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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.
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.
Jul 25, 2024
IBM’s Free Cash Flow Generation on the Up and Up
Image: IBM’s shares have staged a nice recovery since the beginning of 2023. Looking ahead to full-year 2024 expectations, IBM continues to expect constant currency revenue growth in the mid-single-digit range, while it now expects free cash flow to be in excess of $12 billion on the year. IBM ended its second quarter with $56.5 billion in total debt and $13.7 billion in cash and marketable securities. We like IBM’s improvement in free cash flow generation and exposure to AI, but we prefer other ideas in big cap tech, namely Alphabet and Microsoft. Shares yield 3.6%.
Jul 25, 2024
Republic Services Showcases Pricing Strength, Raises Dividend
Image: Republic Services’ stock has been consistently strong since the beginning of 2023. For 2024, Republic expects revenue in the range of $16.075-$16.125 billion, adjusted EBITDA in the range of $4.9-$4.925 billion, and adjusted diluted earnings per share in the range of $6.15-$6.20. Adjusted free cash flow is expected to be in the range of $2.15-$2.17 billion on the year. Management continues to be shareholder friendly buying back stock, and the firm raised its quarterly dividend by $0.045, to $0.58 per share. We like Republic’s pricing strength, its attractive disposal assets, as well as its free cash flow generation. The company remains a holding in the newsletter portfolios.
Jul 25, 2024
Chipotle's Comparable Store Sales Growth Impresses
Image: Chipotle’s stock has done quite well since the beginning of 2023. Looking to 2024, Chipotle's full year comparable restaurant sales growth is expected in the mid to high-single digit range, while the firm expects to open a total of 285 to 315 new restaurant openings in the year with over 80% having a Chipotlane drive thru. We liked Chipotle’s second quarter results, especially the pace of its comparable store sales increase, and the firm remains a key idea in the portfolio of the Best Ideas Newsletter.
Jul 24, 2024
AT&T’s Dividend Coverage with Free Cash Flow Is Solid
Image Source: AT&T. Dividend coverage looks much better at AT&T these days. For the first six months of 2024, free cash flow was $7.7 billion, which comfortably covered the company’s cash dividends paid of $4.1 billion. Free cash flow after dividends was $3.58 billion for the first six months of the year, and management’s 2024 free cash flow guidance indicates a stronger back half of dividend coverage. AT&T has a huge net debt position, but free cash flow coverage of this 6.1% yielder is a sight to see. We’re considering the company for addition to the High Yield Dividend Newsletter portfolio.
Jul 24, 2024
Tesla’s Second Quarter Report Wasn’t Great
Image: Tesla’s trailing twelve-month performance across vehicle deliveries, operating and free cash flow, as well as adjusted EBITDA have faced pressure in recent quarters. In short, Tesla’s second quarter report wasn’t great and was weighed down by reduced vehicle selling prices, restructuring charges, higher operating expenses due to AI projects, and lower vehicle deliveries, which fell 5% on a year-over-year basis in the quarter. Tesla continues to focus on “reducing COGS per vehicle, growing (its) traditional hardware business and accelerating development of (its) AI-enabled products and services,” and all eyes remain fixated on the timing of its Robotaxi deployment as well as the pace of Cybertruck deliveries. We remain on the sidelines with respect to shares.
Jul 24, 2024
Visa Continues to Expect Low Teens Earnings Per Share Growth for the Full-Year 2024
Image: Visa’s asset light business model throws off a lot of free cash flow, while the firm returns cash to shareholders via buybacks and dividends. On July 23, Visa reported mixed fiscal third quarter results with the company missing expectations on the top line and the firm’s non-GAAP earnings per share coming in-line with the consensus forecast. We’re not reading too much into the company’s mixed fiscal third quarter results and remain fans of the company’s competitive positioning and asset light business model. For the fourth quarter, diluted class A earnings per share growth is expected in the high end of low double-digit growth, while low-teens growth is expected for the full-year 2024, in-line with its prior forecast.


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