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Dividends and Buybacks

Jeremy Schwartz, the director or research over at WisdomTree, is one of my favorite writers to follow (you can find his archived commentary under Institutional Reads > WisdomTree in the blogroll or here.)

A couple fund reads:

The Importance Of Dividends And Buybacks* Ratios For Gauging Equity Values

When Will Apple and Google Start Paying Dividends?

The last paper has a chart that is instructive, Figure 1 below, and I have used some of the data to show what is the % mix for dividends and buybacks by sector.  As you can see, at least for the past year, 7 out of the 10 sectors paid out more in distributions through buybacks than through dividends.  Food for thought.

Click on chart to enlarge:

 

 

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