Chasing the Yield

Investing for income through dividends and distributions

The Yield – Week ending May 7, 2021

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News

Illinois Tool Works (ITW): Credit Suisse analyst Jamie Cook raised the firm’s price target on Illinois Tool Works to $261 from $242 and keeps an Outperform rating on the shares. The analyst believes Illinois Tool Works’ first quarter marks a turning point delivering on organic growth and incrementals with further upside to reposition the portfolio via M&A over the medium term. Illinois Tool Works beat Q1 consensus estimates on better revenues and margins while raising full year 2021 by 6% higher than the street, Cook adds. https://thefly.com/n.php?id=3294583

Target Corp. (TGT): Target Corp. will provide $5 coupons to customers and employees who receive Covid-19 vaccinations at CVS sites within Target stores. https://www.morningstar.com/news/dow-jones/2021050411261

Johnson & Johnson (JNJ): Poland has offered to buy Johnson & Johnson COVID-19 vaccines from Denmark, a government spokesman said on Wednesday, after Copenhagen excluded the shots from its vaccination programme over a potential link to blood clots. https://news.yahoo.com/poland-ready-buy-j-j-090405685.html

U.S. President Joe Biden made the decision to back a proposed waiver for COVID-19 vaccine intellectual property rights, the White House said on Thursday, denying that administration officials had been split on the issue. https://www.reuters.com/business/healthcare-pharmaceuticals/biden-made-decision-support-ip-waiver-covid-19-vaccines-white-house-2021-05-06/

Albemarle Corp (ALB): The world’s largest producer of lithium, posted a quarterly profit on Wednesday that easily beat Wall Street’s expectations on rising demand from the electric vehicle industry. The company reported first-quarter net income of $95.7 million, or 84 cents per share, compared with $107.2 million, or $1.01 per share, in the year-ago period. https://www.marketscreener.com/news/latest/Albemarle-profit-beats-expectations-on-rising-lithium-demand–33171325/

MDU Resources (MDU): CFRA raised their target to $38 from $32, reflecting a 16.9x multiple on projected 2022 EPS, equal to MDU’s 5-year average multiple. We raise our 2021 EPS estimate to $2.21 from $2.12 and keep 2022’s estimate at $2.25. MDU prints Q1 adj. EPS of $0.26 vs. $0.13, surpassing consensus by $0.11.

Consolidated Edison (ED): CFRA Maintains Sell Opinion On Shares Of Consolidated Edison. “We lift our 12-month target price to $66 from $61, a 15.3x multiple of our 2021 EPS estimate, a discount to peers. We lift our 2021 EPS estimate to $4.32 from $4.30 and maintain our 2022 estimate of $4.56. ED posts Q1 EPS of $1.44 vs. $1.35, beating the S&P Capital IQ consensus estimate by $0.08” http://bit.ly/CTY20210507ED

Markets: The S&P 500 and the Dow hit record highs on Friday, while megacap growth stocks drove a recovery on Nasdaq after U.S. jobs data eased concerns over prospects for rising rates. U.S. job growth unexpectedly slowed in April, likely restrained by shortages of workers, the Labor Department report on Friday showed. The report alleviated some concerns about rising inflation and potentially higher U.S. interest rates, which some investors worry would hurt growth companies with high valuations. https://finance.yahoo.com/news/us-stocks-p-500-dow-200126746.html

https://www.wsj.com/articles/dont-freak-out-yet-about-jobs-11620402047?mod=mhp

Dividends

  • Leggett & Platt (LEG) announced its next dividend of $0.42 per share, a 5.0% increase over the company’s previous payout of $0.40.
  • SPHIX announced its next dividend of $0.02976 per share, bringing the fund’s total payout over the last twelve months down 1.3%.
  • Pepsi (PEP) announced its next dividend of $1.075 per share, a 5.1% increase over the company’s previous payout of $1.0225.
  • PONPX announced its next dividend of $0.039 per share, in line with the fund’s previous payout.
  • UGI (UGI) announced its next dividend of $0.345 per share, a 4.5% increase over the company’s previous payout of $0.33.
  • Main Street (MAIN) announced its next dividend of $0.205 per share, in line with the company’s previous payout.
  • Weyco (WEYS) announced its next dividend of $0.24 per share, in line with the company’s previous payout.
  • Albemarle (ALB) announced its next dividend of $0.39 per share, in line with the company’s previous payout.
  • Sabra (SBRA) announced its next dividend of $0.30 per share, in line with the company’s previous payout.

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Kevin Bae

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