filings.toolsItem 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
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Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
(a)Our common stock is listed under the ticker symbol “AVY” on the New York Stock Exchange. We did not sell securities in any unregistered transactions during fiscal year 2023. We have historically paid quarterly cash dividends. Future dividend payments are subject to the approval by our Board of Directors based on our earnings, capital requirements, financial condition and other factors.
We had 3,600 shareholders of record as of December 30, 2023, the last day of our 2023 fiscal year.
Stockholder Return Performance
The graph below compares the cumulative stockholder return on our common stock, including reinvestment of dividends, with the return on the S&P 500 Stock Index, S&P 500 Industrials Index and Dow Jones U.S. Container & Packaging Index, in each case for the five-year period ending December 31, 2023. In 2023, we disaggregated our market basket used in previous years into the S&P 500 Industrials Index and the Dow Jones U.S. Container & Packaging Index, of which we are a member. We believe this presentation provides greater clarity on our relative performance, reflecting it in a manner more consistent with the methodology used by peer companies.
Total Return Analysis**(1)**
| 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | 12/31/2022 | 12/31/2023 | |||||||||||||||
| Avery Dennison | $ | 100 | $ | 149 | $ | 179 | $ | 254 | $ | 216 | $ | 245 | ||||||||
| S&P 500 Index | 100 | 131 | 156 | 200 | 164 | 207 | ||||||||||||||
| S&P 500 Industrials Index | 100 | 129 | 144 | 174 | 164 | 194 | ||||||||||||||
| Dow Jones U.S. Container & Packaging Index | 100 | 129 | 156 | 173 | 142 | 153 |
(1)Assumes $100 invested on December 31, 2018 and reinvestment of dividends.
(b)Not applicable.
(c)Repurchases of Equity Securities by Issuer
Repurchases by us or our “affiliated purchasers” (as defined in Rule 10b-18(a)(3) of the Exchange Act) of registered equity securities in the fourth quarter of 2023 are shown in the table below. Repurchased shares may be reissued under our long-term incentive plan or used for other corporate purposes.
| Period**(1)** | Total number of shares purchased**(2)** | Average price paid per share**(3)** | Total number of shares purchased as part of publicly announced plans**(2)(4)** | Approximate dollar value of shares that may yet be purchased under the plans**(5)** | ||||||||||||||||||||||
| October 1, 2023 – October 28, 2023 | 59.1 | $ | 178.5 | 59.1 | $ | 602.6 | ||||||||||||||||||||
| October 29, 2023 – November 25, 2023 | 55.7 | 176.2 | 55.7 | 592.8 | ||||||||||||||||||||||
| November 26, 2023 – December 30, 2023 | — | — | — | 592.8 | ||||||||||||||||||||||
| Total | 114.8 | $ | 177.5 | 114.8 | $ | 592.8 |
(1)The periods shown are our fiscal months during the thirteen-week quarter ended December 30, 2023.
(2)Shares in thousands.
(3)Average price paid per share includes transaction costs to acquire the shares and excludes the non-deductible 1% excise tax on the net value of repurchases imposed under the Inflation Reduction Act of 2022.
(4)In April 2022, our Board authorized the repurchase of shares of our common stock with a fair market value of up to $750 million, excluding any fees, commissions or other expenses related to such purchases, in addition to the amount outstanding under our previous Board authorization. Board authorizations remain in effect until shares in the amount authorized thereunder have been repurchased..
(5)Dollars in millions.
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