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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.
Oct 11, 2024
Dividend Increases/Decreases for the Week of October 11
Let's take a look at firms raising/lowering their dividends this week.
Oct 8, 2024
PepsiCo Experiencing Subdued Growth, Business Disruptions Due to Geopolitical Tensions
Image: PepsiCo has traded sideways for most of the past couple years. For 2024, PepsiCo expects a low-single-digit increase in organic revenue (was previously approximately 4% in organic revenue growth) and at least an 8% increase in core constant currency earnings per share. PepsiCo is targeting total cash returns to shareholders of $8.2 billion for the year, comprising $7.2 billion in dividends and the balance in share repurchases. As it relates to core earnings per share, management is targeting at least $8.15, a 7% increase compared to 2023 core earnings per share of $7.62. Though PepsiCo’s results weren’t great with subdued category trends in North America and business disruptions from geopolitical tensions, we still like shares as a key diversifier in the portfolio of the Best Ideas Newsletter.
Oct 4, 2024
Dividend Increases/Decreases for the Week of October 4
Let's take a look at firms raising/lowering their dividends this week.
Sep 26, 2024
An Important Measure of Leverage for Dividend-Growth and Income-Oriented Shareholders, One That Is Dividend-Adjusted
As more and more investors rely on company dividends for income, dividends, in our view, have become more debt-like commitments in nature, especially from the perspective of dividend-growth or income-oriented shareholders. Years ago, we rolled out a measure of financial leverage that considers both the company’s debt and the present value of its future expected cash dividend obligations, which, in the eyes of die-hard dividend-growth or income-oriented shareholders, may be implicitly assumed to be debt-like commitments in substance. We think this leverage ratio can be used in conjunction with the Dividend Cushion ratio to gain additional insight into the dividend-paying financial health of an entity.
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 19, 2024
Brain Teaser - Reflexive versus Reflective
Image: Amy Leonard. Valuation multiples tend to trigger the reflexive side of our brain, and we process the multiples through anchoring. On the other hand, enterprise valuation, or the process required to answer the questions (in this article) correctly, shows that our reflexive process can be quite incorrect at times. In fact, cognitive biases such as anchoring can completely trip us up into missing out on truly undervalued companies that may have high P/E ratios while baiting us into value traps with low P/E ratios.
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
Dividend Increases/Decreases for the Week of September 13
Let's take a look at firms raising/lowering their dividends this week.
Sep 12, 2024
Kroger Raises Identical Sales Growth Outlook
Image: Kroger’s shares have been choppy during the past couple years. Looking to fiscal 2024, Kroger reaffirmed its guidance for adjusted FIFO operating profit in the range of $4.6-$4.8 billion, adjusted net earnings per diluted share in the range of $4.30-$4.50, and adjusted free cash flow of $2.5-$2.7 billion. It updated its identical sales growth without fuel forecast to 0.75%-1.75% for the year, which is up from the prior range of 0.25%-1.75%. Kroger continues to work toward closing its merger with Albertsons, the completion of which remains uncertain given criticism from the FTC. Our fair value estimate for Kroger stands at $55 per share.
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.


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