In This Issue Quarterly Earnings Hysteria … Keep Calm and ...
TM
August 2019
Volume VIII Issue 8
Quarterly Earnings Hysteria ¡ Keep Calm
and Collect Dividends
In This Issue
DI Tables
Portfolio Alerts This Month
Portfolio Holdings
Performance of DI Portfolio
Recent Earnings Announcements
Dividend Payments
Dividend Analysis
2
3
4
5
6
7
In-Depth Stock Reports
Cracker Barrel (CBRL)
8
Casual dining operator is well
positioned to continue its dividend
increases.
Huntington Bancshares Inc. (HBAN) 10
Regional bank raised its dividend
and continues to expect growth
despite interest rate cuts.
IBM Corp. (IBM)
12
Polaris Industries Inc. (PII)
14
Big Blue continues to offer aboveaverage dividend yield while growing
its cloud and security businesses
organically and through acquisitions.
Innovative powersports company
deftly managing through tariff
challenges.
DI Article
Considerations for a Personal
Benchmark
The choice of benchmark often
depends on the asset classes you
are looking to compare and the
investment itself.
16
Next Publication Date:
September 6, 2019
U.S. stocks continued their summer rally in July, driven in part by investors¡¯
expectations of an interest rate cut at the end of July. Expectations were met
with the Federal Open Market Committee (FOMC) lowering rates by 0.25% on
July 31. Low inflation, slowing global growth and the potential negative impact
of trade wars were factors in the decision to cut rates for the first time since
2008. There were encouraging developments in the ongoing trade war between
the U.S. and China as the first face-to-face trade talks since an agreement last
month to hold off indefinitely on any new tariffs took place in Shanghai, China.
On Friday, July 26, the S&P 500 index and the Nasdaq composite both reached
record closes, with the S&P 500 closing near 3,025 and the Nasdaq closing just
over 8,330.
Nearly half of all S&P 500 companies have now posted second-quarter earnings, 76.1% of which have beaten bottom-line analyst estimates, according to
Refinitiv data. However, the start of the corporate earnings season has shown
signs that there may be some cause for alarm in the second half of 2019, as
some executives are voicing concerns about their growth prospects in the face of
an uncertain global economic environment and the ongoing trade dispute with
China. As the earnings season progresses, we should gain a clearer picture of the
real impact of trade and tariffs on corporate earnings and on the future outlook.
As of the close on Tuesday, July 30, the Dividend Investing (DI) tracking portfolio gained 3.3% for the month of July and is up 21.4% for the year.
Through Tuesday¡¯s close, the Dow Jones U.S. Index ETF (IYY), increased 2.6%
for the month and is now up 21.5% since the start of the year.
The DI tracking portfolio¡¯s monthly gain of 3.3% was composed of 3.2% price
appreciation and 0.1% in income return. The Dow Jones U.S. Index ETF¡¯s increase
during the month of 2.6% comprised a 2.6% price rise and no distributed income
return.
Over the life of the DI portfolio, it has provided a total return of 141.9%, with
dividend income contributing 49.2% to the total return. The Dow Jones U.S.
Index ETF has a total return of 169.1% over the same period, with income contributing 34.6% to the total return.
The average dividend yield of the stocks in the DI portfolio is 3.0%, unchanged
from the previous month. The Dow Jones U.S. Index fund has a dividend yield of
1.8%, also unchanged from the previous month.
Portfolio Alerts
There are no portfolio additions or deletions for the DI portfolio this month.
What to Look for During Earnings Season
AAII Dividend Investing is produced by AAII. ¡°The American
Association of Individual Investors is an independent nonprofit
corporation formed in 1978 for the purpose of assisting
individuals in becoming effective managers of their own assets
through programs of education, information and research.¡±
During earnings season, it is easy to get caught up in the headlines and not
pay attention to the underlying fundamentals and figures. The July 26, 2019, DI
weekly email discussed:
1. looking at year-over-year revenue, earnings per share (EPS) and net income
Portfolio Alerts This Month
August Portfolio Deletions
Company (Ticker)
no portfolio deletions for August
Portfolio Deletion Alert
Date
Price
Portfolio
Addition
Alert Date
Stock Total
Return Since
Purchase
August Portfolio Additions
Company (Ticker)
no portfolio additions for August
Latest Price
growth rates;
2. comparing earnings to expectations;
3. examining margins;
4. calculating free cash flow; and
5. checking industry-specific factors.
In addition, investors should consider
some of the following when looking at
earnings announcements. This list is not
exhaustive and is merely an overview of
what you might analyze.
Organic Growth Versus Total Growth
Companies may also distinguish
between organic growth and overall
growth when reporting quarterly results. Organic growth usually doesn¡¯t include profit or growth from recent takeovers, acquisitions or mergers. Organic
growth may also exclude growth (or decline) attributable to foreign exchange.
Organic growth is important because it
shows how sustainable the company¡¯s
core business model is, but it¡¯s also a
subjective measure (management can
determine what is considered organic
growth). If a company¡¯s growth is completely reliant on acquisitions rather
than current operations, it may not be a
sustainable business model. However, a
combination of both organic and expansion growth can be ideal if it diversifies
a company¡¯s revenue base and offsets
relying solely on current operations to
grow market share.
Dividend
Yield
Sector: Industry
For example, DI holding Polaris
Industries Inc. (PII) reported that second-quarter 2019 revenue grew 18.7%,
from $1.5 billion to $1.78 billion compared to the prior year. This 18.7% total
was further broken down into 7% from
organic revenue growth, 12% from acquisitions with the majority driven from
its recent purchase of Boat Holdings LLC
and an approximate 1% decline due to
unfavorable foreign exchange. The Boat
Holdings acquisition added $182.4 million to second-quarter 2019 revenue. In
addition to solid organic growth, Polaris
has also very actively been growing
its business through acquisition. Since
2015, Polaris has acquired seven companies, and as a result greatly expanded
its product and service offerings and
extended its geographical reach.
Some argue that even if a company
is growing only through acquisitions,
it shows that management realizes its
business model needs to adapt and
change in order to succeed¡ªprovided
the company does not overpay for its
acquisitions. This can be true; however,
a sudden increase in company size can
present significant management challenges. People and branding issues may
arise as well.
A skillfully executed growth strategy¡ª
whether through acquisitions, organic
growth or both¡ªcan open the door to
Published monthly by the American
Association of Individual Investors
625 N. Michigan Ave., Chicago, IL 60611
312-280-0170, .
Annual DI subscription, $199.
AAII Dividend Investing? (DI) is not a registered investment
adviser or a broker/dealer. This report is issued solely for
informational purposes and should not be construed as an
offer to sell or the solicitation of an offer to buy securities.
The opinions and analyses included herein are based on sources believed to be reliable
and written in good faith, but no representation or warranty, expressed or implied, is
made as to their accuracy, completeness, timeliness, or correctness. Neither we nor our
information providers shall be liable for any errors or inaccuracies, regardless of cause,
2
Index Total
Return Since
Purchase
increased opportunity.
The key is understanding
where the company¡¯s
growth is coming from
and how that will impact
the future.
Segment Strength or
Weakness
Some companies, but
not all, provide segment-by-segment details on their performance. One of the
keys to understanding the main profitability drivers of a business is understanding how each segment drives or
hurts profitability. Segment information
is available in a company¡¯s 10-K (annual
report).
Some questions to ask are:
? How much does the segment
contribute to the company¡¯s total
revenue and earnings?
? What does the segment make or
sell?
? Are there key suppliers for the segment and is the segment dependent
on input costs?
? What drives this segment¡¯s
profitability?
? What countries or regions does
the segment serve? What percentage of the segment¡¯s revenue and
earnings come from these different
geographies?
? Are there specific countries
or regions that are growing or
weakening?
? Who are the segment¡¯s key
competitors?
? Does the company provide any
market share information? Is market
share increasing?
A company may, but is not required
to, offer specific outlooks for their
different segments. It¡¯s also important
or the lack of timeliness of, or any delay or interruptions in, the transmission thereof
to the users. All information contained in this report should be independently verified
with the companies mentioned.
? American Association of Individual Investors, 2019. AAII Dividend Investing is a
trademark and service mark of the American Association of Individual Investors¡ªAll
rights reserved. This publication may not be reproduced in whole or in part by any
means without prior written consent.
¡°The American Association of Individual Investors is an independent nonprofit corporation
formed in 1978 for the purpose of assisting individuals in becoming effective managers
of their own assets through programs of education, information and research.¡±
Printed in the U.S.A.
August 2019
AAII Dividend Investing
Portfolio Holdings
Ticker
AMGN
BLK
CMA
CBRL
CMI
EMN
ETN
HD
HBAN
IBM
IP
MDT
OXY
PEP
PII
PFG
PG
SNA
TXN
TSN
UNP
WBA
WEC
WSM
Company
Amgen, Inc.
BlackRock, Inc.
Comerica Inc.
Cracker Barrel
Cummins Inc.
Eastman Chemical Co.
Eaton Corporation
Home Depot Inc.
Huntington Bancshares
IBM Corp.
International Paper Co.
Medtronic PLC
Occidental Petroleum
PepsiCo, Inc.
Polaris Industries Inc.
Principal Financial Group
Procter & Gamble Co.
Snap-on Incorporated
Texas Instruments
Tyson Foods, Inc.
Union Pacific Corp.
Walgreens Boots Alliance
WEC Energy Group
Williams-Sonoma, Inc.
Data as of 7/30/2019.
Portfolio Alert
Date
Price
10/27/17 $175.28
10/5/18 $470.86
12/7/18 $74.03
2/3/17 $158.50
10/3/14 $135.10
2/6/15 $73.20
12/31/11 $43.53
9/1/17 $150.78
1/12/18 $15.85
10/2/15 $144.58
4/4/14 $45.81
1/6/17 $72.87
1/9/15 $77.54
12/31/11 $66.35
12/9/16 $85.84
12/9/16 $60.30
12/7/12 $70.29
9/7/18 $180.60
4/5/13 $34.20
3/8/19 $62.78
7/2/15 $96.66
6/7/19 $51.97
12/31/11 $34.96
6/3/16 $53.25
Latest
Jul
Price
Gain/
(7/30/19) (Loss)
$176.45 (4.2%)
$478.41 1.9%
$73.23 0.8%
$175.15 2.6%
$165.17 (3.6%)
$76.71 (1.4%)
$83.12 (0.2%)
$217.36 4.5%
$14.44 4.5%
$149.77 8.6%
$45.06 4.0%
$103.75 6.5%
$52.47 4.4%
$130.48 (0.5%)
$94.75 3.9%
$59.43 2.6%
$120.41 9.8%
$155.81 (5.9%)
$128.54 12.0%
$81.33 0.7%
$179.30 6.0%
$55.40 1.3%
$86.66 3.9%
$67.33 3.6%
Total Return
Since Purchase
Stock
Index
6.3%
23.7%
5.6%
6.1%
2.8%
14.2%
37.9%
37.8%
39.3%
65.8%
15.3%
57.7%
133.9% 153.7%
48.2%
26.1%
(3.8%) 11.2%
16.6%
60.1%
19.7%
76.8%
46.9%
37.8%
(15.6%) 59.6%
143.9% 153.7%
16.6%
37.8%
8.8%
37.8%
127.5% 135.7%
(13.5%)
5.4%
336.0% 113.3%
26.2%
8.1%
102.2%
54.5%
5.9%
5.0%
255.7% 153.7%
66.7%
50.4%
Div
Yield
3.3%
2.8%
3.7%
3.0%
3.2%
3.2%
3.4%
2.5%
4.2%
4.3%
4.4%
2.1%
6.0%
2.9%
2.6%
3.7%
2.5%
2.4%
2.4%
1.8%
2.2%
3.3%
2.7%
2.9%
Industry
Pharmaceuticals
Investment Mgmt & Fund Operator
Banks
Restaurants & Bars
Auto, Truck & Motorcycle Parts
Chemicals - Commodity
Electrical Components & Equip
Retail-Home Improve Prods & Servs
Banks
IT Services & Consulting
Paper Packaging
Medical Equip, Supplies & Distrib
Oil & Gas - Explore & Production
Non-Alcoholic Beverages
Recreational Products
Insurance - Life & Health
Personal Products
Industrial Machinery & Equip
Semiconductors
Food Processing
Freight & Logistics - Ground
Retailers - Drug
Utilities - Electric
Retailers - Home Furnishings
Sources: AAII Stock Investor Pro, Thomson Reuters, I/B/E/S and company releases.
to consider proportionate size of segments when looking at growth figures.
If a segment¡¯s sales grew 100% but the
segment represents only 5% of total
company sales, its impact is less significant than a 20% decrease in sales for
a segment that comprises 60% of total
sales.
Additionally, if there is a problem spot
for a company over several quarters or
even years, investors may wonder why
management isn¡¯t working to restructure or divest that business segment.
Not every segment can be growing all
the time of course, but if a segment
stifles growth or has no expectation of
improving, management may have to
make moves to remain competitive.
DI holding IBM Corp. (IBM) can be
used to illustrate this example, as the
company¡¯s global offerings span a range
of services, software and hardware.
IBM has struggled to stay relevant in
the rapidly changing technology market.
Its legacy business (mainframe and
middleware) continues to decline, while
the company¡¯s focus on newer, highergrowth initiatives or ¡°strategic imperatives¡± such as cloud, social, mobile,
analytics and security businesses have
August 2019
DI Purchase
Price
$174.93
$463.47
$73.13
$158.80
$136.18
$74.67
$45.52
$152.88
$15.86
$149.54
$45.69
$75.05
$75.96
$66.66
$86.34
$59.55
$70.89
$183.36
$34.80
$64.74
$97.23
$52.32
$34.68
$54.00
been slower to ramp up than anticipated. However, the good news is that
the company is starting to overcome
the long decline with its more servicefocused business model.
IBM¡¯s second-quarter 2019 revenue
from its four major segments declined
4.2% year over year. Its largest segment¡ª
global technology services at $6.8
billion, or 35.7% of revenue¡ªdeclined
6.7% from the prior year but gross profit
margin increased 120 basis points. The
second-largest segment¡ªcloud & cognitive software (includes cloud and data
platforms and cognitive applications)
at $5.6 billion, or 29.5% of revenue¡ª
increased 3.2% over the same period
with strong gross margins of 77%. The
third-largest segment¡ªglobal business
services (includes consulting, application management and global process
services) at $4.2 billion, or 21.7% of
revenue¡ªrose 0.5% year over year. The
fourth-largest segment¡ªsystems (includes hardware and operating systems
software) at $1.8 billion, or 9.1% of
revenue¡ªplummeted 19.5% from the
prior year.
For the ¡°new¡± IBM to succeed, investors will need to see the ¡°strategic
imperatives¡± segments¡ªcloud & cognitive software and global business services¡ªgrow faster to offset the decline of
the ¡°legacy business¡± segments¡ªglobal
technology services and systems.
Adjusted Earnings Versus GAAP Earnings
Most companies usually provide
two earnings figures: one is reported
earnings, or earnings compliant with
generally accepted accounting principles
(GAAP), and the other is ¡°adjusted¡±
earnings. The Financial Accounting
Standards Board (FASB) uses GAAP as
the foundation for its comprehensive
set of approved accounting methods
and practices. Adjusted earnings exclude
¡°extraordinary¡± one-time events, such
as restructuring charges, write-downs or
one-time tax charges. Some corporate
executives believe that adjusted figures
provide a more accurate measurement
of the company¡¯s financial performance.
The Wall Street consensus estimate is
based on adjusted earnings, but there
can be differences between what companies exclude and what analysts think
should be excluded.
There are different schools of thought
on whether to look at GAAP earnings
3
Performance of DI Portfolio
$250,000
Growth of $100,000
$240,000
$230,000
$220,000
$210,000
$200,000
$190,000
$180,000
$170,000
$160,000
$150,000
$140,000
$130,000
AAII Dividend Investing Portfolio
$120,000
$110,000
$100,000
2012
2013
2014
2015
2016
2017
2018
2019
$90,000
Performance
Dividend Yield
Dividend Investing Portfolio
3.0%
Dividend Investing Portfolio*
Total
Income
Capital
Return
Gain/(Loss)
Return
July
3.3%
0.1%
3.2%
2019 YTD
21.4%
2.1%
19.3%
2018
(11.5%)
2.6%
(14.1%)
2017
22.3%
3.4%
18.9%
2016
18.2%
3.9%
14.3%
2015
(7.7%)
2.9%
(10.6%)
2014
12.2%
3.0%
9.2%
2013
36.5%
3.6%
32.9%
2012*
10.2%
3.5%
6.7%
From Inception
141.9%
49.2%
92.7%
Performance as of 7/30/2019.
Dow Jones U.S. Index (IYY)
1.8%
Dow Jones U.S. Index (IYY)
Total
Income
Capital
Return
Gain/(Loss)
Return
2.6%
0.0%
2.6%
21.5%
1.1%
20.4%
(5.2%)
1.7%
(6.9%)
21.3%
2.0%
19.3%
12.0%
2.1%
9.9%
0.4%
1.9%
(1.5%)
12.9%
2.0%
10.9%
32.6%
2.3%
30.3%
14.4%
2.3%
12.1%
169.1%
34.6%
134.5%
*The AAII Dividend Investing portfolio started on January 3, 2012. The portfolio is run as if
managed by a subscriber and includes delays in reaction time to portfolio alerts, actual
commissions and bid-ask spreads.
or adjusted earnings when analyzing
a stock. Some analysts and investors
believe that adjusted earnings provide
a clearer picture of a company¡¯s current
and projected operations, while others believe that adjusted earnings are
harmful to the market¡¯s perception and
should be more heavily regulated. The
difficulty is that CEOs and CFOs have
4
some discretion over what gets included
in and excluded from adjusted earnings. By design, GAAP earnings provide
a more complete picture of historical
performance, but can be more volatile
because they include write-downs, onetime charges, currency adjustments, etc.
Looking at year-over-year GAAP earnings may provide a distorted picture: For
example, if the second quarter of last
year included a one-time gain from a
sale of an asset and this year¡¯s comparable quarter doesn¡¯t include a similar
gain, year-over-year earnings will show
a decline.
For example, DI holding Eastman
Chemical Co. (EMN) reported secondquarter 2019 GAAP earnings per share
of $1.85 and adjusted earnings per
share of $1.99. Adjusted earnings
exclude $0.09 per share of net restructuring charges and $0.05 of net adjustments due to recently enacted U.S. tax
law changes.
The key is to look at the line items
that were included or excluded to
get from GAAP earnings to adjusted
earnings (a bridge between the two is
usually provided in the footnotes). Are
these really one-time events?
Management¡¯s Guidance and
Comments
When a company announces quarterly earnings, typically management
provides comments in the press release
about the headwinds or tailwinds the
company is facing and offers revenue
and earnings guidance for the future.
Reading or listening to the actual conference call transcript can also provide
information about the company¡¯s
quarterly performance and expectations
for the future (transcripts are available on Seeking Alpha: Go to https://
, type the ticker in the
upper-left-hand corner, select the ¡°earnings¡± tab, then select the ¡°transcripts¡±
subtab). Any guidance that management issues should be compared to
consensus estimates as well as any
previously issued guidance from the
company.
For example, commenting on the
outlook for full-year 2019, Eastman
Chemical board chair and CEO Mark
Costa said, ¡°We continue to operate in
a difficult global business environment
due to the impact of the U.S.-China
trade dispute and other factors ¡ We
no longer expect underlying macroeconomic conditions to improve in the
second half of the year ¡ We expect
2019 adjusted earnings per share to be
August 2019
AAII Dividend Investing
between $7.50 and $8.00.¡± The original
2019 guidance anticipated adjusted
earnings per share growth to be between 6% and 10% from 2018, or $8.69
and $9.02, respectively.
Investors should also look at management¡¯s guidance or changes in regard to
cash flow, dividends and buybacks. For
example, during its second-quarter 2019
earnings call, DI holding Huntington
Bancshares Inc. (HBAN) announced that
the board approved the repurchase of
up to $513 million of common shares
over the next four quarters.
Dividend News
Sixteen stocks in the DI portfolio
declared dividends during July thus far,
and six of those declarations represented an increase over the prior
quarter¡¯s payment: Cummins Inc. (CMI),
15%; Huntington Bancshares, 7.1%;
Occidental Petroleum (OXY), 1.3%;
Principal Financial Group (PFG), 1.9%;
Union Pacific Corp. (UNP), 10.2%; and
Walgreens Boots Alliance (WBA), 4%.
Union Pacific¡¯s 10.2% dividend increase, to $0.97 per share, marks Union
Pacific¡¯s fifth dividend increase in the
past eight quarters and second increase
in 2019. Since July 2017, Union Pacific
has been raising its dividend about 10%
twice a year.
Eighteen of the 24 stocks in the
portfolio have announced dividend increases this year, and the increases have
averaged 7.7%.
Portfolio News
Strongest Stocks During July
Texas Instruments (TXN) was the topperforming company in the DI portfolio
during July, up 12.0% as of July 30. The
company reported second-quarter 2019
earnings that beat market expectations
and provided positive guidance for
earnings growth for the rest of 2019.
Sentiment for Texas Instruments was
high, despite the company reporting a
second-quarter sales decline of $320
million, or 9%, to $3.67 billion from
last year. Analog revenue declined 6%
and embedded processing declined
16%, while operating profit was $1.51
August 2019
Recent Earnings Announcements
Ticker
BLK
CMA
HBAN
IBM
IP
PEP
PII
PFG
SNA
TXN
UNP
Company
BlackRock, Inc.
Comerica Inc.
Huntington Bancshares
IBM Corp.
International Paper Co.
PepsiCo, Inc.
Polaris Industries Inc.
Principal Financial Group
Snap-on Incorporated
Texas Instruments
Union Pacific Corp.
Date
Reported Expected Surprise
Reported Earnings Earnings
%
Jul 19
$6.410
$6.500
(1.4%)
Jul 17
$1.940
$2.004
(3.2%)
Jul 25
$0.330
$0.320
3.1%
Jul 17
$3.170
$3.069
3.3%
Jul 25
$1.150
$0.995
15.6%
Jul 9
$1.540
$1.499
2.7%
Jul 23
$1.730
$1.647
5.0%
Jul 25
$1.520
$1.402
8.4%
Jul 18
$3.220
$3.208
0.4%
Jul 23
$1.360
$1.219
11.6%
Jul 18
$2.220
$2.142
3.6%
Data as of 7/30/2019.
billion¡ªa 12% decrease from a year
ago. The second-quarter sales decline
came amid ¡°broad-based¡± weakness,
according to a prepared statement from
CEO Rich Templeton. Cash flows from
operations were $1.8 billion and free
cash flows for the trailing 12-month
period were $5.9 billion, up 3% from
a year ago. Earnings per share were
$1.36 which dropped 1% from last year,
but still topped the I/B/E/S consensus
estimate of $1.22.
Texas Instruments¡¯ third-quarter outlook is for revenue in the range of $3.65
billion to $3.95 billion, and earnings per
share between $1.31 and $1.53. The
company¡¯s earnings growth guidance
signals that a slump in orders for electronic components may end soon.
Procter & Gamble Co. (PG) was the
DI tracking portfolio¡¯s second-strongest
performer for the month through July
30, gaining 9.8%. Adjusted earnings per
share rose 17%, to $1.10, during the
fourth quarter of fiscal 2019 from the
same quarter the prior year, above the
I/B/E/S estimate of $1.05 per share.
Revenue grew 4% from a year ago to
$17.09 billion, which also surpassed the
estimate of $16.86 billion. Organic sales
growth was 7% in the quarter, making for the best result in more than a
decade.
For fiscal-year 2020, P&G expects
sales growth to climb 3% to 4% year
over year and organic sales to climb at a
similar rate. It is projecting core earnings per share to be up between 4%
and 9%, translating to $4.70 to $4.93
Sources: I/B/E/S and company releases.
per share compared to fiscal-year 2019
core earnings per share of $4.52. The
company plans to spend more than $7.5
billion on dividends in fiscal 2020 and to
repurchase between $6 billion and $8
billion of its stock.
IBM Corp. (IBM) was up 8.6% during
July, making it the third-best-performing
stock in the DI portfolio for the month
as of July 30. The company announced
results for the second quarter of 2019
that surpassed consensus earnings
estimates yet fell short of consensus
revenue expectations.
Adjusted earnings per share for the
quarter were $3.17, beating the I/B/E/S
estimate of $3.08 per share by 2.9%.
Revenues of $19.16 billion declined
4.2% on a year-over-year basis. The revenue decline can primarily be attributed
to currency fluctuations and headwinds
from IBM¡¯s product cycle. On a positive
note, the company¡¯s cloud & cognitive
software segment revenues improved
5.4% year over year to $5.6 billion.
Revenues increased primarily due to
growth in applications driven by security
and solutions, improvement in data
and analytics and growth across hybrid
cloud and data portfolio. Non-GAAP
gross profit margin expanded by 100
basis points year over year to 47.4% for
the quarter, attributed to growth in the
company¡¯s higher-value segments.
In the second quarter, IBM returned
$1.8 billion to shareholders through dividends and share repurchases. However,
the company suspended its share repurchase program on July 9, following the
5
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- wrds data items
- 4 dividend investors with portfolios above 400 000
- question 1 question 2
- august 2012 investing for income investing for income
- how corporate shareholdings can affect ei benefits
- using bloomberg to get the data you need
- w w w d i vi d e n d s to c ks re s e a rc h co m
- in this issue quarterly earnings hysteria keep calm and
- investment facts