SA Charts: These S&P 500 companies spent the largest on buybacks last quarter

The second quarter of 2024 saw S&P 500 firms boost stock repurchases by about 34.9% over last year to $235.9B, aided by higher stock purchases by tech and financial companies. This figure, however, was marginally lower compared to the first quarter, according to a report by S&P Global.

The biggest S&P 500 firms continued the largest spending on buybacks. The top 20 S&P 500 companies accounted for 52.3% of Q2 2024 buybacks, an increase from Q1 2024’s 50.9%, and above the historical average of 47.5% and the pre-COVID historical average of 44.5%.

On the other hand, 324 companies reported buybacks of at least $5M for the quarter, down from 352 in Q1 2024 and up from 304 in Q2 2023, as per S&P data.

Among sectors, technology firms continued to outpace stock repurchases compared to other industries. Both tech and financials increased buybacks compared to last year, and together, they accounted for about 48% of the expenditure on stock repurchases this quarter.

Meanwhile, communication, healthcare, and consumer staples saw a sequential drop; industrials maintained their pace.