Topical Study #84.1: S&P 500 Basic Share Count Q1-2011 to Q1-2019 Yardeni Research, Inc. July 1, 2019 Dr. Edward Yardeni 516-972-7683 [email protected] Joe Abbott 732-497-5306 [email protected] Please visit our sites at www.yardeni.com blog.yardeni.com thinking outside the box Appendix 1a: S&P 500 Firms’ Percent Change in Number of Basic Shares Outstanding, Q1-2011 to Q1-2019 (sorted by % change) APTV Aptiv PLC -62.3 AON Aon PLC -28.6 PH Parker-Hannifin -20.6 RSG Republic Services -15.7 DRI Darden Restaurants -9.6 MSI Motorola Solutions -51.4 AMAT Applied Materials -28.6 DAL Delta Air Lines -20.5 PRU Prudential Financial -15.6 EW Edwards Lifesciences -9.5 GLW Corning -49.9 CTAS Cintas -27.7 FLR Fluor -20.5 HII Huntington Ingalls Industries -15.2 NOV National Oilwell Varco -9.5 AMP Ameriprise Financial -44.8 AAPL Apple -27.7 COP ConocoPhillips -20.4 TXT Textron -15.0 BSX Boston Scientific -9.1 CBS CBS -44.7 M Macy's -27.3 AVY Avery Dennison -20.0 FLIR FLIR Systems -15.0 FBHS Fortune Brds Home & Sec’y -9.0 ORLY O'Reilly Automotive -44.2 IBM Int’l Business Machines -27.2 GILD Gilead Sciences -19.9 APH Amphenol -14.9 MSFT Microsoft -8.9 KSS Kohls -44.1 FL Foot Locker -27.2 GWW W W Grainger -19.8 KMB Kimberly-Clark -14.7 AOS A. O. Smith -8.8 AIG American Int.l Group -43.9 PSX Phillips 66 -27.1 AFL Aflac -19.7 CAH Cardinal Health -14.5 BKNG Booking Holdings -8.7 AZO Autozone -42.0 LLL L3 Technologies -27.0 CMI Cummins -19.6 ALK Alaska Air Group -14.4 ANSS ANSYS -8.7 NOC Northrop Grumman -41.7 PHM PulteGroup -26.8 TXN Texas Instruments -19.5 INTU Intuit -14.2 VFC VF -8.7 LOW Lowe's Companies -39.9 UNP Union Pacific -26.8 DIS Walt Disney -19.4 XOM Exxon Mobil -14.0 A Agilent Technologies -8.6 DFS Discover Financial Services -39.8 IR Ingersoll-Rand PLC -26.8 C Citigroup -19.4 CHD Church & Dwight -13.8 TROW T. Rowe Price Group -8.5 TRV Travelers Companies -38.6 QCOM Qualcomm -26.7 IPG Interpublic Group -19.2 WFC Wells Fargo -13.8 EL Estee Lauder Companies -8.4 AIZ Assurant -38.1 MCD Mcdonald's -26.6 SPGI S&P Global -19.2 WYNN Wynn Resorts Ltd -13.7 RHT Red Hat -8.4 ALL Allstate -37.4 CSX CSX -26.5 HUM Humana -19.1 MOS Mosaic -13.7 STZ Constellation Brands -8.3 CF CF Industries Holdings -37.3 VLO Valero Energy -26.5 HIG Hartford Financial Services -19.0 DVA DaVita -13.6 HAS Hasbro -8.3 TMK Torchmark -37.1 LUV Southwest Airlines -26.3 EXPD Expeditors International -19.0 PM Philip Morris International -13.3 MXIM Maxim Integrated Products -7.9 STX Seagate Technology PLC -35.7 PPG PPG Industries -26.2 LMT Lockheed Martin -18.9 PFG Principal Financial Group -13.3 HSY Hershey -7.8 LNC Lincoln National -35.1 FFIV F5 Networks -26.1 RF Regions Financial -18.9 PNC PNC Financial Svcs Group -13.2 OXY Occidental Petroleum -7.8 GPS Gap -35.0 TGT Target -25.5 MMM 3M -18.8 LB L Brands -12.9 FMC FMC -7.7 YUM Yum! Brands -34.9 MCK McKesson -25.5 ROK Rockwell Automation -18.7 UPS United Parcel Service -12.7 TSS Total System Services -7.5 ATVI Activision Blizzard -34.9 RE Everest Re Group Ltd -25.4 BIIB Biogen -18.6 CL Colgate-Palmolive -12.6 MAR Marriott International -7.5 XRX Xerox -34.7 L Loews -25.1 UAL United Continental Holdings -18.6 AKAM Akamai Technologies -12.6 GPC Genuine Parts -7.4 JNPR Juniper Networks -34.4 IDXX IDEXX Laboratories -25.0 EMR Emerson Electric -18.4 ADP Automatic Data Processing -12.5 MMC Marsh & McLennan Cos -7.2 KR Kroger -34.4 FITB Fifth Third Bancorp -25.0 CPRT Copart -18.4 SHW Sherwin-Williams -12.4 HON Honeywell International -7.1 ITW Illinois Tool Works -34.4 NSC Norfolk Southern -24.8 CE Celanese -18.2 CCL Carnival -12.3 PKG Packaging of America -7.0 LYB LyondellBasell Ind.NV -34.3 CELG Celgene -24.6 CMCSA Comcast -18.2 BFb Brown-Forman -12.2 IP International Paper -6.9 V Visa -33.9 KMX Carmax -24.6 WMT Walmart -18.0 SYY Sysco -11.9 BR Broadridge Fin’l Solutions -6.8 HRB H & R Block -33.6 DE Deere -24.4 RHI Robert Half International -17.9 LLY Eli Lilly -11.9 KO Coca-Cola -6.8 NTAP NetApp -33.4 DG Dollar General -24.2 GE General Electric -17.9 UNH UnitedHealth Group -11.8 IT Gartner -6.8 AMGN Amgen -33.3 BEN Franklin Resources -24.1 INTC Intel -17.6 ADM Archer Daniels Midland -11.7 UHS Universal Health Services -6.8 FISV Fiserv -32.9 STT State Street -24.0 BLK BlackRock -17.5 SWK Stanley Black & Decker -11.6 KLAC KLA-Tencor -6.7 WU Western Union -32.3 TEL TE Connectivity Ltd -23.7 IVZ Invesco Ltd -17.5 HES Hess -11.4 BWA BorgWarner -6.7 PWR Quanta Services -32.2 BA Boeing -23.7 RL Ralph Lauren -17.4 BAX Baxter International -11.3 K Kellogg -6.6 VIAB Viacom -32.2 ABC AmerisourceBergen -23.1 SBUX Starbucks -17.4 STI SunTrust Banks -11.2 RMD Resmed -6.5 HOG Harley-Davidson -31.9 MTD Mettler-Toledo International -23.0 MDLZ Mondelez International -17.4 PEP PepsiCo -11.2 ABBV AbbVie -6.4 UNM Unum Group -31.5 VAR Varian Medical Systems -22.9 NKE Nike -17.3 CMG Chipotle Mexican Grill -10.9 CPB Campbell Soup -6.2 ANTM Anthem -31.3 HCA HCA Healthcare -22.8 JPM JPMorgan Chase -17.2 WM Waste Management -10.8 HBI HanesBrands -6.2 HD Home Depot -31.1 GD General Dynamics -22.7 FDX FedEx -17.1 CAT Caterpillar -10.8 NDAQ Nasdaq -6.1 BBY Best Buy -31.0 DOV Dover -22.3 HSIC Henry Schein -17.1 JKHY Jack Henry & Associates -10.5 GIS General Mills -6.0 EBAY eBay -30.6 BK Bank of New York Mellon -22.0 DGX Quest Diagnostics -17.0 PGR Progressive -10.5 GM General Motors -5.8 ORCL Oracle -30.3 WAT Waters -21.8 MCO Moody's -16.8 PG Procter & Gamble -10.5 CLX Clorox Co -5.8 MSCI MSCI -30.0 TJX TJX -21.7 SYMC Symantec -16.8 AAP Advance Auto Parts -10.2 CTSH Cognizant Tech Solutions -5.8 CTXS Citrix Systems -29.9 FLS Flowserve -21.5 TSCO Tractor Supply -16.6 JBHT J B Hunt Transport Services -10.1 HRS Harris -5.7 GS Goldman Sachs -29.7 OMC Omnicom Group -21.3 WHR Whirlpool -16.6 MO Altria Group -10.1 MPC Marathon Petroleum -5.5 VRSN Verisign -29.6 RTN Raytheon -21.1 CHRW C.H. Robinson Worldwide -16.5 LEG Leggett & Platt -9.9 CVX Chevron -5.4 AXP American Express -29.4 MA Mastercard -21.1 USB U.S. Bancorp -16.5 EA Electronic Arts -9.9 AME Ametek -5.3 PFE Pfizer -29.4 CPRI Capri Holdings Ltd -21.0 MRK Merck -16.2 NTRS Northern Trust -9.9 SWKS Skyworks Solutions -5.3 JWN Nordstrom -29.2 ROST Ross Stores -20.9 MAS Masco -16.0 CMA Comerica -9.7 PCAR Paccar -5.1 HPQ HP -28.9 CSCO Cisco Systems -20.7 AES AES -15.8 MET MetLife -9.6 UTX United Technologies -5.1 Appendix 1a: S&P 500 Firms’ Percent Change in Number of Basic Shares Outstanding, Q1-2011 to Q1-2019 (sorted by % change), Cont’d TIF Tiffany -4.9 AMG Affiliated Managers Group 0.4 EXPE Expedia Group 8.0 BDX Becton Dickinson 22.2 PPL PPL 48.9 CVS CVS Health -4.7 COST Costco Wholesale 0.8 GOOG Alphabet 8.0 LRCX Lam Research 22.3 NFX Newfield Exploration 50.4 SNA Snap-On -4.6 SNPS Synopsys 0.8 GOOGL Alphabet 8.0 SO Southern Co 22.4 UDR UDR 51.8 GT Goodyear Tire & Rubber -4.5 WBA Walgreens Boots Alliance 1.0 MAC Macerich 8.2 ADI Analog Devices 23.1 FCX Freeport-McMoRan 53.4 HAL Halliburton -4.5 DVN Devon Energy 1.2 LKQ LKQ 8.2 ALXN Alexion Pharmaceuticals 23.2 ICE Intercontinental Exchange 54.7 SYK Stryker -4.3 COG Cabot Oil & Gas 1.6 NEM Newmont Mining 8.3 T AT&T 23.4 FE FirstEnergy 55.0 ZTS Zoetis -4.1 ZION Zions Bancorporation NA 1.7 ROP Roper Technologies 8.6 CBOE Cboe Global Markets 23.8 XRAY Dentsply Sirona 57.7 BMY Bristol-Myers Squibb -4.0 MNST Monster Beverage 1.7 BXP Boston Properties 8.7 SIVB SVB Financial Group 23.8 NKTR Nektar Therapeutics 60.0 XLNX Xilinx -4.0 AEE Ameren 1.8 AMZN Amazon.com 8.9 ECL Ecolab 24.2 HFC HollyFrontier 60.3 ADSK Autodesk -3.8 SLB Schlumberger NV 1.8 HST Host Hotels & Resorts 9.3 ETN Eatonoration PLC 24.7 AVB AvalonBay Communities 60.5 KSU Kansas City Southern -3.6 NVDA NVIDIA 2.1 MGM MGM Resorts International 9.4 MDT Medtronic PLC 25.3 TWTR Twitter 61.1 BAC Bank of America -3.5 VMC Vulcan Materials 2.3 BBT BB&T 9.9 MCHP Microchip Technology 25.5 AVGO Broadcom 62.0 RCL Royal Caribbean Cruises -3.3 AEP American Electric Power 2.5 JEC Jacobs Engineering Group 10.3 WDC Western Digital 25.9 DUK Duke Energy 64.0 VRSK Verisk Analytics -3.3 HP Helmerich and Payne 2.7 ED Consolidated Edison 10.4 EQR Equity Residential 26.2 AJG Arthur J Gallagher 68.8 ADBE Adobe -3.2 PSA Public Storage 2.9 SCHW Charles Schwab 10.8 VRTX Vertex Pharmaceuticals 26.4 QRVO Qorvo 70.8 ULTA Ulta Beauty -3.2 TMO Thermo Fisher Scientific 2.9 AMT American Tower 11.0 AIV Apartment Invest.