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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 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 30, 2024
Chipotle Targets 7,000 Restaurants in North America
For 2024, management is targeting full-year comparable restaurant sales growth in the mid to high-single digit range, while it adds 285-315 new company-operated restaurant openings with 80% having a Chipotlane. For 2025, Chipotle is targeting opening 315-345 company-operated restaurants with over 80% having a Chipotlane. Though comparable restaurant sales were lower than the consensus forecast in the third quarter, we like Chipotle’s long-term plans calling for 7,000 restaurants in North America, up from the 3,600 restaurants it currently has in the U.S., Canada, the United Kingdom, France, Germany, and Kuwait. Chipotle remains a key idea in the Best Ideas Newsletter portfolio.
Oct 29, 2024
Momentum Across Alphabet’s Business Is “Extraordinary”
Image: Shares of Alphabet look poised to break out to all-time highs. Alphabet ended the quarter with $93.2 billion in total cash and marketable securities and long-term debt of $12.3 billion. Cash flow from operations in the quarter was $30.7 billion, while capital spending totaled $13.1 billion, resulting in robust free cash flow generation of $17.6 billion. Year-to-date, cash flow from operations was $86.2 billion on capital spending of $38.3 billion, good for free cash flow generation of $47.9 billion. Alphabet also announced a cash dividend of $0.20 per share, to be paid to each of the company’s Class A, Class B, and Class C shares. Our fair value estimate stands at $188 per share.
Oct 25, 2024
Dividend Increases/Decreases for the Week of October 25
Let's take a look at firms raising/lowering their dividends this week.
Oct 24, 2024
Coca-Cola’s Organic Growth Shines in Third Quarter
Image: Coca-Cola’s shares have done quite well the past couple years. Coca-Cola’s organic growth continues to be impressive, and the firm’s non-GAAP numbers show expansion in the core business. Still, it’s hard for us to get excited about a company reporting unadjusted net revenue declines, with global unit case volume also declining in the period. We think Coca-Cola retains its place as a top blue chip stock, but we think there are better ideas for consideration in the newsletter portfolios. Our fair value estimate stands at $61 per share.
Oct 23, 2024
Tesla’s Margins, Free Cash Flow Swell in Third Quarter
Image: Tesla has returned to a free cash flow rich entity. Tesla reported solid third quarter results that showed a business that is getting back on track. Not only did production and deliveries increase nicely on a year-over-year basis, but the firm’s margin improvement is a sight to see and comes in the wake of lowered vehicle selling prices. Tesla also showcased its cash generation capacity in the quarter, with free cash flow more than tripling. We like Tesla’s net-cash-rich balance sheet, its free cash flow generation, and its ability to drive growth, but we fall short of including shares in any newsletter portfolio.
Oct 23, 2024
Starbucks Posts Lower Than Expected Performance, Turnaround “Will Take Time”
Image: Starbucks’ shares have been volatile the past couple years. Starbucks suspended its guidance for the full year 2025, given new CEO Brian Niccol and “the current state of the business.” That said, the company increased its quarterly cash dividend to $0.61 per share from $0.57 per share, which equates to a 2.5% forward estimated dividend yield, pointing to optimism regarding the long term. We’re cautious on Starbucks’ shares, as even the executive team noted that a turnaround “will take time.” Our fair value estimate stands at $85 per share, below where shares are trading at the time of this writing.
Oct 19, 2024
Netflix Continues to Deliver on Content and Engagement, Free Cash Flow Robust
Image: Netflix’s shares are trading at all-time highs. We liked Netflix’s revenue and operating income improvement in the third quarter, as well as its outlook for the fourth quarter of 2024 and 2025. Netflix is delivering with respect to content and customer engagement, and we like the fact that the firm continues to generate strong free cash flow. Netflix continues to build its advertising business, with ads membership up 35% on a sequential basis. Looking to the fourth quarter, Netflix has a nice slate of content, including Squid Game S2, the Jake Paul/Mike Tyson fight, and two NFL games on Christmas day, which Netflix expects to drive paid net additions higher in the quarter than in its most recently reported third quarter. The high end of our fair value estimate range for Netflix is $867 per share.
Oct 17, 2024
Kinder Morgan’s Dividend Is Much Healthier These Days
Image: Kinder Morgan’s shares have done quite well thanks to improved free cash flow performance. Year-to-date Kinder Morgan's free cash flow, as measured by cash flow from operations less all capital spending, totaled $2.27 billion, higher than the $1.92 billion it paid in cash dividends during the same time period. Years ago, Kinder Morgan’s capital spending and cash dividends paid were significantly higher than cash flow from operations, necessitating a dividend cut. Things are much different these days, as Kinder Morgan’s free cash flow covered cash dividends paid by $353 million during the first nine months of the year. Though the firm retains a large net debt position, Kinder Morgan’s dividend is much healthier than it was years ago. Shares yield 4.6% at the time of this writing.
Oct 16, 2024
Goldman Sachs Beats Third Quarter Estimates, Puts Up Strong Economic Returns
Image: Goldman Sachs’ shares have done well the past couple years. Goldman Sachs continues to generate value for shareholders. Annualized return on average common shareholder equity [ROE] was 10.4% for the third quarter of 2024 and 12.0% for the first nine months of 2024. We liked Goldman’s revenue growth in the quarter, and the company continues to put up double-digit economic returns. Shares trade at 1.6x book value, so we’re not viewing them as cheap at this time. Shares yield 2.3%.


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