Dividends and Buybacks: Shareholder Returns Watch — 2026-09-05
South Korea’s Value-up program expanded to 756 companies in August, with the KOSPI Value-up Index outperforming the broader market by 18.5 percentage points year-to-date. In the US, Campbell’s broke a 25-year streak by cutting its dividend, while major European firms like ING and Wolters Kluwer reported steady progress on ongoing buyback programs.
Dividends and Buybacks: Shareholder Returns Watch — 2026-09-05
Top developments
Campbell’s cuts dividend after 25 years
In a significant break from tradition, Campbell Soup Company announced a dividend cut, marking the first reduction since 2001. The decision was driven by pressures in the snack aisle segment, forcing the company to reassess its payout sustainability amidst changing consumer habits and margin compression. This move serves as a stark reminder that even long-standing "dividend aristocrat" status is not immune to structural business challenges.
Korea’s Value-up Index outperforms KOSPI
The Korea Exchange reported that the number of companies participating in the "Value-up" program (corporate value enhancement plans) reached 756 as of August 2026, representing 83% of total market capitalization. The Value-up Index has risen over 80% year-to-date, outperforming the KOSPI by 18.5 percentage points. Large-cap stocks like Samsung Electronics and SK Hynix have driven much of this surge through announced share buybacks and cash dividend expansions.
ING repurchases 1.075 million shares
ING Group announced the progress of its €1.0 billion share buyback program, initiated in April 2026. During the reporting period ending in early September, the bank repurchased 1,075,000 shares. This consistent execution of buybacks highlights the continued commitment of major European financial institutions to returning capital to shareholders despite varying economic conditions.
Wolters Kluwer and Bekaert execute weekly buybacks
Wolters Kluwer reported repurchasing 117,562 ordinary shares between August 27 and September 2, 2026, as part of its ongoing capital return strategy. Similarly, Bekaert confirmed transactions under its €75 million share buyback program for the same period. These routine but significant executions underscore the prevalence of structured buyback programs among established European industrial and information services firms.
Local view
South Korea: Local media highlight the broadening participation in the government-backed Value-up initiative. Newspim and Edaily report that 9 new companies disclosed value enhancement plans in August alone. Analysts note that while large caps like Samsung dominate the headlines with massive absolute returns, the cumulative effect of smaller mid-cap companies increasing payout ratios is driving the index's outperformance. Betanews specifically points to "large-scale shareholder returns" from heavyweights as the primary driver of investor sentiment this month.
Japan: Japanese financial outlets continue to track the structural shift toward higher shareholder returns. Nomura Wealth Style notes that the projected total return ratio (dividends + buybacks) for FY2026 is expected to rise to 68.5%, up from 65.7% in FY2025. Media coverage emphasizes that September is a key month for ex-dividend dates, with rankings of high-yield stocks being closely monitored by retail investors seeking stable income amid market volatility.
Context & numbers
- Korea Value-up Participation: 756 companies have publicly disclosed corporate value enhancement plans, accounting for approximately 83% of the total market cap of listed companies.
- Index Performance: The Korea Value-up Index has increased by over 80% year-to-date, surpassing the KOSPI's performance by 18.5 percentage points.
- Japan Total Return Ratio: Nomura Securities forecasts the FY2026 total return ratio for Japanese listed companies will reach 68.5%, with a payout ratio of 38.9%.
- US Dividend Aristocrats: The S&P 500 Dividend Aristocrats list continues to be monitored, with 69 companies currently meeting the criterion of increasing dividends for at least 25 consecutive years.
On the radar
- September Ex-Dividend Dates: Investors are watching the September calendar for high-yield Japanese stocks with long consecutive dividend increase streaks (e.g., Kao, Mitsubishi HC Capital) as they approach their ex-dividend dates.
- Samsung Electronics Follow-up: KB Securities maintains a "Buy" rating on Samsung, anticipating further announcements regarding remaining shareholder return funds from the recent 90-110 trillion KRW package within the year.
- Pfizer Yield Analysis: Market attention remains on Pfizer’s ~6% yield, with analysts debating the sustainability of the payout given the company's current stock performance and strategic shifts.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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