. The notable increase in buybacks, particularly among Consumer Discretionary and Consumer Staples sectors, suggests a strategic move to leverage share repurchases to potentially enhance earnings per share (EPS) and shareholder value, especially when organic growth may be more challenging. However, the overall reduction in buybacks for the year compared to the previous year indicates a more cautious approach to capital expenditure, likely influenced by broader economic uncertainty and the anticipation of changes in interest rate policies.

The concentration of buybacks within the top 20 companies underscores the disparity in cash flow generation and capital deployment capabilities across the index. This could signal a widening gap between companies with robust cash reserves and those with more constrained financial flexibility. The new 1% tax on net buybacks introduces an additional cost layer to share repurchase programs, potentially influencing future corporate strategies towards buybacks and dividends. While the immediate impact on earnings seems modest, the long-term effects warrant monitoring as companies balance the tax implications with the desire to return value to shareholders.

Financial Analyst

The data on S&P 500 buybacks and dividends reveals a complex picture for investors. On one hand, the record dividend payments in Q4 2023 and for the full year signal a strong commitment to returning value to shareholders. On the other hand, the decline in total shareholder returns for the year suggests that companies may be reaching a threshold in terms of how much capital they can return to shareholders through buybacks and dividends. This could be a result of the new excise tax on buybacks or other factors such as higher share prices, which reduce the number of shares repurchased for a given amount of money.

Investors should consider the implications of the share count impact on EPS, which has been decreasing. While buybacks can support share price by reducing supply, the effectiveness of this strategy in boosting EPS is diminishing. This could alter the perceived value of buybacks as a tool for enhancing shareholder value and may lead to a reassessment of their role in portfolio performance.

Tax Policy Analyst

The introduction of the 1% excise tax on net buybacks is a significant development for corporate finance strategies. Although the immediate effect on operating and GAAP earnings appears manageable, the prospect of an increase in this tax rate could have far-reaching implications. Companies must now factor this tax into their capital allocation decisions, weighing the benefits of share repurchases against the additional tax burden. The potential for further changes to the tax structure underscores the need for agility in corporate financial planning.

Furthermore, the tax's impact on EPS, though currently small, could become a more pressing concern if rates increase. Companies with high buyback activity, particularly those in the tech sector, may need to reassess the balance between buybacks and other uses of capital, such as investment in growth opportunities or debt reduction. The evolving tax landscape will undoubtedly shape corporate behavior and investor expectations in the coming years.

• S&P 500 Q4 2023 buybacks were $219.1 billion, up 18.0% from Q3 2023's $185.6 billion and up 3.7% from Q4 2022's $211.2 billion
• The 2023 expenditure of $795.2 billion was down 13.8% from the 2022 expenditure of $922.7 
• Consumer Discretionary and Consumer Staples significantly increased their spending for the quarter, 52.7% and 80.3% respectively, as their 2023 expenditures declined, 11.4% and 34.3%; Information Technology increased 15.9% for the quarter and was down 24.5% for the year, as Energy ticked down 1.1% for the quarter and increased 9.5% for the year
• The 2023 net buyback 1% tax reduced Q4 2023 operating earnings by 0.44% (0.40% for 2023) and As Reported GAAP by 0.50% (0.45%)

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:

• Q4 2023 share repurchases were $219.1 billion, up 18.0% from Q3 2023's $185.6 billion expenditure, and up 3.7% from Q4 2022's $211.1 billion.
• For 2023, buybacks were $795.1 billion, down from $922.7 billion for 2022; the 12-month peak was in June 2022 with $1.005 trillion.
• 313 companies reported buybacks of at least $5 million for the quarter, up from 281 in Q3 2023 and down from 318 in Q4 2022; 373 companies did some buybacks for the quarter, up from 362 in Q3 2023 and down from 385 in Q4 2022; 429 companies did some buybacks in 2023, down from 439 in 2022.
• Buybacks remained top heavy with the top 20 S&P 500 companies accounting for 54.1% of Q4 2023 buybacks, up from Q3 2023's 50.9%, above the historical average of 47.4%, and above the pre-COVID historical average of 44.5%.
• 12.3% of companies reduced share counts used for earnings per share (EPS) by at least 4% year-over-year, down from Q3 2023's 13.8% and down from Q4 2022's 19.4%; for Q4 2023 145 issues increased their shares used for EPS over Q3 2023 and 295 reduced them.
• S&P 500 Q4 2023 dividends increased 0.7% to a record $154.1 billion from the prior Q3 2023's $144.2 billion and were 5.5% greater than the $146.1 billion in Q4 2022. For 2023, dividends set a record $588.2 billion payment, up 4.2% on an aggregate basis from 2022's $564.6 billion.
• Total shareholders return of buybacks and dividends increased to $373.2 billion in Q4 2023, up 13.2% from Q3 2023's $329.8 billion and up 4.5% from Q4 2022's $357.3 billion. Total shareholder returns for 2023 decreased to $1.383 trillion from 2022's $1.487 trillion.
• The 1% tax on net buybacks, which started in 2023, reduced the Q4 2023 S&P 500 operating earnings by 0.44% and As Reported GAAP earnings by 0.50% and for 2023 they reduced earnings 0.40% for operating and 0.45% for As Reported; the proforma for full year 2022 was a 0.51% reduction for operating and a 0.58% reduction for as reported.

"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:

• Apple (AAPL): continued to dominate the issue level buybacks, as it again spent the most of any issue with its Q4 2023 expenditure ranking as the 9^th highest in S&P 500 history. For the quarter, the company spent $22.7 billion, up from Q3 2023's $21.3 billion (the 13^th largest in index history). Apple holds 18 of the top 20 record quarters (Meta Platforms holds #13 and QUALCOMM holds #15). For 2023, Apple spent $83.9 billion on buybacks, down from 2022's $94.1 billion. Over the five-year period Apple has spent $429 billion, and $658 billion over the ten-year period.
• Alphabet (GOOG/L): $16.2 billion for Q4 2023, up from the $15.8 billion in Q3 2023; the 2023 expenditure was $61.5 billion versus 2022's expenditure of $59.3 billion.
• RTX Corporation (RTX): $10.3 billion for Q4 2023, up from $1.4 billion in Q3 2023; the 2023 expenditure was $12.9 billion versus 2022's $2.8 billion.
• General Motors (GM): $10.0 billion for Q4 2023, up from $0.3 billion in Q3 2023; the 2023 expenditure was $11.1 billion versus 2022's $2.5 billion.
• Broadcom (AVGO): $8.3 billion for Q4 2023, up from $0.6 billion in Q3 2023; the 2023 expenditure was $14.5 billion versus 2022's $6.9 billion.

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 %

 

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april.kabahar@spglobal.com

Alyssa Augustyn
(+1) 773 919 4732
alyssa.augustyn@spglobal.com

S&P Dow Jones Indices Index Services:
Howard Silverblatt  
Senior Index Analyst
(+1) 973 769 2306
howard.silverblatt@spglobal.com 

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SOURCE S&P Dow Jones Indices

FAQ

What was the total buyback amount for S&P 500 in Q4 2023?

The total buyback amount for S&P 500 in Q4 2023 was $219.1 billion.

Which sectors showed significant spending increases in Q4 2023?

Consumer Discretionary and Consumer Staples showed significant spending increases in Q4 2023.

How did the 1% tax on net buybacks impact operating earnings for Q4 2023?

The 1% tax on net buybacks reduced operating earnings by 0.44% for Q4 2023.

Which companies had the highest total buybacks in Q4 2023?

The five companies with the highest total buybacks in Q4 2023 were Apple, Alphabet, RTX , General Motors, and Broadcom.

What was the total shareholder return for Q4 2023?

The total shareholder return for Q4 2023 was $373.2 billion, up 13.2% from Q3 2023.

How did the share count impact on EPS change in Q4 2023 compared to Q4 2022?

The share count impact on EPS decreased for Q4 2023, with only 12.3% of companies seeing a significant increase, compared to 19.4% in Q4 2022.