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Congratulations to our Top Picks for 2018! The broader markets started 2018 off with a bang. But Washington politics—including the Mueller investigation, a turnover in the House, tariffs creating consternation in China and Canada, Trump’s coziness with North Korea, and the ‘Wall’—as well as Facebook shenanigans, a raft of mass shootings, and rising interest rates kept the markets in volatility territory for the year. The end result: the Dow Jones Industrial Average lost 7.36%, the S&P 500 was down 7.6%, and the Nasdaq dropped by 5.57%.
And while not all of our 2018 Top Picks were winners, our top five handily beat the broader markets, as you can see in the chart below. Congratulations to the winners and many thanks to all advisors who participated in our Top Picks issue!
William Velmer, editor of S.A. Advisory, brought home the gold medal, with his pick of Optex Systems (OPXS). When he updated OPXS in our mid-year Top Picks issue, William had this to say: “We remain confident that military play Optex Systems Holdings, Inc will bear fruit for the patient investor, long-term. The Trump administration continues to strengthen the military and the products that this company provides are a key component for most of the vehicles that support/partake in military readiness either for defense or offense.”
Placing second is The TJX Companies, chosen by Ingrid Hendershot of Hendershot Investments. At mid-year, Ingrid reported, “The dividend reflects the 25% dividend increase the company announced, which marked the 22nd consecutive year of dividend increases. Given strong cash flows, management anticipates repurchasing $2.5 to $3.0 billion of TJX stock for the full year. Given the strong first quarter results, management raised their EPS outlook for the full year. TJX’s stock still appears attractively valued for long-term investors shopping for a bargain.”
Our bronze winner was Chloe Lutts Jensen, editor of Cabot Dividend Investor (who has recently left us to pursue new exciting opportunities—thank you, Chloe, and best wishes!) Chloe recommended UnitedHealth Group. At
InsideFeature s 1 Congratulations to Our
Top Picks for 2018
Top Picks for 2019 2 Growth & Income
4 High Yield
7 REITs
8 Bonds
8 Value
9 ETFs
New Investment Ideas 10 High Yield
11 Preferred Stocks
11 ETFs
In Every Issue 12 Investment IndexInvestment Ideas in this issue that were not featured in a Daily Alert are marked with a H.
Top Picks 2018
Continued on page 2
WallStreet’s
BEST Dividend StocksExpert Independent Investing Advice
2019
Company Contributor Publication GainOptex Systems Holdings (OPXS) William Velmer S.A Advisory 27.38%
The TJX Companies (TJX) Ingrid R. Hendershot Hendershot Investments 21.93%
UnitedHealth Group (UNH) Chloe Lutts Jensen Cabot Dividend Investor 12.39%
Intel (INTC) Charles Carlson DRIP Investor 10.34%
Ares Capital Corp. (ARCC) Adrian Day Adrian Day’s Global Analyst 7.88%
Issue 316 January 9, 2019
Top Picks for 2018 continued
Page 2 Wall Street’s Best Dividend Stocks 316 January 9, 2019
Wall Street’s Best Dividend StocksP.O. Box 2049
Salem, MA 01970800-642-0619
Nancy Zambell, Editor
Wall Street’s Best Dividend Stocks is published monthly.
Daily Alerts are emailed every weekday.
Your next issue will be published on February 6, 2019.
Contact [email protected]
Subscriptions: [email protected]
Feedback:www.surveymonkey.com/wsbdividendstock
Quarterhill (QTRH.TO 1.38 - yield 3.91%) From Contra the Heard Investment Letter | December 20 Daily AlertQuarterhill Inc. (QRTH.TO) operates in two areas. The enterprise focuses on the internet of things and has been acquiring technology companies. The bread and butter, though, has been licensing patent technologies and engaging in lawsuits when companies are violating the corporate patents.This summer, QTRH won a lawsuit against Apple for $145 million. Apple is appealing and under normal circumstances—if the process goes the distance—it could take about 18 months. A settlement could be reached before. Meanwhile, the corporation is engaged in about 40 lawsuits.It does license patent technology to over 350 companies. Recent deals have been inked with Doro, Etron, Brother, MediaTek, Panasonic, Ricoh, ESMT and Omnivision. Quarterhill remains on the prowl for acquisitions. With almost $60 million in the kitty and minimal debt, one or two are expected in 2019.While the dividend is lovely, it is our feeling that QTRH could also become a five-bagger as it returns to form.➧ Read more: https://cabotwealth.com/topics/wall-streets-best-dividend-stocks/qtrh-to-3/
Benj Gallander, Contra the Heard Investment Letter, [email protected], www.contratheheard.com, 416-410-4431, December 15, 2018
United Parcel Service, Inc. (UPS 97 - yield 3.70%) From Hendershot Investments | December 26 Daily AlertUnited Parcel Service, Inc. (UPS) is a global leader in logistics, offering a broad range of solutions including transporting packages and freight; facilitating international trade, and deploying advanced technology to more efficiently manage the world of business. UPS serves more than 220 countries and territories worldwide.UPS increased its dividend 10% in 2018 to an annual rate of $3.64 per share. UPS has either increased or maintained its dividend every year for nearly 50 years. During the next few years, UPS plans to annually invest $6.5 billion to $7 billion, about 10% of revenues, in new technology, aircraft and automated capacity, taking advantage of the 100% deductibility permitted for capital investments under the new tax law. At the same time, UPS expects to continue to increase its dividend and plans to repurchase $1 billion of its shares in 2018.Management reaffirmed 2018 adjusted EPS in a range of $7.03-$7.37, which represents high double-digit growth.
Top Picks for 2019–Growth & IncomeEarnings continue to rise, and that means these companies should continue to appreciate, and the dividend income sweetens the gains.
mid-year, Chloe updated UNH, noting, “The company has also paid two dividends and raised its quarterly dividend from $0.75 to $0.90 earlier this month. The 20% boost was the health insurer’s eighth dividend increase in a row. I still think UnitedHealth, a health insurer with a huge footprint (including its own medical centers and pharmacy benefit manager) is a good Buy for income investors looking for steady growth and low volatility.”
Coming in fourth was Charles A. Carlson, editor of DRIP Investor, who recommended Intel. When he made his pick, Charles said, “Intel is the sort of “old” tech company that is gaining favor on Wall Street because of its pivot toward higher-growth markets in the technology space. Intel is remaking itself. Wall Street is starting to catch on to the transformation at the company, but there is still plenty of upside remaining in these shares. The stock is a low-volatility way to play the high-volatility tech sector and should outperform the broad market in 2018. It is my top pick for conservative investors over the coming year.”
And in fifth place is Ares Capital, chosen by Adrian Day, of Adrian Day’s Global Analyst, who made this case for his pick: “Ares Capital Corporation (ARCC) is the largest and one of the most conservative Business Development Companies, lending money to small and mid-sized companies, which, like REITs, distribute essentially all of their net income to shareholders. It also has among the best returns over the years and yet is one of the cheapest right now.”
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Long-term investors should package up UPS for their portfolio. UPS is a HI-quality, highly profitable market leader with strong cash flows, an attractive dividend and a solid outlook for growth in 2018 and beyond.➧ Read more: https://cabotwealth.com/topics/wall-streets-best-dividend-stocks/ups-3/
Ingrid R. Hendershot, Hendershot Investments, www.hendershotinvestments.com, 703-361-6130, December 18, 2018
JPMorgan Chase & Co. ( JPM 101 - yield 3.20%) From Income Securities Investor | December 27 Daily AlertJPMorgan Chase & Co. ( JPM) is one of the world’s largest financial institutions. It has approximately $2.6 trillion in total assets and operates in more than 60 countries. Financial shares have been under pressure tied to the flat yield curve and the potential for a sustained inverted yield curve. Nonetheless, we view JPM as the pre-eminent banking company in the world.JPM reported Q318 net income of $ 8.38 billion, a 24% increase from 2017. Earnings per share of $2.34 easily topped analysts’ $2.25 estimates. Lower trading revenues, down 2% year-over-year due to a 10% drop in fixed-income trading, were overshadowed by strong revenue growth from JPM’s consumer business. Consumer banking profits jumped 60% to $4.09 billion.JPM’s common is suitable for low- to medium-risk taxable portfolios. Dividends are qualified and taxed at the 15-20% rate, and coverage is solid. JPM increased its dividend 21.6% in 2018 from 2017. Buy up to $107.➧ Read more: https://cabotwealth.com/topics/wall-streets-best-dividend-stocks/jpm-5/
Martin Fridson, CFA, Income Securities Investor, www.isinewsletter.com, 800-472-2680, December 26, 2018
H Starbucks Corporation (SBUX 64 - yield 2.30%) From Cabot Wealth NetworkCoffee drinkers don’t care about market corrections. Perhaps that’s why Starbucks (SBUX) has come through the worst market correction in a decade not only unscathed, but in a better position (+10%) than it was when the downslide started in October. For a stock to not just tread water but thrive over the last three months bodes well for its prospects as the market recovers. And that’s why SBUX stock looks so attractive right now.A big fiscal fourth-quarter earnings report in early November sent the stock gapping up from 58 to 68 in a
week, thanks to much-better-than-expected same-store sales, spurred in part by the recently introduced late-afternoon “happy hour” deals. While it has since pulled back to as low as 60, it remains comfortably above its 200-day moving average.SBUX looks buyable below monthlong resistance at 67. Any push above that level, especially if the market offers a tailwind instead of a headwind, and the stock could zoom past record highs.Beyond that, the fundamentals look good—the stock trades at a reasonable price-to-earnings ratio of 20 even after the recent run-up, and analysts anticipate 9.5% EPS growth and 5.6% sales growth in 2019.Chris Preston, Cabot Wealth Network, www.cabotwealth.com, 978-745-5532, December 28, 2018
H Pfizer, Inc. (PFE 43 - yield 3.30%) From Shortex Market Letter52-week high 46.47 / 52-week low 33.20Market Cap: $237.40B, EPS: 3.96, P/E: 10.39, Beta: 0.75The global drug developer and manufacturer of health products with various segments such as the Innovative Health (IH) segment focusing on development of medicine and vaccine, and the Essential Health (EH) offering PFE branded and generic products has a collaboration and agreement with government agencies and various pharmaceutical companies. PFE has approved a 36c/shr dividend, which makes this a 6% increase yr/yr. Additionally, it has approved the buyback of its shares for another $10B, adding to its existing purchase program of $4.9B.Technical PicturePFE has been in an ascending pattern since Aug ’18 (37-39). Gapping up (37-40) to (41-43) to (44-46) to new high of 46.47. Subjected to correction/retraction (46-44). Falling below its 50-DMA (43-44) to (43-41.80) to (41.90-40.80). Reversal to challenge primary resistance at 50-DMA (43-44) and upper-head resistance at (44.60-45.45).RecommendationBuying Range: 39-34Near-Term Objuective: 49Inter-Med Objective: 62Stop Loss: 35Joseph Parnes, Shortex Market Letter, www.shortex.com, 800-877-6555, December 29, 2018
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H Huntsman Corporation (HUN 21 - yield 3.10%) From Forbes Dividend InvestorThe Woodlands, Tex.-based Huntsman Corp. (HUN) produces chemicals used in adhesives, aerospace, automotive, construction products, personal care and hygiene, durable and non-durable consumer products, digital inks, electronics, medical, packaging, paints and coatings, power generation, refining, synthetic fiber, textile chemicals and dye industries. The stock has rebounded on high volume from lows hit in late December. Insiders have been big purchasers of company stock, including Chairman and CEO Peter R. Huntsman, and the company’s chief financial officer, who both bought aggressively in December. Total long-term debt of $2.47 billion is down more than 50% over the past four years, while buybacks have reduced share count over the same period.
Huntsman pays a quarterly dividend of $0.1625 per share. With free cash flow per share of $4.54, annual dividends of $0.65 have room to move higher. Shares
trade at significant discounts to five-year average valuation multiples, and with a market capitalization of $5 billion, Huntsman would be easily digested by a larger chemicals company looking to make an acquisition.John Dobosz, Forbes Dividend Investor, www.newsletters.forbes.com, 212-367-3388, January 7, 2019
H AstraZeneca PLC (AZN 38 - yield 3.60%) From Argus Weekly Staff ReportAstraZeneca PLC (AZN) focuses on treatments for respiratory, autoimmune, and metabolic conditions, as well as on cardiology, neurology, and oncology drugs. While most companies in the Big Pharma group have moved beyond the patent cliff phase and are beginning to grow, AstraZeneca has lagged, as it faces pricing pressure and generic threats to its former blockbusters Nexium (for ulcers) and Crestor (for high cholesterol).Management is taking steps to address these challenges by cutting costs and assembling a strong new drug pipeline, including a promising checkpoint inhibitor, Imfinzi, to treat various cancers. Imfinzi has now been approved as a first-line treatment for lung cancer in the EU, in addition to the U.S., and as a treatment for bladder cancer. It is also being submitted as a treatment for early-stage lung cancer.There’s more in the pipeline. There is a solid combination of growth and income. We expect AstraZeneca’s pipeline and management’s focus on cost-cutting to return the company to growth in 2019. The yield of 3.4% is above the Big Pharma industry average. Our12-month target price is $46.John Eade, Argus Weekly Staff Report, www.argusresearch.com, 212-425-7500, January 7, 2019
Top Picks for 2019–High YieldThese companies pay 4%+ dividend yields—a nice stream of steady cash flow during volatility.
Sanchez Midstream Partners LP (SNMP 2.41 - yield 24.90%) From Cotton’s Technically Speaking | December 28 Daily AlertSanchez Midstream Partners LP (SNMP) engages in the acquisition, development and production of oil and natural gas properties. The company operates through two segments: Midstream and Production.The Midstream segment operates the gathering, processing and transportation of crude oil, natural gas and NGLs. The Production segment operates to produce crude oil and natural gas. Its reserves are located in the Cherokee basin, Oklahoma; the Woodford Shale in Arkoma basin, Oklahoma; and the Central Kansas Uplift, Kansas, Texas and Louisiana.This is a high-risk stock, whose fortunes are tied to
the price of crude oil. However, we expect the stock to appreciate at least 200% in the next six months. We don’t own the stock.Joseph Cotton, Cotton’s Technically Speaking, www.cottonstocks.net, 727-289-4436, December 26, 2018
Cardinal Health, Inc. (CAH 47 - yield 4.10%) From Sure Dividend | December 31 Daily AlertCardinal Health, Inc. is one of the “big 3” drug distributors in the United States. Together with McKesson (MCK) and AmerisourceBergen (ABC), the three companies account for more than 90% of the industry’s revenues. Cardinal Health is a Dividend Aristocrat (Nancy’s note: defined as a company that has paid rising dividends for at least 25 years in a row) as it has paid
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Top Picks for 2019–High Yield continued
increasing dividends for 32 consecutive years. It currently offers investors a robust dividend yield. Cardinal Health shares are deeply undervalued. The company’s stock is trading for under 9x expected fiscal 2019 adjusted earnings-per-share—versus an historical average price-to-earnings ratio of around 15 since 2010. We expect total returns of ~20% annualized from Cardinal Health from dividends (4%+ yield), earnings-per-share growth (we are targeting 5% growth), and valuation multiple mean reversion (9.5% annually over the next 5 years). Nancy’s Note: Ben also chose CAH for last year’s Top Pick. He says: “I am still long CAH and waiting for a rebound.”Ben Reynolds, Nick McCullum, Bob Ciura, and Brad Beams, Sure Dividend, www.suredividend.com, [email protected], December 27, 2018
AbbVie Inc. (ABBV 91 - yield 4.70%) From Cabot Dividend Investor | January 3 Daily AlertA combination of longer lives and lower fertility rates have made the U.S. and global populations older than ever before. The fastest growing segment of the population is 65 and older, as an average of 10,000 baby boomers turn 65 every single day.It means that healthcare will be a booming growth industry, as older people simply require a lot more of it. There are a lot of ways to play healthcare. AbbVie Inc. (ABBV) is a U.S.-based biopharmaceutical company specializing in cutting edge small molecule drugs. The company was spun off from pharmaceutical giant Abbott Labs in 2013, but has already eclipsed its former parent company in size and is now the eighth largest drug company in the world.Since the stock’s IPO on December 21, 2012, it has provided a phenomenal average annual return of 20%. The dividend has more than doubled since 2014 and ABBV now yields a big fat 4%+.The rapid growth has been achieved from its blockbuster biologic auto immune drug Humira, which is the world’s number one drug by far, with annual sales of over $20 billion. Humira accounts for over 50% of sales and faces increasing competition that will erode market share. However, AbbVie has a spectacular pipeline of new drugs that should more than offset the slippage.According to market research firm EvaluatePharma, AbbVie has the second most valuable clinical pipeline across all of biopharma. It has 20 new products slated for launch by 2020 and 15 drugs and treatments that are already currently in phase 3—the last step before the approval process.
The stock has a spectacular track record and offers more growth and a higher dividend than any other big drug company.Nancy’s Note: Welcome, Tom, as new editor of Cabot Dividend Investor!Tom Hutchinson, Cabot Dividend Investor, www.cabotwealth.com, 978-745-5532, December 28, 2018
Altria Group, Inc. (MO 49 - yield 6.50%) From Positive Patterns | January 9 Daily AlertI get calls all the time. “What pot stock is a good one to own?” And my answer is Altria Group, Inc. (MO). By 2025—in my opinion—Altria will dominate the pot sales market here in the US. Look at the model of the way the tobacco business operates, and you will see the future of the pot business. Growing tobacco and growing pot are very similar (tobacco barns are ideal pot- drying barns too!). MO is already heading that way with its first ‘concrete’ move toward being in the pot business with two/recent acquisitions. We are in the ‘transition’ stage right now of the pot business going from illegal to legal. Most likely, 99% of the pot shops operating now will be gone in five years and the big boys will be there instead, especially Altria.Furthermore, you are the beneficiary of the first/good sell-off in the tobacco stocks for the first time in years, so the timing for you to buy tobacco stocks now is ideal. Below $55, MO is a steal. ➧ Read more: https://cabotwealth.com/topics/wall-streets-best-dividend-stocks/mo-5/
Bob Howard, Positive Patterns, P.O. Box 310, Turners, MO 65765, 417-887-4486, January 2, 2019
H Algonquin Power & Utilities Corp. (AQN 10.38 - yield 4.90%) From Global InvestingCanada has long been more green-minded than the USA. Algonquin Power & Utilities Corp. (AQN) is beloved by Canadian analysts because of a border hop side-effect: earnings in greenbacks as well as loonies. Algonquin is serious about its Liberty Utilities program adding over US$5.3 bn from its organic capital to its regulated electric generation business.But the lure for me is its Liberty Power non-regulated renewables line with a power generation capacity of 957 megawatts, representing about 20% of total capacity. Eventually there will be $7.5 bn of new investments in 2019-2023, so $2.2 bn will be for renewables. AQN forecasts the new businesses will produce a compound annual [earnings] growth rate of 10%.
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The most recent addition to this was the purchase of Enbridge’s New Brunswick gas, the first AQN Canada gas distribution business. AQN is growing its renewables business also in Latin America. As a 50% partner with Abengoa SA of Seville, Spain, in the operation of Atlantica Yield (AY), AQN gets to manage sustainable global water and energy businesses which Abengoa builds. AY, spun off by Abengoa, is a British private firm co-generating electricity and steam from natural gas, solar, and wind plants, plus other green operations. The new entity is called AAGES and has its own management. AAGES projects currently include a desalination plant in Ghana, a solar-thermal power plant in Israel, a desalination plant in Qingdao, China. These moves make AQN a North American leader in renewable power from hydro, thermal, wind, and solar, water distribution, and waste-water collection.AQN has $9 bn (US) of total assets in natural gas, water, power generation, electricity transmission and utility distribution. The company expects CAGR to rise 10% over the next 5 years. Green from green!Vivian Lewis, Global Investing, www.global-investing.com, 212-758-9480, December 13, 2018
H AT&T Inc. (T 31 - yield 6.50%) From Sure Retirement Newsletter AT&T Inc. (T) is one of the safest truly high yield investments around today. Make no mistake, this stock is deeply undervalued. AT&T is trading around deep recession level prices today. The market is down on AT&T due to its high debt load from its recent Time Warner and DirecTV acquisitions. But the company has a clear plan to pay down debt—and the aforementioned acquisitions are likely to boost growth ahead. Further, the company’s dividend is well covered and is expected to consume under 60% of operating cash flow less capital expenditures in fiscal 2019. All told we expect total returns of around 21% annually from AT&T over the next 5 years from its dividend (~7%), adjusted earnings-per-share growth (~6%), and a big boost from valuation multiple expansion (~10%).Ben Reynolds, Nick McCullum, Bob Ciura, and Brad Beams, Sure Retirement Newsletter, www.suredividend.com, [email protected], December 27, 2018
Clearway Energy Inc (CWEN 16 - yield 7.90%) From Conrad’s Utility Investor | January 4 Daily AlertSince they made their debut in mid-2013, it’s been mostly rough going for yieldcos, the electricity sector’s answer to master limited partnerships. Yieldcos sold equity to finance purchases, rewarding shareholders by paying out the majority of growing cash flows as dividends.
Unfortunately, by 2015, the yieldco model faced two major challenges. First, as with MLPs, tightening capital markets made it very difficult for yieldcos to raise new equity capital on economic terms, even to fund acquisitions where payoff was secured by multi-decade contracts with regulated utilities and governments. Worse, several sponsors became financially distressed and largely unable to support yieldcos’ growth.GIP bought to build a vehicle to profitably recycle capital invested in its rapidly growing renewable energy portfolio. GIP has now consolidated all of its renewables into Clearway Energy Group (CEG), including a 6.4 gigawatt development pipeline also purchased from NRG Energy and 4.7 GW of utility scale solar development projects acquired from cash-strapped SunPower Inc (SPWR).➧ Read more: https://cabotwealth.com/topics/wall-streets-best-dividend-stocks/cwen/
Roger S. Conrad, Conrad’s Utility Investor, www.ConradsUtilityInvestor.com, 877-302-0749, December 31, 2018
H Apollo Global Management, LLC (APO 27 - yield 7.20%) From Cabot Undervalued Stocks AdvisorApollo Global Management, LLC (APO) is an alternative investment company. Apollo’s assets under management (AUM) total $270 billion, broken down as follows: credit (68%), private equity (27%) and real estate (5%).APO is a mid-cap stock with a market capitalization of $4.9 billion. The most recent four quarterly dividend payouts totaled $1.93. As the share price suffered during the recent market downturn, the current dividend yield rose, making the prospect of owning APO shares more compelling for both individual and institutional investors. In late December, Tiger Global Management reported a purchase of 1.1 million APO shares at an approximate cost of $26 million. APO is a great choice for income investors and growth stock investors.Crista Huff, Cabot Undervalued Stocks Advisor, www.cabotwealth.com, 978 -745- 5532, January 2, 2019
H Exxon Mobil Corporation (XOM 72 - yield 4.60%) From Investment Quality TrendsExxon Mobil Corporation (XOM) is a massive company that isn’t very nimble, but is competent and manages its vast assets with an eye always toward the future. I don’t see a recession on the horizon, let alone a depression, which Exxon Mobil is priced at currently.
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Economies sometime take a pause, which is normal and healthy. Also, unless there is some viable economic alternative to fossil fuel coming that I’m not aware of, the world will continue to run on energy.Exxon Mobil’s historically repetitive high-yield, at the
current cash dividend of $3.28, is realized at $109 per share. Trading recently at just over $69 per share with a high yield, the stock is an outstanding long-term value.Kelley Wright, IQ Trends, https://iqtrends.com/, [email protected], 866.927.5250, January 7, 2019
Kimco Realty Corporation (KIM 16 - yield 7.10%) From Forbes Real Estate Investor | January 8 Daily AlertKimco Realty Corporation (KIM) is a “moat-worthy” pick, a leading best-in-class open-air shopping center REIT of 450 properties, 78 million leasable square feet, primarily in the top 20 U.S. markets, providing 80% ABR (annual base rent); those markets project a population growth of 6.3 million within the next 5 years. Q3-18 pro-rata occupancy was 95.8%; small shop occupancy 98.8% (record high).Among its holdings, Kimco’s Pentagon Center mixed-use tower has topped off and begins pre-leasing apartments in 2019. The redevelopment’s Phase I is diagonally across from Amazon’s new Northern Virginia headquarters, completed just in time to meet the oncoming demand.Kimco also owns 9.74% of private grocer, Albertsons, itself expecting over $1.0 billion in free cash flow over the coming year, which could help support a 2019 IPO (an estimated $500 million in “untapped” value for Kimco).S&P rated BBB+, Kimco has the ingredients for a credit upgrade to A-rated. I see no 2019 recession, and expect Kimco’s dividend to grow modestly, continuing 10-years of increases.➧ Read more: https://cabotwealth.com/topics/wall-streets-best-dividend-stocks/kim-4/
Brad Thomas, Forbes Real Estate Investor, www.forbes.com/newsletters, [email protected], December 31, 2018
Innovative Industrial Properties, Inc. (IIPR 52 - yield 2.70%) From Cabot Marijuana Investor | January 7 Daily AlertInnovative Industrial Properties, Inc. (IIPR) is a real estate investment trust (REIT) dedicated to the cannabis industry—which is the fastest-growing industry in the U.S. The stocks in the cannabis industry are notoriously volatile, in part because they’re often low-priced and thinly traded, but IIPR is far less volatile, while still holding the promise of great growth.
The company has eleven properties in nine states (Arizona, Colorado, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New York and Pennsylvania), totaling more than a million rentable square feet. All properties are currently leased with a weighted-average remaining lease term of approximately 14.7 years.Dividends are paid quarterly. Analysts are projecting earnings of $0.76 per share in 2018 and then $1.97 per share in 2019. And the stock is currently on a normal correction, having pulled back 24% from its November high. I like it both for the year ahead and longer-term.Timothy Lutts, Cabot Marijuana Investor, www.cabotwealth.com, 978-745-5532, December 27, 2018
H Sabra Healthcare (SBRA 18 - yield 9.90%) From Equity Research & Portfolio Evaluation, Inc.Sabra Healthcare REIT (SBRA) is a healthcare REIT. The company currently owns or has investments in 693 properties in 44 States and Canada. The stock belongs to the Finance-Property REIT industry group. It is fundamentally sound, as SBRA’s earnings per share strength ranks #2 out of 185 stocks in the group. Sabra Healthcare also has strong sales, margins and return on equity. SBRA is a high yielding stock, and is now trading just above $16, trading near its’ February 2918 level, which had not been tested since February of 2016. Shareholders know they can count on reliable growth and dividend income from Sabra.Over 600 mutual funds own SBRA today vs just about 400 two years ago. Currently 7 mutual funds own over 17% of SBRA shares.John J. Gardner, Equity Research & Portfolio Evaluation, Inc., www.erpeinc.com, 925-216-4968, December 31, 2018
H Starwood Property Trust, Inc. (STWD 20 - yield 9.40%) From The Dividend HunterMy favorite conservative stock pick for the coming year is Starwood Property Trust, Inc. (STWD), a finance REIT whose primary business is the origination of commercial property mortgages.
Top Picks for 2019–REITsThese REITs not only offer excellent income opportunities, but provide somewhat of a defensive position in volatile markets.
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Top Picks for 2019–ValueValue stocks perked up the last half of the year, with large caps returning 1.8%; mid-caps, 2.4%; and small caps, 4.2%.
H Banco Santander, S.A. (SAN 4.81 - yield 4.20%) From Cabot Emerging Markets InvestorMy recommendation is a diversified global bank that just happens to be based in Spain. Spain has had its banking issues with a property bubble akin to our own debacle but now that the cleanup process is done, banks will be in better shape to provide loans and help stimulate the economy. This is why forward-looking markets are driving European stocks upward, outperforming U.S. stocks. Another reason that Europe may very well outperform America is that the European Central Bank (ECB) has signaled that it will keep rates steady for at least 12 months. A conservative way to play these trends is through a proxy for an economic recovery, Europe’s largest bank, Banco Santander, S.A. (SAN). Over the last decade, this Spanish bank has struggled a bit even as it has expanded its capital base and is a global bank in growth markets similar to HSBC.It sure seems to me quite a bargain. The stock is down 33% in the last year and is trading at only 65% of book value. Since 2010, it has averaged a price to book value
ratio of 2.4 over the past decade. The stock could more than double from here to around $8 as it returns to its historical average.Nancy’s Note: Welcome, Carl, to the helm of Cabot Emerging Market’s Investor!Carl Delfeld, Cabot Emerging Markets Investor, www.cabotwealth.com, 978-745-5532, December 31, 2018
H Miller Industries (MLR 28 - yield 2.60%) From Validea Hot Stocks ReportMiller Industries (MLR) is a small cap-stock that makes tow-trucks and much of the ancillary equipment necessary to get a car out of a ditch. If you’ve ever had a flat tire and called the auto club, then you’ve seen the company’s products.Miller Industries scores high on my model based on the investment approach of the quintessential quant, James O’Shaughnessy. O’Shaughnessy’s model is a marriage of a growth strategy and a value methodology, called the “United Cornerstone”, an approach that seeks to produce the highest rate of return possible for the lowest amount of risk. It seeks to identify stocks with three
As one of the largest players in the field, Starwood Property trust focuses on making large loans with specialized terms. This gives the REIT a competitive advantage over banks and smaller commercial finance REITs.Over the last several years, the company has diversified its business, branching into commercial mortgage servicing, acquiring real equity properties with long term revenue stability, and recently a portfolio of energy project finance debt. This diversification will allow Starwood Property Trust to thrive and continue to pay the big dividend in any financial environment.In the commercial loan business, over 95% of the commercial mortgage portfolio has adjustable interest
rates. This means that as the Fed increases interest rates, Starwood’s net income per share will grow. This REIT provides an excellent hedge against rising rates.The property segment provides assets with long-life revenue streams to offset the shorter-term rollover schedule of the commercial mortgage portfolio. Real assets also add depreciation to the income statement, shielding cash flow.This diversification of business segments by Starwood Property Trust is what separates this commercial finance REIT from its more narrowly focused peers. My investment expectation is that the dividend is secure. Tim Plaehn, The Dividend Hunter, https://www.investorsalley.com/editors-tim-plaehn/, January 7, 2019
Top Picks for 2019–REITs continued
Dow:Long term: Remain short.Intermediate term: Remain short.Short Term: Remain short.NASDAQ:Long term: Remain short.Intermediate term: Remain short.Short Term: Remain short.
Top Picks for 2019–BondsThis contributor believes bonds are going to be the winners for 2019.
S&P 500:Long term: Remain short.Intermediate term: Remain short.Short Term: Remain short.Gold: Remain short against the wave 4 high of $1365.68.Bonds: Remain long.Dale Woodson, Woodson Wave Report, LLC. http://www.woodsonwave.com, December 28, 2018
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important characteristics: persistent earnings growth; a low Price-to-Sale Ratio (or PSR); and, high relative strength. Miller Industries passes on each screen.The firm’s long-term earnings growth rate stands at an impressive 21.7% and its PSR is a miniscule 0.40. Recently, Miller Industries has produced solid outperformance relative to the broader market and passes on one of the most important points O’Shaughnessy discusses in his book. He looks for high relative strength because “winners keep winning and losers keep losing.” As of this writing, Miller Industries relative strength stands at a firm 74.In its most recent annual report, Miller Industries discussed having a strong backlog of demand. At the end of 2018 the company completed the expansion of its factories in Tennessee to address that backlog, which suggests to me that its history of persistent earnings growth may well continue throughout 2019.John Reese, Validea Hot List Newsletter, www.validea.com, 877-439-0506, January 7, 2019
H Walgreens Boots (WBA 71 - yield 2.50%) From DRIP InvestorWalgreens Boots, Inc. (WBA) has fallen in recent trading to a point that makes these shares especially attractive
for 2019. I like the company’s domestic business and the opportunities its drugstore and healthcare-related businesses offer.The company—a recent addition to the Dow Jones Industrial Average—has beaten consensus earnings estimates in each of the last seven quarters, and I think the earnings beats will continue in 2019.Walgreens is a formidable competitor in its respective spaces, and I suspect the stock will mount comebacks over time.Investors looking for value in quality blue chips should take advantage of the weakness in Walgreens buy these shares. The stock trades at just 10 times 2019 consensus earnings estimate, so there is plenty of value to be had in the stock. And the dividend yield provides a nice kicker to total-return potential.Be aware that Walgreens offers a direct-purchase plan whereby any investor may buy the initial shares directly from the company. I have been a long-time owner of Walgreens and see these shares outperforming the broad market in 2019.Charles A. Carlson, CFA, DRIP Investor, www.dripinvestor.com, 800-233-5922, January 7, 2019
Top Picks for 2019–ETFsIncome and healthcare are the focus of our ETFs in this issue.
The DoubleLine Income Solutions Fund (DSL 18 - yield 9.80%) From Brinker Fixed Income Advisor | December 21 Daily AlertThe DoubleLine Income Solutions Fund (DSL) closed-end fund is our 2019 Top Pick for income investors seeking a high payout income fund.At the recent price of $17.01, the closed-end fund trades at a -11.54% discount to net asset value of $19.23. This discount to net asset value provides investors some margin of safety against unexpected changes in interest rates and credit quality.The closed-end fund pays a monthly distribution of $0.15, or approximately $1.80 per year. This represents a distribution yield of more than 10% annually at the current market price. The fund seeks high current income with capital appreciation.Robert M. Brinker, CFS, Brinker Fixed Income Advisor, www.brinkeradvisor.com, 303-688-2555, December 19, 2018
Tekla Life Sciences Investors (HQL 17 - yield 9.80%) From Nate’s Notes | January 2 Daily AlertMy Top Income Pick for the coming year is Tekla Life Sciences Investors (HQL), a closed-end fund that invests in a variety of publicly-traded and privately-held companies doing work in the life sciences sector. The fund has a policy of paying out 2% of its net assets quarterly, which makes for a very attractive “get paid while you wait” situation, and we encourage folks to take this payout in the form of additional stock (the default), rather than ask for cash. And, while it is true that investors can probably get more bang for their buck owning individual biotech stocks, we believe HQL represents a great alternative for investors who want to be involved with the sector but would rather avoid some of the volatility that comes with investing in the space. HQL is a strong buy under $14 and a buy under $18.➧ Read more: https://cabotwealth.com/topics/wall-streets-best-dividend-stocks/hql-9/
Nate Pile, Nate’s Notes, www.NotWallStreet.com, 707-433-7903, December 28, 2018
Top Picks for 2019–Value continued
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High YieldInvesco Ltd (IVZ 17 - yield 6.90%) From Sure Retirement Newsletter | December 18 Daily AlertInvesco LTD (IVZ) is an investment management firm, serving retail, institutional, and wealth management clients around the world. It has more than 7,000 employees, serves customers in more than 150 countries, has a market capitalization of $8.0 billion, with over $900 billion of assets under management (AUM).The operating climate is somewhat challenged for Invesco right now. Fortunately, Invesco continues to report strong financial results. Operating revenue increased 0.3% in the third-quarter, and 7.2% over the first three quarters of 2018, as investment management fees and service and distribution fees continue to rise at a steady rate. Overall, Invesco’s earnings-per-share increased 5.7% in the first three quarters. Invesco is investing heavily in growth, mainly through acquisitions. For example, earlier this year Invesco acquired the ETF business from Guggenheim Investments for $1.2 billion. As part of the deal, MassMutual will become a significant shareholder in Invesco with an approximate 15.5% stake. In return, Invesco’s total assets under management will grow to more than $1.2 trillion, which will make it the 13th largest global investment manager and sixth-largest U.S. retail investment manager.Invesco also made a significant investment in financial technology with its acquisition of Intelliflo, a leading U.K. technology platform for financial advisors that supports approximately 30% of financial advisors there. Invesco ranks well in terms of safety. It has an expected payout ratio below 50% for 2018. Invesco has a strong balance sheet, with a credit rating of ‘A2’ and ‘A’ from Moody’s and S&P, respectively.Invesco stock trades for a price-to-earnings ratio (P/E) of 7.0 based on expected earnings-per-share of $2.80 for 2018. We believe a fair valuation for Invesco is a P/E of 12. This gives us a fair value target of $33 for this asset management business. A rising valuation could add approximately 11.4% to the annual returns of the stock if mean reversion were to occur over the next 5 years. Returns will benefit from Invesco’s expected earnings growth of 6% per year, as well as the substantial yield. In total, we believe Invesco could potentially deliver total returns above 20% per year over the next 5 years.➧ Read more: https://cabotwealth.com/topics/wall-streets-best-dividend-stocks/ivz-5/
Ben Reynolds, Sure Retirement Newsletter, www.suredividend.com, [email protected], December 2018
MDC Holdings, Inc. (MDC 31 - yield 3.90%) From The Prudent Speculator | December 14 Daily AlertMDC Holdings, Inc. (MDC) is a builder and seller of homes with ongoing operations in numerous communities throughout 9 states (including California, Colorado, Maryland, Virginia, Arizona and Florida) under the name Richmond American Homes, and is an originator of mortgage loans and title agency services primarily to its home buyers.Moderation in housing data and the belief that mortgage rates will continue to rise in the coming quarters have sent ripples through the whole homebuilding sector. Alas, MDC has not been immune, but with the benchmark 10-year U.S. Treasury yield falling back below 3%, we continue to like MDC and think that the weakness in the stock presents another buying opportunity.While interest rates could move higher, we expect levels that are low on the historical spectrum for the foreseeable future. Additionally, the U.S. economic outlook includes strength in employment, consumer confidence and potential wage inflation for its prospective customers.MDC sports a broad geographic footprint, boasts successful cost control initiatives and maintains a solid balance sheet. The stock trades for less than 8 times NTM estimated earnings.John Buckingham, The Prudent Speculator, www.theprudentspeculator.com, 877-817-4394, December 4, 2018
Verizon Communications (VZ 58 - yield 4.10%) From DRIP Investor | December 19 Daily AlertFortunately for DRIP investors, it appears that a shift is on. Since the end of the third quarter, dividend-paying stocks have outperformed non-dividend-paying stocks by roughly five percentage points. The big question: Will the shift continue? I think this shift does have legs, for a number of reasons:• It is likely that market volatility will continue to run high for the foreseeable future, which works to the advantage of dividend payers.• The fact that the performance gap between non-dividend payers and dividend payers had gotten so large leads me to think there is still plenty of ground for dividend payers to make up, which will take some time.• The performance gap between dividend and non-dividend payers is related to the action between growth stocks and value stocks. Growth stocks were crushing value stocks for most of this year, but that is beginning to turn as well. Since the end of the quarter, “value” components in
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ETFsSPDR S&P Emerging Asia Pacific ETF (GMF 89 - yield 2.20%) From The Turnaround Letter | December 17 Daily AlertOverall conditions remain favorable in emerging economies. Economic growth is estimated at about 4.4% next year, while inflation (often a scourge) appears subdued below 3.5%. Deeper integration with the rest of the world has generally improved governance, while companies increasingly are larger, more global enterprises less vulnerable to their local economies. The sharp decline in oil prices is positive for many emerging market countries, which tend to be heavy energy importers. And, over time, global supply chains that pull away from China may move into other emerging market countries, bolstering their growth prospects. Over the long run, the developing world offers the potential for faster growth.While not at Baron Rothschild’s 18th century “buy when there is blood in the streets” level, sentiment
toward emerging market equities is definitely depressed. Not only have the stocks been weak, but valuations are modest at 11.9x for one of the major indices. We think these markets are worth a closer look. Investing directly into emerging market companies is not a familiar exercise for most investors (including us), and so we recommend investors consider diversified exchange traded funds (ETFs).SPDR S&P Emerging Asia Pacific ETF (GMF) offers a way for investors to focus on China and other Asia Pacific equities. Its high 45% weight in Chinese stocks has weakened its year-to-date performance, down over 15%, yet offers the potential for sharp gains should the concerns lessen.Its highest company-specific exposure is 6.1% (Tencent Holdings), and it holds over 760 equities. Its expense ratio is a reasonable 0.49%.George Putnam III, The Turnaround Letter, www.turnaroundletter.com, 617-573-9550, December 2018
Oaktree Capital Group, LLC (OAK-PB 24 - yield 6.55%) From Forbes/Lehmann Income Securities Investor | December 13 Daily AlertOaktree Capital Group LLC; 6.55% Fixed Rate, Non-Cumulative Preferred; Par $25.00; Annual Cash Dividend $1.6375; Call Date 09/15/23 at $25.00; Yield to Call 7.81%; Pay Cycle 3m; Ratings, Moody’s NR, S$P BBB; CUSIP 674001409; Symbol OAK-PB (need preferred designation before B)Oaktree Capital Group LLC (OAK) is one of the leading global investment management firms, specializing in alternative investment opportunities. With $122 billion in assets under management at 06/30/18, OAK emphasizes a value-oriented and risk-managed approach to credit, equities, and real estate investing.
Through its Oaktree Capital Management subsidiary, the firm invests in high yield credit, distressed debt, convertible securities, structured product, and real estate assets, in addition to private and public equities.OAK reported Q318 adjusted net income of $137.5 million or $0.67 per common unit, easily beating analysts’ estimates by $0.27. Top line revenues of $320.2 million also handily topped consensus expectations.Earnings rose from a year earlier by almost 5.0% due to higher realized investment income and incentive income. This preferred issue is a fixed rate structure, callable on 09/15/23, or anytime thereafter, at par. Buy up to $25.00 for a yield to call of 6.55%.➧ Read more: https://cabotwealth.com/topics/wall-streets-best-dividend-stocks/oak-pb/
Richard Lehmann, Forbes/Lehmann Income Securities Investor, www.isinewsletter.com, 305-557-1832, December 2018
This ETF is a play on improving emerging market conditions.
Preferred StocksThese preferred shares are issued by a leading global investment manager.
High Yield continued
the S&P 500 Index have beaten the “growth” components by more than 5%. Given that growth had been crushing value, not just in 2018 but for much of the last five years, the pendulum shift toward value (and, therefore, dividend payers) likely has plenty of runway.Verizon Communications Inc. (VZ), the telecom giant, has been posting decent profit numbers. Verizon also provides a way to play the huge opportunity that is the emergence of 5G technology.
The stock is a favorite of mine right now and an excellent income stock with a nice growth kicker. Minimum initial investment is $250. The firm will waive the minimum if an investor agrees to automatic monthly debit from a bank account of $50 for five consecutive months.➧ Read more: https://cabotwealth.com/topics/wall-streets-best-dividend-stocks/vz-4/
Charles A. Carlson, CFA, DRIP Investor, www.dripinvestor.com, 800-233-5922, December 2018
DRIPs are dividend reinvestment plans that allow investors to buy stock directly from the company. Dividends paid are reinvested to purchase more stock. Prices are as of January 8, 2019. Estimates for Canadian stocks are in Canadian dollars. *Using forward estimates. When available, the average estimate across all Wall Street analysts. Failing that, we’ve quoted the excerpted editor’s estimate, if available. **Most Recent Quarter, for quarterly dividends, or most recent payment for monthly or irregular dividends.***Yield will vary as a result of price fluctuations.
Wall Street’s Best Dividend Stocks presents news, information, opinions and recommendations of individuals or organizations whose views are deemed of interest. It should not be assumed that such recommendations, past or future, will be profitable or will equal past performance. Wall Street’s Best Dividend Stocks does not itself give investment advice, act as investment advisor or advocate the purchase or sale of any security or investment. All contents are derived from data believed reliable, but accuracy cannot be guaranteed. Excerpted material represents only part of the total information or viewpoint found in the original source and should not necessarily be relied on as a sole source of information and opinion for making investment decisions. Wall Street’s Best Dividend Stocks is published and owned by Cabot Wealth Network Officers, directors and employees of Cabot Wealth Network may own securities of the companies reported in Wall Street’s Best Dividend Stocks. All rights reserved. ©Cabot Wealth Network 2016. Reproduction of this publication in whole or in part is strictly forbidden.
Investment Index
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Fwd. EPS Est.* IndicatedCompany 52-week Recent P/E EPS (current Dividend** Annual WebName (Symbol) Page DRIPs Low-High Price Ratio (TTM) yr.) (MRQ) Dividend Yield*** AddressAbbVie Inc (ABBV) 5 x 77.50 - 125.86 90.81 10 7.49 7.95 0.96 4.28 4.70% www.abbvieinvestor.com
Algonquin Power & Utlty (AQN) 5 9.45 - 11.13 10.38 21 0.73 0.65 0.13 0.51 4.90% www.algonquinpower.com
Altria Group Inc (MO) 5 x 46.49 - 71.86 49.07 11 3.95 3.99 0.80 3.20 6.50% www.altria.com
Apollo Global Mgmt (APO) 6 22.63 - 37.35 26.76 8 2.97 1.12 0.46 1.93 7.20% www.agm.com
AstraZeneca Plc (AZN) 4 x 32.69 - 41.78 38.12 22 3.18 1.69 0.44 1.37 3.60% www.astrazeneca.com
AT&T Inc (T) 6 x 26.80 - 39.29 31.29 9 3.44 3.52 0.50 2.04 6.50% www.att.com
Banco Santander Sa (SAN) 8 x 4.21 - 7.57 4.81 9 0.50 0.52 0.03 0.20 4.20% www.santander.com
Cardinal Health Inc (CAH) 4 42.17 - 75.75 46.51 9 5.20 5.01 0.48 1.91 4.10% www.cardinalhealth.com
Clearway Energy Inc (CWEN) 6 15.55 - 20.75 15.98 n/a 1.04 0.00 0.33 1.26 7.90% www.clearwayenergygroup.com
Exxon Mobil Corp (XOM) 6 x 64.65 - 89.30 72.04 15 4.34 4.62 0.82 3.28 4.60% www.exxonmobil.com
Huntsman Corp (HUN) 4 17.58 - 36.09 20.85 6 3.57 3.35 0.16 0.65 3.10% www.huntsman.com
Innovative Ind Prop (IIPR) 7 23.63 - 55.63 51.51 25 0.68 0.76 0.35 1.40 2.70% www.innovativeindustrialproperties.com
Invesco Ltd (IVZ) 10 x 15.38 - 38.43 17.27 7 2.72 2.62 0.30 1.20 6.90% www.invesco.com
JP Morgan Chase & Co (JPM) 3 x 91.11 - 119.33 100.58 10 8.51 9.26 0.80 3.20 3.20% www.jpmorganchase.com
Kimco Realty Corp (KIM) 7 x 13.16 - 17.96 15.67 11 1.49 1.47 0.28 1.12 7.10% www.kimcorealty.com
MDC Holdings Inc (MDC) 10 25.14 - 35.18 30.64 8 3.16 3.88 0.30 1.20 3.90% www.richmondamerican.com
Miller Industries Inc (MLR) 8 22.80 - 29.40 27.86 n/a 2.83 0.00 0.18 0.72 2.60% www.millerind.com
Oaktree Capital Grp-B (OAK-PB) 11 21.30 - 25.25 24.14 n/a n/a n/a 0.41 1.64 6.55% www.oaktreecapital.com
Pfizer Inc (PFE) 3 x 33.20 - 46.47 43.45 14 2.98 3.00 0.34 1.44 3.30% www.pfizer.com
Quarterhill Inc. (QTRH.TO) 2 1.16 - 2.44 1.38 (14) (0.35) n/a 0.01 0.05 3.91% www.quarterhill.com
Sabra Healthcare (SBRA) 7 15.70 - 23.83 18.21 9 2.30 2.30 0.45 1.80 9.90% www.sabrahealth.com
Sanchez Midstrm Prtns (SNMP) 4 1.27 - 12.69 2.41 n/a (2.71) (2.65) 0.15 0.60 24.90% www.sanchezmidstream.com
Starbucks Corp (SBUX) 3 x 47.37 - 68.98 63.58 24 2.42 2.65 0.36 1.44 2.30% www.starbucks.com
Starwood Property Tr (STWD) 7 19.16 - 23.04 20.39 9 2.20 2.19 0.48 1.92 9.40% www.starwoodpropertytrust.com
United Parcel Svc (UPS) 2 x 89.89 - 135.53 97.42 13 6.98 7.22 0.91 3.64 3.70% www.ups.com
Verizon Communications (VZ) 10 x 46.09 - 61.58 58.37 12 4.24 4.66 0.60 2.41 4.10% www.verizon.comWalgreens Boots Alliance (WBA) 9 x 59.07 - 86.31 71.38 11 6.20 6.52 0.44 1.76 2.50% www.walgreens.com
IndicatedETF & CEF 52-week Recent Dividend** Annual WebName (Symbol) Page DRIPs Low-High Price (MRQ) Dividend Yield*** AddressDoubleline Incm Solution (DSL) 9 16.11 - 20.91 18.40 0.15 1.80 9.80% www.doublelinefunds.comSPDR S&P Emg Asia (GMF) 11 83.98 - 116.07 89.04 1.46 1.99 2.20% www.spdrs.comTekla Life Sciences Invs (HQL) 9 13.95 - 21.59 17.06 0.42 1.68 9.80% www.teklacap.com
