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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 2, 2024
Apple Beats Expectations, Remains a Free Cash Flow Cow
Image: Apple’s shares have done quite well since the beginning of 2022. We liked Apple’s calendar second quarter (fiscal third quarter) results, as the firm outpaced consensus expectations for both Products and Services revenue. Apple’s balance sheet remains pristine, and its strong free cash flow easily covers its dividend. The company continues to buy back stock, and while there were pockets of weakness in the quarterly report, including revenue in Greater China, we like the company’s positioning in artificial intelligence, as we await a strong upgrade cycle for its next-generation iPhone. Shares yield 0.5% at the time of this writing.
Aug 2, 2024
Dividend Increases/Decreases for the Week of August 2
Let's take a look at firms raising/lowering their dividends this week.
Aug 1, 2024
In the News: MO, META, QCOM, PSA, ALB
Image Source: Meta Platforms. Altria's improved performance will be weighted to the second half of 2024. Meta Platforms remains a free cash flow generating powerhouse. Qualcomm's free cash flow has been impressive as well. Public Storage cut its funds from operations (FFO) outlook on weak customer move-in rents driven by the competitive environment, while Albemarle continues to suffer from reduced lithium market pricing.
Jul 31, 2024
Microsoft's Cash Flow Generation Robust, Azure Expected to Accelerate
Image Source: Microsoft. Microsoft ended the June quarter with $75.5 billion in total cash and cash equivalents and $51.6 billion in short- and long-term debt on the books, good for a nice net cash position. In the three months ended June 30, cash flow from operations surged to $37.2 billion from $28.8 billion in the same period a year ago, while capital spending totaled $13.9 billion in the June quarter versus $8.9 billion in last year’s quarter. Free cash flow increased 17.7% in the quarter, coming in at $23.3 billion versus $19.8 billion in the same period a year ago. During the quarter, Microsoft returned $8.4 billion to shareholders in the form of dividends and buybacks. Shares yield 0.7% at the time of this writing.
Jul 30, 2024
Dividend Aristocrat Enterprise Products Partners Showcases Strong Earnings Growth in Second Quarter
Image Source: 2Q 2024 Enterprise Products Partners Earnings Slides. On July 30, Enterprise Products Partners reported decent second quarter results. During the quarter, the midstream energy company generated net income attributable to common unitholders of $1.4 billion, or $0.64 per unit on a fully diluted basis, a 12% increase from the same period a year ago. Distributable cash flow [DCF] came in at $1.8 billion, up from $1.7 billion in last year’s quarter and covered its distribution 1.6 times. Enterprise increased its distribution 5% in the second quarter, to $2.10 per common unit on an annualized basis, marking the 26th consecutive year it has raised its payout.
Jul 30, 2024
Phillips 66 Records Strong Free Cash Flow in Second Quarter
Image Source: Phillips 66 Investor Update. We like Phillips 66’s investment prospects. The company recently raised its mid-cycle adjusted EBITDA target to $14 billion by 2025. It has a strong investment-grade credit rating of A3/BBB+, with a net debt-to-capital ratio target between 25%-30%. Maintaining capital discipline is par for the course for Phillips 66, as it has generated 12% average ROCE since 2012. The company targets returning more than 50% of operating cash to shareholders, too. Its shares yield 3.3% at the time of this writing.
Jul 29, 2024
McDonald’s Speaks of Cautious Consumer But Traction with $5 Meal Deal
McDonald’s second quarter results weren’t great. Comparable store sales and consolidated operating income fell during the period, but McDonald’s lapped a very strong second quarter of 2023, which included a double-digit comp. Diluted earnings per share also declined at a mid-single-digit pace. That said, however, McDonald’s $5 meal deal is gaining traction, and we think it is part of the solution for lower guest counts driven by its recent strategic pricing actions. McDonald’s hasn’t been a strong performer in the Best Ideas Newsletter portfolio of late, but we remain optimistic on its prospects in the current inflationary environment. Shares yield 2.6%.
Jul 28, 2024
3M Looks to a Brighter Future, Shares Rally 20%+
Image Source: 3M’s second quarter results were better than feared. 3M’s stock rallied more than 20% following its second quarter earnings report, as the firm works to put settlements for faulty earplugs and PFAS pollution as well as its spin-off of Solventum behind it. With most of its troubles in the rear-view mirror, 3M can now focus more of its efforts on organic performance, which was solid in the second quarter, despite some portfolio/geographic shifts in its ‘Consumer’ division. 3M’s free cash flow conversion remains robust, and its net debt stood at a manageable ~$3 billion at the end of the quarter. Shares of 3M yield 2.2% at the time of this writing.
Jul 26, 2024
Dividend Increases/Decreases for the Week of July 26
Let's take a look at firms raising/lowering their dividends this week.
Jul 25, 2024
Honeywell Adjusts Full Year 2024 Guidance on Margin Pressures
Image: Honeywell’s shares have traded sideways for the past 12-18 months. Honeywell is a fantastic company, and we continue to like shares in the Dividend Growth Newsletter portfolio. Second quarter results were better than expected, but the quarterly beat was overshadowed by lowered adjusted earnings per share and free cash flow guidance for 2024. Though the news wasn’t great, we’re not making any changes to our newsletter portfolios at this time. Shares of Honeywell yield 2% at the time of this writing.


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