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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.
Aug 15, 2024
Cisco’s Fiscal Fourth Quarter Results Exceed Expectations
Image Source: Cisco. Cisco ended its fiscal year with $31 billion in short- and long-term debt and $17.9 billion in cash and investments. Free cash flow of $10.2 billion during fiscal 2024 easily covered its cash dividends paid of $6.4 billion. We continue to like Cisco as an idea in the newsletter portfolios. Though it has a net debt position and revenue has been under pressure, it trades at a below-market multiple, pays a nice dividend, and is working aggressively to transform its business model into one that is more recurring in nature. Shares yield 3.5% at the time of this writing.
Aug 14, 2024
Home Depot’s Results Show Weaker Spending on Home Improvement Projects
Image: Home Depot’s shares have been choppy the past few years. Looking to fiscal 2024 guidance, which includes 53 weeks of operating results, Home Depot expects sales to advance 2.5%-3.5% on the year, and comparable sales to decline 3%-4% for the 52-week period compared to 2023. Adjusted operating margin rate is targeted between 13.8%-13.9%, while diluted earnings per share for the 53-week period is targeted to decline 2%-4%. Though Home Depot is navigating a weaker home-improvement spending environment, we like its dividend quite a bit, and the firm remains a key holding in the Dividend Growth Newsletter portfolio. Shares yield 2.6% at the time of this writing.
Aug 12, 2024
Procter & Gamble’s Organic Growth Fails to Impress
Image Source: P&G’s Citizenship Report. Procter & Gamble’s fiscal fourth quarter disappointed a number of investors as organic growth failed to outpace expectations. Looking to fiscal 2025, all-in sales growth is expected in the range of 2%-4%, with organic growth in the range of 3%-5%. P&G is targeting fiscal 2025 core net earnings per share growth in the range of 5%-7% versus fiscal 2024 core earnings per share of $6.59. We like P&G a lot, but shares are trading well above our fair value estimate.
Aug 12, 2024
Starbucks' Mixed Results Speak to Cautious Consumer Environment
Image Source: Starbucks' Global Impact Report. Starbucks’ fiscal third quarter results weren’t great. Consolidated revenue fell 1%, comparable store sales dropped, while the firm’s non-GAAP earnings per share faced additional pressures. During the fiscal third quarter, Starbucks opened 526 net new stores, ending the period with 39,477 stores -- broken down into 52% company-operated and 48% licensed. Stores in the U.S. and China made up 61% of its global portfolio. Starbucks is getting squeezed by a cautious consumer and higher labor costs, and while we like the company, we’re just not interested in shares at this time.
Aug 9, 2024
Eli Lilly Puts Up Strong Second Quarter Results, Raises Outlook
Image: Shares of Eli Lilly have been strong the past few years. Looking to 2024 full-year guidance, Eli Lilly raised its revenue expectations by $3 billion, upped its reported earnings per share guidance $2.05, to the range of $15.10-$15.60, and increased its non-GAAP earnings per share guidance by $2.60 to the range of $16.10-$16.60, above the consensus forecasts. We continue to like Eli Lilly’s product portfolio, particularly Mounjaro and Zepbound, and we include the Health Care Select Sector SPDR Fund, which includes Eli Lilly as its top weighting, in the Best Ideas Newsletter portfolio.
Aug 9, 2024
Paper: Value and Momentum Within Stocks, Too
Abstract: This paper strives to advance the field of finance in four ways: 1) it extends the theory of the “The Arithmetic of Active Management” to the investor level; 2) it addresses certain data problems of factor-based methods, namely with respect to value and book-to-market ratios, while introducing price-to-fair-value ratios in a factor-based approach; 3) it may lay the foundation for academic literature regarding the Valuentum, the value-timing, and ultra-momentum factors; and 4) it walks through the potential relative outperformance that may be harvested at the intersection of relevant, unique and compensated factors within individual stocks.
Aug 9, 2024
Dividend Increases/Decreases for the Week of August 9
Let's take a look at firms raising/lowering their dividends this week.
Aug 7, 2024
Disney Achieves Profitability Across Combined Streaming Businesses
Image: Disney’s shares are under pressure despite marked improvement in earnings. Disney noted that within its Experiences division, “segment revenue growth was impacted by moderation of consumer demand towards the end of Q3 that exceeded (its) previous expectations.” Though the pace of consumer demand at Disney theme parks remains a big question during the current fiscal fourth quarter, management’s new full year adjusted earnings per share growth target is now 30%, which reveals a company that is making progress from its troubles a couple years ago. We value shares of Disney just shy of $100 each.
Aug 7, 2024
Amazon's Second Quarter Results Were Mixed But Free Cash Flow Improved Significantly
Image: Amazon traded aggressively lower following its second-quarter results. Though Amazon missed second-quarter revenue consensus estimates, and the midpoint of its third-quarter revenue and earnings guidance came in below the consensus forecasts at the time, we continue to point to aggressive growth at AWS coupled with the firm’s strong free cash flow generation as reasons to not be bearish on the stock. We won’t be adding Amazon to any newsletter portfolio as we are already quite tech-heavy, but the company’s share price slide could provide an entry point on a name with strong fundamental momentum.
Aug 4, 2024


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