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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.
Sep 20, 2024
Incentives Pressuring Lennar’s Homebuilding Gross Margin
Image: Lennar’s shares have done quite well the past several years. For the fiscal fourth quarter of 2024, Lennar expects new orders in the range of 19,000-19,300, deliveries of 22,500-23,000 with an average sales price of about $425,000. Lennar ended the fiscal third quarter with $4.04 billion of cash and cash equivalents and $2.26 billion in senior notes and other debts payable, net, good for a nice net cash position on the balance sheet. Though the company’s gross margin guidance for its fiscal fourth quarter came up short, with expectations of it being flat with the fiscal third quarter (22.5% versus consensus of 24.3%), the backdrop for the housing market remains strong and may grow stronger as the Fed engages in a rate-cutting cycle.
Sep 20, 2024
FedEx Reduces Fiscal 2025 Outlook
Image: FedEx’s shares have bounced back from the October 2022 lows, but its fiscal 2025 outlook disappointed the Street. FedEx’s revised outlook left a lot to be desired. The company now expects fiscal 2025 revenue growth to be in the low single digits, compared to a previous expectation of low-to-mid single digits. Earnings per diluted share before the mark-to-market retirement plans accounting adjustments is now expected in the range of $17.90-$18.90 versus a prior forecast of $18.25-$20.25 per share. Also excluding costs related to business optimization initiatives, fiscal 2025 earnings per share is targeted in the range of $20.00-$21.00 per share compared to its prior forecast of $20.00-$22.00 per share, the midpoint below consensus of $20.93 per share. Shares yield 1.8%.
Sep 16, 2024
Korn Ferry’s Margin Performance Impressive in Fiscal First Quarter
Image: Korn Ferry’s shares have bounced nicely since its bottom in late 2023. Looking to the second quarter of fiscal 2025, Korn Ferry's fee revenue is expected in the range of $655-$685 million, while adjusted diluted earnings per share is expected to be between $1.14-$1.26. Though Korn Ferry faced pressure in Professional Search and RPO during its fiscal first quarter, we liked the improvement in Executive Search fee revenue, as well as its margin expansion, which was material in the period. Our fair value estimate for Korn Ferry stands at $78 per share. Shares yield 2.1%.
Sep 13, 2024
Adobe's Fiscal Fourth Quarter Outlook Comes Up Short of Expectations
Image: Adobe’s shares traded down on a weaker than expected fiscal fourth quarter outlook. Though Adobe’s outlook for the fiscal fourth quarter came up short, we continue to like its net-cash-rich balance sheet and strong free cash flow generation. We’re already quite tech heavy in the simulated newsletter portfolios, so we won’t be considering Adobe for inclusion, but the company is worth watching closely, especially as shares dip following its fiscal third quarter report. The high end of our fair value estimate range stands north of $660 per share.
Sep 13, 2024
Dividend Increases/Decreases for the Week of September 13
Let's take a look at firms raising/lowering their dividends this week.
Sep 11, 2024
Medtronic Raises Fiscal 2025 Guidance
Image Source: Medtronic. Medtronic raised its fiscal 2025 organic growth guidance to the range of 4.5%-5% versus the prior range of 4%-5%, and it also raised its fiscal 2025 diluted non-GAAP earnings per share guidance in the range of $5.42-$5.50 versus the prior range of $5.40-$5.50, implying growth of 4%-6%. Medtronic is taking advantage of healthy underlying markets and “new product innovation is fueling diversified growth across many health tech growth markets.” The company continues to invest in its “future innovation pipeline to drive growth” in the longer run. The high end of our fair value estimate range stands north of $100 per share.
Sep 10, 2024
Oracle Expects Increased Revenue Growth Throughout Fiscal 2025
Image: Oracle’s shares have performed quite well during the past couple years. Oracle remains a key idea in both the Dividend Growth Newsletter portfolio as well as the ESG Newsletter portfolio, and its fiscal first quarter results support our bullish take on the name. Though Oracle has a rather large net debt position, free cash flow remains robust, while the company capitalizes on its total remaining performance obligations, which advanced 53% in the quarter on a year-over-year basis. We liked the commentary about revenue growth to accelerate throughout fiscal year 2025, and we point to the high end of our fair value estimate range ($178 per share) for shares.
Sep 8, 2024
Broadcom Misses with Guidance for Its Fiscal Fourth Quarter
Image: Broadcom’s shares fell after the company issued fiscal fourth quarter guidance that came up short with respect to the consensus estimate. Looking to the fourth quarter of fiscal 2024, Broadcom expects revenue of approximately $14 billion, and fourth-quarter adjusted EBITDA of approximately 64% of projected revenue, or $8.96 billion. Though the firm’s revenue guidance for the fourth quarter wasn’t poor, it did come in lower than the $14.13 billion that the Street was expecting, and shares were punished as a result. We’re not reading much into one quarterly report, however, and we maintain that trends in artificial intelligence are prolific.
Sep 5, 2024
Casey’s General Stores Is Executing Well
Image: Shares of Casey’s General Stores have done quite well since the beginning of 2022. Looking to fiscal 2025, Casey’s continues to expect EBITDA to advance at least 8%, with inside same-store sales to increase 3%-5% and inside gross margin comparable to fiscal 2024. Same-store fuel gallons sold are expected to be between negative 1% and positive 1%. We liked Casey’s fiscal first quarter results, and while the name doesn’t make the cut for any newsletter portfolio, it’s one that we are watching closely.
Sep 4, 2024
Dollar General's Business Model Challenged By Walmart’s Strength
Image: Dollar General’s shares have been under considerable pressure the past couple years. Dollar General cut its outlook for fiscal 2024. Net sales growth is now expected in the range of 4.7%-5.3% compared to its previous expectation of 6%-6.7%. Same store sales growth is now anticipated in the range of 1%-1.6%, compared to previous expectations of 2%-2.7%. Diluted earnings per share are now targeted in the range of $5.50-$6.20, compared to prior expectations of $6.80-$7.55. Shares of Dollar General plummeted on the news, and we see no reason to jump into the name, particularly given the competitive market environment, with Walmart likely gaining share.


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