High Yield Equity Income List Holdings by Sector
October 1, 2021 Tom Christopher, Equity Sector Analyst
Advice & Research
High Yield Equity Income List
Holdings by Sector
High Yield Equity Income List Overview
The High Yield Equity Income List (High Yield List) focuses on companies with higher dividend yields than the broader market. Our objective is to provide a diverse list of high yielding stocks with secure dividend streams that an investor can utilize as part of an income-producing portfolio and are willing to accept a higher level of risk.
High Yield Equity Income List Holdings Statistics
Company Communication Services (average) AT&T, Inc. Cogent Communications Holdings, Inc. Verizon Communications, Inc. Consumer Discretionary Garmin Ltd. Genuine Parts Co. The Home Depot, Inc. Target Corp. Consumer Staples The Coca-Cola Co. PepsiCo, Inc. Procter & Gamble Co. Energy Chevron Corp. Exxon Mobil Corp. Phillips 66 High Yield Equity Income List Average1
Symbol n/a
T CCOI VZ
n/a GRMN GPC HD TGT
n/a KO PEP PG
n/a CVX XOM PSX n/a
Price n/a
$27.01 $70.84 $54.01
n/a $155.46 $121.23 $328.26 $228.77
n/a $52.47 $150.41 $139.80
n/a $101.45
$58.82 $70.03
n/a
Market Cap (billion) $139.9 $192.8 $3.4 $223.6 $126.5 $29.9 $17.4 $346.6 $112.0 $258.0 $226.4 $207.9 $339.7 $158.6 $196.2 $249.0 $30.7 $176.5
Dividend per
Share n/a
$2.08 $3.07 $2.56
n/a $2.68 $3.26 $6.60 $3.60
n/a $1.68 $4.30 $3.48
n/a $5.36 $3.48 $3.60
n/a
Dividend Yield 5.6% 7.7% 4.3% 4.7% 2.0% 1.7% 2.7% 2.0% 1.6% 2.8% 3.2% 2.9% 2.5% 5.4% 5.3% 5.9% 5.1% 3.3%
Dividend Pay
Cycle2 n/a
2,5,8,11 3,6.9.12 2,5,8,11
n/a 3,6,9,12 1,4,7,10 3,6,9,12 3,6,9,12
n/a 4,7,10,12
2,5,8,10 2,5,8,11
n/a 3,6,9,12 3,6,9,13 3,6,9,12
n/a
Consensus NTM EPS Estimate
n/a $3.13 $1.06 $5.28
n/a $5.70 $6.57 $14.48 $12.37
n/a $2.32 $6.41 $5.93
n/a $8.28 $5.38 $4.45
n/a
NTM PE 13.1x 8.6x 67.0x 10.2x 21.2x 27.3x 18.4x 22.7x 18.5x 23.2x 22.6x 23.5x 23.6x 12.7x 12.2x 10.9x 15.7x 19.4x
Consensus L-T EPS Growth Estimate 3% 2% 8% 3% 9% 8% 9% 8% 25% 9% 9% 9% 6% 17% 19% 17% 13% 12%
Date Added to
List n/a 7/2/12 6/26/20 12/14/15 n/a 6/9/17 6/24/19 4/16/20 6/24/19 n/a 2/5/16 4/3/20 2/19/13 n/a 2/5/16 3/3/21 12/11/20 7/22/2015
Please see pages 5-7 of this report for Important Disclosures, Disclaimers and Analyst Certification
Investment and Insurance Products: NOT FDIC Insured / NO Bank Guarantee / MAY Lose Value
High Yield Equity Income List ? Holdings by Sector
High Yield Equity Income List Holdings Statistics
October 1, 2021
Company Financials Bank of America Corp.
Symbol n/a
BAC
Price n/a
$42.45
Market Cap (billion) $147.1
$360.3
Dividend per
Share n/a
$0.84
Dividend Yield 3.1%
2.0%
Dividend Pay
Cycle2 n/a
1,4,7,9
Consensus NTM EPS Estimate
n/a
$2.90
NTM PE 12.2x 14.6x
Consensus L-T EPS Growth Estimate
14%
19%
Date Added to
List n/a
3/3/21
Citigroup, Inc. Huntington Bancshares, Inc. JPMorgan Chase & Co.
C HBAN JPM
$70.18 $15.46 $163.69
$142.2 $22.8
$489.1
$2.04 $0.60 $4.00
2.9% 3.9% 2.4%
1,4,7,10 1,4,7,10 1,4,7,10
$7.50
9.4x
28%
$1.27
12.2x
43%
$11.76
13.9x
10%
1/6/21 10/30/17
2/28/20
M&T Bank Corp. The PNC Financial Services Group, Inc.
MTB PNC
$149.34 $195.64
$19.2 $83.1
$4.40 $5.00
2.9% 2.6%
1,4,7,11 1,4,7,12
$11.83
12.6x
13%
$13.39
14.6x
38%
11/25/20 2/5/21
Prudential Financial, Inc. Truist Financial Corp. U.S. Bancorp
PRU
$105.20
TFC
$58.65
USB
$59.44
$40.7 $78.3 $88.1
$4.60 $1.92 $1.84
4.4% 3.3% 3.1%
1,4,7,13 1,4,7,14 1,4,7,11
$11.90
8.8x
7%
$4.44
13.2x
13%
$4.40
13.5x
14%
2/5/21 2/5/21 11/17/20
Health Care AbbVie, Inc. Johnson & Johnson Merck & Co., Inc. Pfizer Inc.
n/a ABBV JNJ MRK PFE
n/a $107.87 $161.50
$75.11 $43.01
$261.7 $190.6 $425.1 $190.2 $240.8
n/a $5.20 $4.24 $2.60 $1.56
3.6% 4.8% 2.6% 3.5% 3.6%
n/a 2,5,8,11 3,6,9,12 1,4,7,10 3,6,9,12
n/a
11.2x
5%
$13.28
8.1x
4%
$9.81
16.5x
7%
$5.98
12.6x
8%
$4.00
10.7x
-2%
n/a 6/26/20 12/3/18
7/2/12 12/5/14
Industrials Eaton Corp. Plc
n/a ETN
n/a $149.31
$73.5 $59.5
n/a $3.04
2.5% 2.0%
n/a 3,5,8,11
n/a
21.0x
10%
$7.08
21.1x
11%
n/a 2/12/18
Emerson Electric Co. Lockheed Martin Corp. 3M Co.
EMR LMT MMM
$94.20 $345.10 $175.42
$56.3 $95.2 $101.5
$2.02 $11.20
$5.92
2.1% 3.2% 3.4%
3,6,9,12 3,6,9,11 3,6,9,12
$4.38
21.5x
12%
$23.81
14.5x
5%
$9.90
17.7x
9%
12/1/15 2/11/18
4/3/20
Thomson Reuters Corp.
TRI
$110.48
$54.8
$1.62
1.5% 3,6,9,12
$2.03
54.3x
10%
12/17/13
Information Technology
n/a
n/a
$522.6
n/a
2.1%
n/a
n/a
19.6x
15%
n/a
Apple, Inc.
AAPL
$141.50
$2,342.8
$0.88
0.6% 2,5,8,11
$5.51
25.7x
19%
12/3/18
Broadcom, Inc. Cisco Systems, Inc.
AVGO CSCO
$484.93 $54.43
$199.8 $229.5
$14.40 $1.48
3.0% 2.7%
3,6,9,12 1,4,7,11
$30.49
15.9x
23%
$3.43
15.9x
6%
6/24/19 5/5/16
Paychex, Inc. Texas Instruments Incorporated
PAYX TXN
$112.45 $192.21
$40.5 $177.4
$2.64 $4.08
2.3% 2.1%
2,5,8,11 2,5,8,10
$3.46
32.5x
8%
$7.76
24.8x
11%
7/2/12 12/11/20
QUALCOMM, Inc.
QCOM
$128.98
$145.5
$2.72
2.1% 2,5,8,11
$9.04
14.3x
29%
12/11/20
Materials Dow, Inc. Packaging Corporation of America
n/a DOW PKG
n/a $57.56 $137.44
$28.3 $43.5 $13.1
n/a $2.80 $4.00
3.9% 4.9% 2.9%
n/a 3,6,9,12 1,4,7,10
n/a
10.1x
22%
$7.57
7.6x
36%
$9.27
14.8x
8%
n/a 6/7/13 7/2/12
Real Estate
n/a
n/a
$38.7
n/a
3.2%
n/a
n/a
22.2x
6%
n/a
Crown Castle International Corp.
CCI
$173.32
$74.9
$5.32
3.1% 3,6,9,12
$7.02
24.7x
14%
3/14/17
STAG Industrial, Inc. Welltower, Inc.
STAG WELL
$39.25 $82.40
$6.3 $34.8
$1.45 $2.44
3.7% 3.0%
Monthly 2,5,8,11
$2.08
18.9x
4%
$3.41
24.1x
6%
12/5/14 12/6/16
Utilities Dominion Energy, Inc.
n/a D
n/a $73.02
$45.1 $58.9
n/a $2.52
3.8% 3.5%
n/a 3,6,9,12
n/a
20.0x
5%
$4.10
17.8x
7%
n/a 5/31/16
Duke Energy Corp.
DUK
$97.59
$75.0
$3.94
4.0% 3,6,9,12
$5.11
19.1x
4%
7/22/15
Entergy Corp. NextEra Energy Partners LP
ETR
$99.31
$20.0
$3.80
3.8% 3,6,9,12
$6.01
16.5x
4%
8/22/17
NEP
$75.36
$5.8
$2.51
3.3% 2,5,8,10
$2.11
35.8x
18%
2/28/20
The Southern Co.
SO
High Yield Equity Income List Average1
n/a
$61.97 n/a
$65.6 $176.5
$2.64 n/a
4.3% 3.3%
2,5,8,11 n/a
$3.29
18.8x
5%
1/6/21
n/a
19.4x
12%
7/22/2015
Source: FactSet, Wells Fargo Advisors, company reports 1Simple average for market cap, dividend yield, date added. Harmonic average for PE. Median for EPS growth estimate. 2Months in which dividends are paid. January is 1, February 2, etc.
NTM = next twelve months
EPS = earnings per share, funds from operations used for real estate investment trusts
PE = price to earnings ratio
L-T = long-term
Page 2 of 7
High Yield Equity Income List ? Holdings by Sector
High Yield Equity Income List Holdings Statistics
October 1, 2021
Symbol Communication Services (average) T CCOI VZ Consumer Discretionary GRMN GPC HD TGT Consumer Staples KO PEP PG Energy CVX XOM PSX Financials BAC C HBAN JPM MTB PNC PRU TFC USB Health Care ABBV JNJ MRK PFE High Yield Equity Income List Average1
Sub-Industry N/A Integrated Telecommunication Services Alternative Carriers Integrated Telecommunication Services N/A Consumer Electronics Distributors Home Improvement Retail General Merchandise Stores N/A Soft Drinks Soft Drinks Household Products N/A Integrated Oil & Gas Integrated Oil & Gas Oil & Gas Refining & Marketing N/A Diversified Banks Diversified Banks Regional Banks Diversified Banks Regional Banks Regional Banks Life & Health Insurance Regional Banks Diversified Banks N/A Biotechnology Pharmaceuticals Pharmaceuticals Pharmaceuticals N/A
Price n/a $27.01 $70.84 $54.01 n/a $155.46 $121.23 $328.26 $228.77 n/a $52.47 $150.41 $139.80 n/a $101.45 $58.82 $70.03 n/a $42.45 $70.18 $15.46 $163.69 $149.34 $195.64 $105.20 $58.65 $59.44 n/a $107.87 $161.50 $75.11 $43.01 n/a
52-Week Low n/a
$26.35 $53.20 $53.83
n/a $91.84 $88.99 $246.59 $150.80
n/a $47.30 $128.32 $121.54
n/a $65.16 $31.11 $43.27
n/a $23.12 $40.49 $8.52 $91.87 $88.48 $102.01 $60.39 $34.86 $34.21
n/a $79.11 $133.65 $70.89 $33.36
n/A
52-Week High n/a $33.88 $80.00 $61.95 n/a
$178.81 $135.93 $345.69 $267.06
n/a $57.56 $159.63 $147.23
n/a $113.11 $64.93 $94.34
n/a $44.04 $80.29 $16.91 $169.30 $168.27 $203.88 $109.17 $62.69 $62.47
n/a $121.53 $179.92 $85.60 $51.86
n/a
Fiscal Year End n/a Dec Dec Dec n/a Dec Dec Jan Jan n/a Dec Dec Jun n/a Dec Dec Dec n/a Dec Dec Dec Dec Dec Dec Dec Dec Dec n/a Dec Jan Dec Dec n/a
Dividend per
Share n/a $2.08 $3.07 $2.56 n/a $2.68 $3.26 $6.60 $3.60 n/a $1.68 $4.30 $3.48 n/a $5.36 $3.48 $3.60 n/a $0.84 $2.04 $0.60 $4.00 $4.40 $5.00 $4.60 $1.92 $1.84 n/a $5.20 $4.24 $2.60 $1.56 n/a
5-Yr Dividend
CAGR 7% 2% 16% 2% 8% 4% 5% 21% 4% 5% 4% 8% 4% 11% 4% 4% 11% 21% 29% 66% 19% 16% 9% 18% 13% 11% 11% 9% 18% 6% 7% 6% 11%
TTM Dividend Payout
Ratio 1526%
3000%
52% 41% 41% 57% 44% 23% 73% 89% 70% 59% 280% 280%
34% 24% 21% 62% 24% 34% 35% 25% 47% 36% 95% 137% 61% 117% 66% 472%
TTM Free Cash
Flow per Share n/a $4.00 $2.07 $5.21 n/a $5.57 $11.05 $10.81 $12.58 n/a $2.65 $5.14 $6.06 n/a $5.12 $3.56 $3.12 n/a $0.64 $13.39 $1.58 $2.66 $12.97 $7.41
-$10.27 $6.36 $4.20 n/a $11.02 $8.45 $2.11 $3.72 n/a
TTM Free Cash Flow
Yield 9% 15% 3% 10% 5% 4% 9% 3% 5% 4% 5% 3% 4% 5% 5% 6% 4% 6% 1% 19% 10% 2% 9% 4% -10% 11% 7% 7% 10% 5% 3% 9% 5%
NTM Relative PE 0.6x 0.4x 3.1x 0.5x 1.0x 1.2x 0.9x 1.1x 0.9x 1.1x 1.1x 1.1x 1.2x 0.7x 0.6x 0.6x 0.8x 0.6x 0.7x 0.4x 0.6x 0.6x 0.6x 0.7x 0.4x 0.6x 0.6x 0.6x 0.4x 0.8x 0.6x 0.6x 0.8x
5-Yr Avg NTM
Relative PE 0.8x 0.5x 3.5x 0.6x 1.0x 1.2x 0.9x 1.1x 0.9x 1.2x 1.3x 1.2x 1.2x 1.2x 1.8x 1.4x 0.8x 0.6x 0.6x 0.5x 0.6x 0.7x 0.7x 0.7x 0.4x 0.7x 0.7x 0.7x 0.5x 0.9x 0.8x 0.7x 0.9x
Int'l Sales
9% 9% 19% 0% 24% 53% 34% 8% 0% 54% 65% 42% 56% 50% 61% 65% 24% 14% 12% 51% 0% 24% 0% 0% 39% 0% 0% 44% 24% 48% 56% 48% 32%
Net Debt / Capital 73% 53% 96% 69% 28% -34% 36% 85% 27% 46% 45% 63% 28% 28% 20% 26% 39% 21% 61% 68% -20% 65% 11% -51% 16% 35% 5% 33% 78% 8% 30% 16% 35%
S&P Credit Rating n/a BBB BBB+ n/a BBB A A n/a A+ A+ AAn/a AA AA BBB+ n/a ABBB+ BBB+ AAAA AA+ n/a BBB+ AAA AAA+ A-
Page 3 of 7
High Yield Equity Income List ? Holdings by Sector
High Yield Equity Income List Holdings Statistics
October 1, 2021
Symbol Industrials ETN EMR MMM LMT TRI Information Technology AAPL AVGO CSCO PAYX TXN QCOM Materials DOW PKG Real Estate CCI STAG WELL Utilities DUK
Sub-Industry N/A Electrical Components & Equipment Electrical Components & Equipment Industrial Conglomerates Aerospace & Defense Research & Consulting Services N/A Technology Hardware Storage & Peripherals Semiconductors Communications Equipment Data Processing & Outsourced Services Semiconductors Semiconductors N/A Commodity Chemicals Paper Packaging N/A Specialized REITs Industrial REITs Health Care REITs N/A
Electric Utilities
Price n/a $149.31 $94.20 $175.42 $345.10 $110.48 n/a $141.50 $484.93 $54.43 $112.45 $192.21 $128.98 n/a $57.56 $137.44 n/a $173.32 $39.25 $82.40 n/a $97.59
52-Week Low n/a
$98.40 $63.26 $156.13 $319.81 $77.10
n/a $107.32 $344.42 $35.28 $75.32 $134.75 $111.80
n/a $44.33 $102.78
n/a $146.15 $29.34 $51.41
n/a $80.95
52-Week High n/a
$171.32 $105.99 $208.95 $396.99 $120.31
n/a $157.26 $510.70 $60.27 $118.22 $200.92 $167.94
n/a $71.38 $156.54
n/a $204.62 $43.55 $89.80
n/a $108.38
Fiscal Year End n/a Dec Sep Dec Dec Dec n/a Sep Nov Jul May Dec Sep n/a Dec Dec n/a Dec Dec Dec n/a
Dec
Dividend per Share n/a $3.04 $2.02 $5.92 $11.20 $1.62 n/a $0.88 $14.40 $1.48 $2.64 $4.08 $2.72 n/a $2.80 $4.00 n/a $5.32 $1.45 $2.44 n/a
$3.94
5-Yr Dividend
CAGR 5% 6% 1% 7% 10% 1% 18% 10% 53% 9% 8% 22% 7% 9% 9% 2% 8% 1% -4% 7%
3%
TTM Dividend Payout
Ratio 45% 63% 51% 58% 40% 11% 58% 16% 104% 58% 83% 55% 33% 54% 51% 57% 71% 70% 73% 69% 85%
101%
TTM Free Cash
Flow per Share n/a $5.73 $5.63 $12.02 $17.87 $5.23
$5.65 $30.57 $3.48 $3.16 $6.92 $8.20
$5.18 $5.31
$3.79 $1.91 $2.79
$0.08
TTM Free Cash Flow
Yield 5% 4% 6% 7% 5% 5% 5% 4% 6% 6% 3% 4% 6% 6% 9% 4% 3% 2% 5% 3% -3%
0%
NTM Relative PE 1.0x 1.0x 1.0x 0.8x 0.6x 2.4x 1.0x 1.2x 0.8x 0.8x 1.6x 1.2x 0.7x 0.8x 0.4x 0.8x 1.1x 1.2x 0.9x 1.2x 1.0x 0.9x
5-Yr Avg NTM
Relative PE 1.1x 0.9x 1.1x 1.0x 0.9x 2.1x 1.0x 1.1x 0.7x 0.8x 1.4x 1.2x 0.9x 0.8x 0.7x 0.8x 1.0x 1.2x 0.8x 1.0x 1.1x
1.0x
ETR
Electric Utilities
$99.31
$85.78
$115.02
Dec
$3.80
2%
61%
-$19.12
-19%
0.8x
0.9x
NEP
Renewable Electricity
$75.36
$56.82
$88.30
Dec
$2.51
20%
74%
$5.74
8%
1.7x
2.3x
SO
Electric Utilities
$61.97
$52.53
$67.54
Dec
$2.64
3%
88%
-$1.20
-2%
0.9x
0.9x
High Yield Equity Income List Average1
N/A
n/a
n/a
n/a
n/a
n/a
11%
472%
n/a
5%
0.8x
0.9x
Source: FactSet, Wells Fargo Advisors, company reports 1Simple average for dividend CAGR, payout, free cash flow yield, international sales, net debt/capital, credit rating. Harmonic average for PE. CAGR = compound annual growth rate TTM = trailing twelve months NTM = next twelve months EPS = earnings per share, funds from operations used for real estate investment trusts PE = price to earnings ratio
Int'l Sales 61% 79% 56% 49% 25% 97% 60% 55% 80% 41%
1% 89% 95% 36% 67% 5% 6% 0% 0% 19% 3% 0%
0% 13%
0%
32%
Net Debt / Capital 34% 43% 29% 41% 50% 9% 9% 32% 45% -22% -4% -7% 12% 34% 42% 27% 53% 74% 42% 44% 62% 58%
68% 61%
64%
35%
S&P Credit Rating
n/a AA A+ ABBB
n/a AA+ BBBAAA+ A-
n/a -
BBB n/a
BBB-
BBB+ n/a
A-
BBB+ BB
A-
A-
Page 4 of 7
High Yield Equity Income List ? Holdings by Sector
October 1, 2021
IMPORTANT DISCLOSURES
Disclosure information . . . For important disclosure information, please contact: Wells Fargo Advisors Attn: Advice & Research (Disclosure Information) One North Jefferson, St. Louis, MO 63103 Or call (877) 785-4332 Web Address: disclosures/research Please remember to specify the issuer(s) with respect to which you would like to receive disclosure information.
ANALYST CERTIFICATION: The analyst who prepared this report hereby certifies that the views expressed in this report accurately reflect his/her personal views about the subject companies and their securities. The analyst also certifies that he/she has not been, is not, and will not be receiving direct or indirect compensation for expressing the specific recommendation(s) or view(s) in this report.
Disclaimers Prices and estimates are as of September 30, 2021 unless indicated otherwise.
You should be aware that investments can fluctuate in price, value and/or income, and you may get back less than you invested. We recommend that existing shareholders consider their objectives, their risk tolerance, and the size of their positions relative to their portfolios when evaluating their holdings.
Equity securities are subject to market risk which means their value may fluctuate in response to general economic and market conditions and the perception of individual issuers. Investments in equity securities are generally more volatile than other types of securities. There is no guarantee dividend-paying stocks will return more than the overall market. Dividends are not guaranteed and are subject to change or elimination.
The prices of small and mid-cap company stocks are generally more volatile than large company stocks. They often involve higher risks because smaller companies may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions.
Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes. This may result in greater price volatility.
Sector investing can be more volatile than investments that are broadly diversified over numerous sectors of the economy and will increase a portfolio's vulnerability to any single economic, political, or regulatory development affecting the sector. This can result in greater price volatility. The Communication Services sector is subject to the risks associated with rising interest rates which could increase debt service costs, competition, increased costs to providers due to potential for large equipment upgrades. Risks associated with the Consumer Discretionary sector include, among others, apparel price deflation due to low-cost entries, high inventory levels and pressure from e-commerce players; reduction in traditional advertising dollars, increasing household debt levels that could limit consumer appetite for discretionary purchases, declining consumer acceptance of new product introductions, and geopolitical uncertainty that could affect consumer sentiment. Consumer Staples industries can be significantly affected by competitive pricing particularly with respect to the growth of low-cost emerging market production, government regulation, the performance of the overall economy, interest rates, and consumer confidence. The Energy sector may be adversely affected by changes in worldwide energy prices, exploration, production spending, government regulation, and changes in exchange rates, depletion of natural resources, and risks that arise from extreme weather conditions. Investing in the Financial services companies will subject an investment to adverse economic or regulatory occurrences affecting the sector. Some of the risks associated with investment in the Health Care sector include competition on branded products, sales erosion due to cheaper alternatives, research and development risk, government regulations and government approval of products anticipated to enter the market. There is increased risk investing in the Industrials sector. The industries within the sector can be significantly
Page 5 of 7
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