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Fundamental data is updated weekly, as of the prior weekend. Please download the Full Report and Dividend Report for any changes.
Nov 6, 2024
Realty Income’s AFFO Covers Dividends Paid in Third Quarter
Image: Realty Income’s shares have seen better days. Realty Income reported mixed third quarter results November 4 with revenue exceeding the consensus forecast but funds from operations coming up short. Revenue advanced 28.1% in the quarter on a year-over-year basis, with same store rental revenue up modestly (0.2%). However, net income per share and FFO per share fell to $0.30 and $0.98, respectively, from $0.33 and $1.04 in the same period a year ago. Adjusted funds from operations (AFFO) came in at $1.05 per share in the period, up from $1.02 in last year’s quarter, and comfortably higher than dividends paid per share of $0.789 over the same time. Our fair value estimate for Realty Income stands at $61 per share.
Nov 6, 2024
Cash-Rich Vertex Pharma Raises 2024 Product Revenue Guidance
Image: Vertex Pharma’s shares have done quite well the past couple years. We continue to like Vertex’s established position in cystic fibrosis and its opportunity in gene-editing therapies as well as a new class of medicine for acute pain (VX-548) that’s without the limitations of opioids. The company’s pipeline is also progressing nicely with three additional programs advancing to Phase 3 – suzetrigine in painful diabetic peripheral neuropathy (DPN), povetacicept in immunoglobulin A nephropathy (IgAN), and VX-880 in Type 1 diabetes (T1D). The high end of our fair value estimate range for Vertex stands at $640 per share.
Nov 4, 2024
Public Storage’s Core FFO Comfortably Covers Its Dividend
Image: Public Storage is bouncing off lows hit in late 2023. Public Storage’s core FFO allocable to common shareholders in the quarter came in at $4.20, down 3% on a year-over-year basis, but in excess of its regular common quarterly dividend of $3.00. Looking to 2024, management is targeting revenue to fall 0.5%-1.3%, with expense growth in the range of 2%-3.5%, and net operating income to fall 1.3%-2.7%. Non-same store operating income is targeted in the range of $480-$495 million, while core FFO per share for 2024 is expected in the range of $16.50-$16.85, down 0.2%-2.3% from last year but comfortably above the $12.00 annual dividend per share run rate. Shares yield 3.7% at the time of this writing.
Nov 4, 2024
Berkshire Hathaway’s Operating Earnings, Free Cash Flow Fall in Third Quarter
Image: Berkshire Hathaway has reduced its stake in Apple and Bank of America. Berkshire’s third quarter operating results weren’t great, and the firm noted that it expects pre-tax incurred losses from Hurricane Milton to be between $1.3-$1.5 billion and be reflected in its fourth quarter earnings. Free cash flow has faced some pressure during the first nine months of the year, and Buffett continues to cash out of Apple and Bank of America. Berkshire’s cash balance continues to swell, perhaps indicating that Buffett views the market as overheated at the moment. Total shareholders’ equity was $631.8 billion at the end of September, translating into a price-to-book ratio of 1.54. Shares of Berkshire are not cheap, in our view, but the company remains a key holding in the Best Ideas Newsletter portfolio.
Nov 4, 2024
Amazon’s Operating Profit Surprises to the Upside
Image: Amazon’s shares have done quite well since the beginning of 2023. Looking to the fourth quarter of 2024, Amazon's net sales are expected to be between $181.5 billion and $188.5 billion, growing 7%-11% compared with the fourth quarter of 2023 and the midpoint slightly below consensus of $186.4 billion. The top line guidance assumes an unfavorable impact of roughly 10 basis points from currency fluctuations. Operating income in the quarter is targeted in the range of $16-$20 billion, compared with $13.2 billion in the fourth quarter of 2023 and the midpoint above consensus of $17.5 billion. Amazon ended the quarter with $88 billion in cash and marketable securities and $54.9 billion in long-term debt.
Nov 4, 2024
Meta Platforms Expects Significant Capex Growth in 2025
Image: Meta’s capital spending continues to be on the rise, but its free cash flow generation remains robust. Meta Platforms put up excellent third quarter results with strong free cash flow generation. The company’s balance sheet also remains very healthy with a substantial net cash position. However, management spoke of continued capital spending growth, which will weigh on free cash flow generation in the coming periods. The company also noted cost pressures in depreciation and operating expense growth for next year, putting a damper on the excitement surrounding its third-quarter earnings beat. Though cost pressures should be expected, Meta Platforms remains a net-cash-rich, free-cash-flow generating powerhouse.
Nov 1, 2024
Apple’s Fiscal Fourth Quarter Report Shows Strength
Image: Apple’s shares continue to flirt with all-time highs. Apple ended the quarter with $157.7 billion of cash and marketable securities. Total debt totaled $106.6 billion at the end of the quarter. For the twelve months ended September 28, cash flow from operations advanced to $118.3 billion from $110.5 billion in last year’s period, while capital spending fell to $9.4 billion from $11 billion in the year-ago period. Free cash flow of $108.8 billion in the fiscal year easily covered the company’s cash dividends paid of $15.2 billion. Apple bought back $94.9 billion in common stock during the fiscal year. Our fair value estimate stands at $226 per share.
Nov 1, 2024
Dividend Increases/Decreases for the Week of November 1
Let's take a look at firms raising/lowering their dividends this week.
Oct 31, 2024
Altria Reaffirms 2024 Full Year Guidance
Image: Altria’s shares have recovered nicely during 2024. Altria paid dividends of $1.7 billion and $5.1 billion during the third quarter and the first nine months, respectively. The 4.1% increase in its dividend in August marked the 59th increase during the past 55 years. Management’s guidance calls for a mid-single-digits annual increase in its per-share payout through 2028. We liked Altria’s operating income growth in its Smokeable Products segment in the quarter, and we’re fans of its plans for the dividend the next few years. Altria remains a key idea in the High Yield Dividend Newsletter portfolio.
Oct 31, 2024
Booking Holdings Experiencing Strong Performance in Europe
Image: Booking Holdings’ shares soar to all-time highs. Booking’s free cash flow of $7.25 billion through the first nine months of the year is nearly 40% of revenue, showcasing its cash-rich business model. The company declared a cash dividend of $8.75 per share to stockholders of record as of the close of business December 6. The high end of our fair value estimate range for Booking Holdings stands north of $5,000. We continue to like shares as an idea in the Best Ideas Newsletter portfolio. Shares yield 0.75% at the time of this writing.


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