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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 20, 2020
Johnson & Johnson Buys Momenta Pharmaceuticals
Image Source: Johnson & Johnson – Second Quarter of Fiscal 2020 IR Earnings Presentation. On August 19, Johnson & Johnson announced it was acquiring Momenta Pharmaceuticals for $52.50 per share in cash through a deal worth $6.5 billion (or $6.1 billion when including Momenta Pharmaceuticals’ net cash position). At the end of June 2020, Momenta Pharmaceuticals had ~$0.45 billion in cash and cash equivalents on hand with no debt on the books. We include shares of JNJ as a holding in both our Best Ideas Newsletter and Dividend Growth Newsletter portfolios.
Aug 19, 2020
Update: COVID-19 Vaccine Race
Image Source: Johnson & Johnson – Second Quarter of Fiscal 2020 IR Earnings Presentation. The ongoing coronavirus (‘COVID-19’) pandemic has devasted the global economy (though things are starting to improve) and has fundamentally altered daily human life. According to a draft report from the World Health Organization (‘WHO’), there were 29 COVID-19 vaccine candidates undergoing clinical trials as of August 13 along with 138 other candidates undergoing preclinical evaluation. It is a race against the clock. Unfortunately, as of this writing on August 18, there have been ~170,000 COVID-19-related deaths in the US alone according to data from the US Centers for Disease Control and Prevention (‘CDC’). We are optimistic that one of the many “shots on goal” will end up proving successful. The US launched Operation Warp Speed to accelerate the development of a COVID-19 vaccine, which involves providing funding to companies with promising vaccine candidates. Furthermore, please note that major economies around the world have adjusted their rules and procedures to allow for multiple phases of clinical trials to be conducted concurrently. Before getting into some of the most promising COVID-19 vaccine candidates, we hope everyone, their loved ones, and their family members are staying safe out there as we ride out the pandemic.
Aug 13, 2020
Cisco Responds to Near-Term Headwinds with Large Cost Cuts
Image Shown: Cisco Systems Inc’s financial performance held up well, relatively speaking, during the initial stages of the pandemic. Image Source: Cisco Systems Inc – Fourth Quarter of Fiscal 2020 IR Earnings Presentation. On August 12, Cisco Systems reported fourth quarter fiscal 2020 earnings (period ended July 25, 2020) that beat consensus estimates on both the top- and bottom-lines. However, Cisco’s outlook for the current fiscal quarter was weaker than expected which weighed on shares of CSCO during normal trading hours on August 13. Cisco’s near-term performance is facing headwinds due to the ongoing coronavirus (‘COVID-19’) pandemic as many of its customers are delaying projects until after the storm has passed. With that in mind, Cisco remained a free cash flow cow last fiscal year and that is likely to continue going forward, which supports its ability to continue paying meaningful dividends. Cisco’s strong cash flow profile is further supported by its pristine balance sheet, and we continue to like the firm as a holding in both our Best Ideas Newsletter and Dividend Growth Newsletter portfolios. Shares of CSCO yield ~3.4% as of this writing. Please note that Cisco recently announced its CFO for the past five years, Kelly Kramer, plans to leave the company once her replacement has been found.
Aug 7, 2020
Dividend Increases/Decreases for the Week August 7
Let's take a look at companies that raised/lowered their dividend this week.
Aug 6, 2020
Excerpt from the Second Edition of Value Trap: Theory of Universal Valuation (now available to order!): The Greatest Financial Fraud in History?
With an added Appendix and 40+ page Prologue, the second edition of the 2019 Best Indie Book Award (BIBA) winner for the category of Business takes readers through the COVID-19 crisis, building on the key tenets of the first edition. Value Trap received acclaim from the prestigious Next Generation Indie Book Awards, a Finalist in the category of Business. The text was also a Blue Ink Notable Book as well as a Readers' Favorite 5 Stars, named Honorable Mention in the Non-Fiction - General genre. More detail and new commentary, the second edition of Value Trap is a must read for any serious investor. Brian Michael Nelson, CFA, delivers again.
Jul 30, 2020
Excerpt from ‘Value Trap’ 2nd Edition: MPT Sounds a Lot Like "Empty"
The second edition of President of Investment Research Brian Nelson's book 'Value Trap' will be released in the coming weeks. Here is a short excerpt to whet your appetite.
Jul 27, 2020
HCA’s Latest Results Indicate Healthcare Providers Are Holding Up Better Than Expected
Image Source: HCA Healthcare Inc – Second Quarter of 2020 Earnings Press Release. The ongoing coronavirus (‘COVID-19’) pandemic has had a devastating impact on the financial performance of healthcare providers (operators of hospitals and other medical facilities) due to the decline in the number of elective surgeries performed. Please note elective surgeries tend to be more lucrative for healthcare providers than the other services they provide, generally speaking. Elective surgeries in many US states were indefinitely postponed when the pandemic first hit. In late March, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (‘CARES Act’) which included $100 billion in emergency funding for hospitals and healthcare providers to mitigate the financial blow from the pandemic and enable the US healthcare system to continue functioning as best it can under the weight of the pandemic.
Jul 24, 2020
Earnings Brief: PEP, CMG, WHR, TSLA, TWTR, KMB
Image Source: Tesla has turned the corner regarding GAAP profitability, and the firm is now generating positive free cash flow, as it sits on billions of cash on the balance sheet. Q2 2020 Update. Second-quarter earnings season is coming in largely as expected. Many of the firms are reporting improving demand through the course of the quarter, and entities that were facing hardship are making the necessary adjustments to improve performance. Pandemic-driven demand has been evident across the consumer staples space, and innovative entities have not stopped innovating as a result of COVID-19. We maintain our view that the world is fighting back against COVID-19, and we expect fundamental performance to continue to improve across myriad sectors as well as a greater “return to normalcy in 2021,” which is but six months away. Accommodative Fed/Treasury policy coupled with substantial increases in money supply may keep this market moving ever-higher in the meantime.
Jul 24, 2020
Intel’s 7-nm Chips Behind Schedule, Free Cash Flows Remain Strong
Image Shown: Intel Corporation made waves on July 23 when it announced its 7-nm chips were well behind schedule. Image Source: Intel Corporation – Second Quarter Fiscal 2020 IR Earnings Presentation. On July 23, Intel Corp reported second quarter fiscal 2020 earnings (period ended June 27, 2020) that beat both consensus top- and bottom-line estimates. However, shares of INTC dropped during after hours trading that day due to Intel delaying the rollout of its 7-nanometer chips. The company offered full-year guidance for fiscal 2020 that indicated its growth trajectory was continuing in the face of the ongoing coronavirus (‘COVID-19’) pandemic, though investors were largely fixated on the delay of its 7-nm chip offerings.



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