At some point in the future will we look back at our actions today and refer to them as our greatest missed opportunity? A successful dividend growth strategy takes time. Unfortunately, many income investors don’t have the luxury of time on their side and must focus on high-yield investments to meet current expenses. These high-yield investments are often accompanied by high-risk. For those with time, a solid long-term strategy focusing on quality stocks that grow their dividends will treat them well in their retirement years.

Below are several companies that did not miss missing this opportunity to raise their cash dividends:

Bunge Limited (BG) is an integrated global agribusiness and food company that has operations primarily in North and South America, and distribution capabilities worldwide. May 20th the company increased its quarterly dividend 9.5% to $0.23/share. The dividend is payable on September 2, 2010, to shareholders of record on August 19, 2010. The yield based on the new payout is 1.79%.

Knight Transportation (KNX) is a short- to medium-haul truckload carrier that transports general commodities and temperature-controlled loads. May 20th the company raises its quarterly dividend 20% to $0.06/share. The dividend is payable to shareholders of record on June 4, 2010 and is expected to be paid on June 25, 2010. The yield based on the new payout is 1.24%.

SEI Investments (SEIC) is a provider of investment processing, fund processing, and investment management business outsourcing solutions. May 25th the company increased its quarterly dividend 10% to $0.10/share. The dividend is payable on June 28 to shareholders of record on June 23. The ex-dividend date is June 21. SEIC is a Dividend Achiever and has raised its dividend for 18 consecutive years. The yield based on the new payout is 1.00%.

UnitedHealth Group (UNH) is a leading health care services company providing health benefit services to over 32 million individuals across the U.S. May 26th the company raised its quarterly dividend to $0.125/share. The dividend will be paid on June 21, 2010 to all shareholders of record of UnitedHealth Group common stock as of the close of business on June 7, 2010. The ex-dividend date is June 3, 2010. The yield based on the new payout is 1.74%.

Deere & Co. (DE) is the world’s biggest producer of farm equipment, and also is a large producer of construction machinery and lawn and garden equipment. May 26th the company increased its quarterly dividend 7% to $0.30/share. The dividend is payable August 2, 2010, to stockholders of record on June 30, 2010. The ex-dividend date is June 28, 2010. The yield based on the new payout is 2.14%.

McKesson Corp (MCK) provides pharmaceutical supply management and information technologies to a broad range of health care customers. May 26th the company increased its quarterly dividend 50% to $0.18/share. The dividend is payable on July 1, 2010, to shareholders of record on June 10, 2010. The ex-dividend date is June 8, 2010. MKC is a Dividend Achiever and has raised its dividend for 25 consecutive years. The yield based on the new payout is 1.04%.

H.J. Heinz (HNZ) produces a wide variety of food products worldwide, with a major presence in the U.S. in condiments, frozen potatoes, and convenience meals. May 27th the company raised their annualized common stock dividend in Fiscal 2011 by 12 cents, or 7.1%, to $1.80 from $1.68. The yield based on the new payout is 4.04%.

Cato (CATO) offers apparel and accessories, including sportswear, dresses, coats, shoes, lingerie, costume jewelry, and handbags for females in the southeastern U.S. May 27th the company increased its quarterly dividend by 12% to $0.185/share. The dividend is payable on June 28 to shareholders of record on June 14. The ex-dividend date is June 10. The yield based on the new payout is 3.06%.

Williams-Sonoma (WSM) sells high-quality products for the home via its retail stores and various direct-to-customer channels. May 27th the company raised its quarterly dividend 15% to $0.15/share. The dividend is payable on August 24, 2010 to shareholders of record as of the close of business on July 27, 2010. The ex-dividend date is July 23, 2010. The yield based on the new payout is 2.00%.

Selecting stocks with increasing dividends is critical for an income growth strategy. The above list contains stocks that recently raised their dividends, it is not a list of recommend buys. As always, due diligence should be performed before buying or selling any stock. For a list of stocks with a long string of consecutive cash dividend increases, see this list.

Full Disclosure: No position in the aforementioned securities. See a list of all my income holdings here.

(Photo Credit)

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In an economic downturn many investors turn to dividend stocks which are sometimes referred to as defensive stocks. These stocks offer sustainable dividends providing the investor with a minimum level of positive return, which helps buffer the downward pressure from the market. But what happens when the market turns up?

Beta: A Measure of Volatility

Beta (β) is a quantitative measure of the volatility of a given security or portfolio relative to the overall market, usually the S&P 500. By definition, the market has a beta of 1.0 and securities are ranked according to how much they deviate from the market. Thus, securities with a beta above 1 are more volatile than the overall market, while those with a beta below 1 are less volatile. High-beta stocks are considered more risky, but provide a potential for higher returns. Low-beta stocks normally provide less risk and lower opportunities for capital gains.

Betas And Dividend Stocks

Dividend stocks tend to have low betas. That means during a market downturn, they tend to decline less than the total market. Hence, the term defensive stocks. It is also important to note that many defensive stocks are non-cyclical. Examples would include food, tobacco, oil, and utilities where demand is remains stable under difficult economic conditions.

Here are several dividend stocks with betas (as provided by Google Finance) less than 1.00:

Company	Analysis	Beta	% Yield
Cardinal (CAH)	Link	0.80	2.35
AT&T (T)	Link	0.68	6.83
Meridian (VIVO)	Link	0.63	3.63
Coca-Cola (KO)	Link	0.60	3.41
Becton, Dickinson (BDX)	Link	0.58	2.06
Procter & Gamble (PG)	Link	0.58	3.12
Johnson & Johnson (JNJ)	Link	0.57	3.54
Kimberly-Clark (KMB)	Link	0.48	4.29
Harleysville Group (HGIC)	Link	0.38	4.15
Wal-Mart (WMT)	Link	0.24	2.36
Abbott Laboratories (ABT)	Link	0.18	3.69

When the market turns up, low beta stocks normally won’t increase as fast as the market in total. However, as a long-term dividend investor, my goal is an ever-increase stream of dividend income, not to maximize capital appreciation.

Full Disclosure: Long ABT, HGIC, JNJ, KMB, KO, PG, T, WMT. See a list of all my income holdings here.

(Photo: Steve Woods)

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This article originally appeared on The DIV-Net May 17, 2010.

Linked here is a detailed quantitative analysis of Johnson & Johnson (JNJ). Below are some highlights from the above linked analysis:

Company Description: Johnson & Johnson engages in the manufacture and sale of various products in the health care field worldwide.

Fair Value: I consider four calculations of fair value, see page 2 of the linked PDF for a detailed description:

1. Avg. High Yield Price
2. 20-Year DCF Price
3. Avg. P/E Price
4. Graham Number

JNJ is trading at a discount to 1.) and 3.) above. The stock is trading at a 8.9% discount to its calculated fair value of $70.24. JNJ earned a Star in this section since it is trading at a fair value.

Dividend Analytical Data: In this section there are three possible Stars and three key metrics, see page 2 of the linked PDF for a detailed description:

1. Free Cash Flow Payout
2. Debt To Total Capital
3. Key Metrics
4. Dividend Growth Rate
5. Years of Div. Growth
6. Rolling 4-yr Div. > 15%

JNJ earned three Stars in this section for 1.), 2.) and 3.) above. A Star was earned since the Free Cash Flow payout ratio was less than 60% and there were no negative Free Cash Flows over the last 10 years. The stock earned a Star as a result of its most recent Debt to Total Capital being less than 45%. JNJ earned a Star for having an acceptable score in at least two of the four Key Metrics measured. The company has paid a cash dividend to shareholders every year since 1944 and has increased its dividend payments for 48 consecutive years.

Dividend Income vs. MMA: Why would you assume the equity risk and invest in a dividend stock if you could earn a better return in a much less risky money market account (MMA)? This section compares the earning ability of this stock with a high yield MMA. Two items are considered in this section, see page 2 of the linked PDF for a detailed description:

1. NPV MMA Diff.
2. Years to > MMA

JNJ earned a Star in this section for its NPV MMA Diff. of the $1,208. This amount is in excess of the $500 target I look for in a stock that has increased dividends as long as JNJ has. If JNJ grows its dividend at 8.4% per year, it will take 3 years to equal a MMA yielding an estimated 20-year average rate of 4.02%. JNJ earned a check for the Key Metric ‘Years to >MMA’ since its 3 years is less than the 5 year target.

Other: JNJ is a member of the S&P 500, a Dividend Aristocrat and a member of the Broad Dividend Achievers™ Index.

Conclusion: JNJ earned one Star in the Fair Value section, earned three Stars in the Dividend Analytical Data section and earned one Star in the Dividend Income vs. MMA section for a total of five Stars. This quantitatively ranks JNJ as a 5 Star-Strong Buy.

Using my D4L-PreScreen.xls model, I determined the share price would need to increase to $83.33 before JNJ’s NPV MMA Differential decreased to the $500 minimum that I look for in a stock with 48 years of consecutive dividend increases. At that price the stock would yield 2.53%.

Resetting the D4L-PreScreen.xls model and solving for the dividend growth rate needed to generate the target $500 NPV MMA Differential, the calculated rate is 5.8%. This dividend growth rate is less than the 8.4% used in this analysis, thus providing a margin of safety. JNJ has a risk rating of 1.00 which classifies it as a low risk stock.

There is no perfect dividend growth stock, but JNJ comes close. The company enjoys a diverse revenue base, an excellent research pipeline, a pristine balance sheet and exceptional free cash-flows to cover it dividend. This diversity and strength will help the company overcome near-term results from patent losses on Risperdal and Topamax. I will continue to add to my position as my allocation allows and when JNJ is trading below my buy price of $70.24. For additional information, including the stock’s dividend history, please refer to its data page.

Disclaimer: Material presented here is for informational purposes only. The above quantitative stock analysis, including the Star rating, is mechanically calculated and is based on historical information. The analysis assumes the stock will perform in the future as it has in the past. This is generally never true. Before buying or selling any stock you should do your own research and reach your own conclusion. See my Disclaimer for more information.

Full Disclosure: At the time of this writing, I was long in JNJ (4.4% of my Income Portfolio). See a list of all my income holdings here.

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Each Sunday I highlight the Carnivals I participated in over the past week, along with any notable articles that I came across. For those readers not familiar with carnivals, it’s where personal finance bloggers submit their best articles of the week with one blog serving as the host. The entries are separated into various categories such as Investing, Credit, Debt, Budgeting, Frugality, Wealth Building, Money Management, Financial Planning, Insurance, Taxes, The Economy, Real Estate, et. al.

Below are the carnivals that I participated in this week, along with a link to my article:

• Carnival of Personal Finance published: The Secret To Finding The Best Dividend Stocks
• Carnival of Money Hacks published: 14 Stocks Building Wealth Through Higher Dividends
• Carnival of Financial Planning published: 14 Stocks Building Wealth Through Higher Dividends

Articles I enjoyed reading included (in no particular order):

The DIV-Net Featured Articles

• Dividends4Life presented Stock Analysis: Johnson & Johnson (JNJ)
• Barel Karsan presented Effecting Change
• Dividend Tree presented Dividends in the Context of Taxation Environment
• Dividend Growth Investor presented Chevron (CVX) Stock Analysis

Articles From DIV-Net Members

• The Dividend Guy presented One Dividend Rule that Can Help Your Investing Performance
• Dividend Growth Investor presented Dividend Payback from six quality dividend stocks
• Barel Karsan presented Dividends After The Fact
• Dividend Tree presented Dividend Investing and Businesses with Moat
• moneygardener presented Clorox ups dividend
• The Div Guy presented Zecco Trading: $4.50 for Stock Trades
• Disciplined Approach to Investing presented Higher Yielding Bonds Tend To Hold Up Better In Rising Interest Rate Environment
• Old School Value presented Free Piotroski Score Spreadsheet
• Triaging My Way To Financial Success presented Successful Motivation of Investors
• BuyLikeBuffett.com presented The Biggest Rental Rip-offs
• 40percent 20years presented Overdose – Now it works again!
• Value Walk presented Early Writings of Benjamin Graham: A Case Study of US Steel
• The Market Capitalist presented Companies you know (and maybe love?) with great dividend yields

Articles from D4L-News:

• High-Yield, Low-Risk Dividend Stocks
• Unfounded concerns about dividend stocks
• Wall Street is reminded of dividend stocks profitability
• High Yield European Dividend Stocks
• Is BP’s 7% Dividend Attractive?
• 5 things you need to know about dividend investing
• Investors see appeal of dividend stocks
• Dividends contribute 90% of stocks’ total return

There are some really good articles here, please take time and read a few of them.

(Photo: Sachin Ghodke)

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In a down-market when many people are rushing to buy gold, I take comfort that I already have mine. No, not that kind, but something much better! A growing stream of dividend income from solid companies. While everyone else is panicked about their portfolio’s decline, I see a downturn as an incredible buying opportunity. Lower prices, rising yields and growing dividends, its hard to beat that combination.

Below are several select companies that recently announced dividend increases:

Portland General Electric (POR) is an integrated Oregon-based electric utility serves about 1.6 million people, approximately 43% of the state’s population. May 14th the company increases its quarterly dividend 2% to $0.26/share. The dividend is payable on or before July 15, 2010, to shareholders of record at the close of business on June 25, 2010. The ex-dividend date is June 23, 2010. The yield based on the new payout is 5.29%.

Nordstrom (JWN) is a specialty retailer of apparel and accessories, widely known for its emphasis on service, operates about 193 stores in 28 states. May 18th the company raised its quarterly dividend 25% to $0.20/share. The dividend is payable on June 15, 2010, to shareholders of record on May 28, 2010. The ex-dividend date is May 26, 2010. The yield based on the new payout is 2.10%.

First Financial (THFF) provides various financial services from 48 branch offices in west-central Indiana and east-central Illinois. May 18th the company raised its semi-annual to $0.46/share. The dividend is payable on July 1, 2010, to shareholders of record at the close of business June 15, 2010. THFF is a Dividend Achiever and has raised its dividend for 22 consecutive years. The yield based on the new payout is 3.08%.

Northrop Grumman (NOC) is the world’s third largest producer of military arms and equipment, and also has a large government IT services business. May 19th the company increased its quarterly dividend 9.3% to $0.47/share. The dividend is payable June 12, 2010, to shareholders of record as of the close of business June 1, 2010. The ex-dividend date is May 28, 2010. The yield based on the new payout is 3.02%.

ACE Limited (ACE) provides commercial insurance and reinsurance for a diverse group of international clients. May 19th the company increased its quarterly dividend to $0.33/share. The yield based on the new payout is 2.59%.

Xcel Energy (XEL) was created through the August 2000 merger of Northern States Power and New Century Energies. May 19th the company raised its quarterly dividend 3% to $0.2525/share. The dividend is payable July 20, 2010, to shareholders of record on June 24, 2010. The ex-dividend date is June 22, 2010. The yield based on the new payout is 4.82%.

Safeway (SWY) is a major food retailer operating about 1,725 stores in the U.S. and Canada. May 19th the company raised its quarterly dividend 20% to $0.12/share. The dividend is payable on July 15, 2010, to stockholders of record at the close of business on June 24, 2010. The ex-dividend date is June 22, 2010. The yield based on the new payout is 2.09%.

Republic Bancorp (RBCAA) provides banking, mortgage banking, and tax refund solutions to individuals and businesses in the United States. May 19th the company increased its quarterly dividend 8% to $0.143/share. The dividend is payable July 16, 2010 to shareholders of record as of June 18, 2010. The ex-dividend date is June 16, 2010. RBCAA is a Dividend Achiever. The yield based on the new payout is 2.41%.

Dr Pepper Snapple (DPS) is the third largest marketer, bottler and distributor of non-alcoholic beverages in North America. May 19th the company increased its quarterly dividend 67% to $0.25/share. The dividend is payable in on July 9, 2010, to shareholders of record on June 21, 2010. The ex-dividend date is June 17. The yield based on the new payout is 2.72%.

Clorox (CLX) producer of household cleaning, grocery and specialty food products is also a leading producer of natural personal care products. May 19th the company increased its quarterly dividend 10% to $0.55/share. The dividend is payable Aug. 13, 2010, to stockholders of record on July 28, 2010. The ex-dividend date is July 26, 2010. CLX is a Dividend Aristocrat and has raised its dividend for 22 consecutive years. The yield based on the new payout is 3.50%.

Ship Finance (SFL) owns an international fleet of crude oil tankers, which are leased under long-term, fixed-price charters. May 20th the company increased its quarterly dividend to $0.33/share. The yield based on the new payout is 7.84%.

Tiffany (TIF) is a leading international retailer, designer, manufacturer, and distributor of fine jewelry and gift items. May 20th the company raised its quarterly dividend 25% to $0.25/share. The dividend is payable on on July 12, 2010 to stockholders of record on June 21, 2010. The ex-dividend date is June 17. The yield based on the new payout is 2.39%.

Canadian Pacific Railway (CP) provides rail freight transportation over a network serving the principal centers of Canada, as well as the U.S. Midwest and Northeast. May 20th the company raised its quarterly dividend 9% to C$0.27/share. The increased dividend is payable on July 26, 2010, to holders of record at the close of business on June 25, 2010. The yield based on the new payout is 2%.

Selecting stocks with increasing dividends is critical for an income growth strategy. The above list contains stocks that recently increased their dividends, not a list of recommend buys. As always, due diligence should be performed before buying or selling any stock. For a list of stocks with a long string of consecutive cash dividend increases, see this list.

Full Disclosure: Long CLX.  See a list of all my income holdings here.

(Photo Credit)

Did May 6th frighten or excite you? I received a few emails from frightened dividend investors letting me know they were getting out of the market, while others asked if this was the beginning of another significant downturn. The first group are destined to always lose money in the market (sell low/buy high) and my answer to the second group was,  ‘I hope so!’ Let me explain.

As a long-term dividend investor I love buying blue-chip companies when they go on sale and there is no underlying fundamental business reason.  If you can buy a Ferrari at the price of a Camaro, most people would consider that a good thing, but for some reason many long-term investors fret whenever there is a major clearance sale on the stocks they want to own.

I keep a list of great stocks that I would love to buy or add to my current position.  Here are a few on that list:

Automatic Data Processing, Inc. (ADP) | Yield @ Buy Price: 3.57%
Buy Price: $38.11 | Recent Price: $41.80 | Premium: 9.68% | Analysis

International Business Machines (IBM) | Yield @ Buy Price: 2.18%
Buy Price: $119.11 | Recent Price: $131.19 | Premium: 10.14%

Pepsico, Inc. (PEP) | Yield @ Buy Price: 3.04%
Buy Price: $59.28 | Recent Price: $66.07 | Premium: 11.5%

Genuine Parts Company (GPC) | Yield @ Buy Price: 4.68%
Buy Price: $35.04 | Recent Price: $41.25 | Premium: 17.7% | Analysis

Eaton Vance Corp. (EV) | Yield @ Buy Price: 2.59%
Buy Price: $24.67 | Recent Price: $32.80 | Premium: 32.93%

If the market drops, there is no need to panic if you are a long-term, buy-and-hold investor. While others are content to give away their stocks, I will pull out my wish list and see if any of my targets ready for harvesting.

Full Disclosure: Long ADP, PEP, GPC. See a list of all my income holdings here.

(Photo Credit)

This article originally appeared on The DIV-Net May 10, 2010.

Linked here is a detailed quantitative analysis of Owens & Minor, Inc. (OMI). Below are some highlights from the above linked analysis:

Company Description: Owens & Minor Inc. is a leading domestic distributor of medical and surgical supplies to the acute care market, a health care supply chain management company, and a direct-to-consumer (DTC) supplier of testing and monitoring supplies for diabetes.

Fair Value: I consider four calculations of fair value, see page 2 of the linked PDF for a detailed description:

1. Avg. High Yield Price
2. 20-Year DCF Price
3. Avg. P/E Price
4. Graham Number

OMI is trading at a discount to 1.) and 3.) above. The stock is trading at a 13.9% discount to its calculated fair value of $33.91. OMI earned a Star in this section since it is trading at a fair value.

Dividend Analytical Data: In this section there are three possible Stars and three key metrics, see page 2 of the linked PDF for a detailed description:

1. Free Cash Flow Payout
2. Debt To Total Capital
3. Key Metrics
4. Dividend Growth Rate
5. Years of Div. Growth
6. Rolling 4-yr Div. > 15%

OMI earned two Stars in this section for 2.) and 3.) above. The stock earned a Star as a result of its most recent Debt to Total Capital being less than 45%. OMI earned a Star for having an acceptable score in at least two of the four Key Metrics measured. The company has paid a cash dividend to shareholders every year since 1926 and has increased its dividend payments for 12 consecutive years.

Dividend Income vs. MMA: Why would you assume the equity risk and invest in a dividend stock if you could earn a better return in a much less risky money market account (MMA)? This section compares the earning ability of this stock with a high yield MMA. Two items are considered in this section, see page 2 of the linked PDF for a detailed description:

1. NPV MMA Diff.
2. Years to > MMA

OMI earned a Star in this section for its NPV MMA Diff. of the $3,857. This amount is in excess of the $2,300 target I look for in a stock that has increased dividends as long as OMI has. If OMI grows its dividend at 15.1% per year, it will take 4 years to equal a MMA yielding an estimated 20-year average rate of 4.02%. OMI earned a check for the Key Metric ‘Years to >MMA’ since its 4 years is less than the 5 year target.

Other: OMI is a member of the Broad Dividend Achievers™ Index.

Conclusion: OMI earned one Star in the Fair Value section, earned two Stars in the Dividend Analytical Data section and earned one Star in the Dividend Income vs. MMA section for a total of four Stars. This quantitatively ranks OMI as a 4 Star-Buy.

Using my D4L-PreScreen.xls model, I determined the share price would need to increase to $35.33 before OMI’s NPV MMA Differential decreased to the $2,300 minimum that I look for in a stock with 12 years of consecutive dividend increases. At that price the stock would yield 2.00%.

Resetting the D4L-PreScreen.xls model and solving for the dividend growth rate needed to generate the target $2,300 NPV MMA Differential, the calculated rate is 13.4%. This dividend growth rate is less than the 15.1% used in this analysis, thus providing a margin of safety. OMI has a risk rating of 1.75 which classifies it as a medium risk stock.

OMI should see increasing demand for its medical/surgical supplies based on our aging society. The company has been focused on developing new services and cost control. OMI expects its new third-party logistics business to achieve break-even by year-end 2010 and its ambulatory surgery center initiative should start contributing to operating earnings in 2011. Long-term health care reform should eventually lead to higher utilization of hospitals. Although OMI is trading below my buy price of $33.91, its erratic cash flows, including negative free cash flow in 3 of the last 10 years, will keep me on the sideline. For additional information, including the stock’s dividend history, please refer to its data page.

Disclaimer: Material presented here is for informational purposes only. The above quantitative stock analysis, including the Star rating, is mechanically calculated and is based on historical information. The analysis assumes the stock will perform in the future as it has in the past. This is generally never true. Before buying or selling any stock you should do your own research and reach your own conclusion. See my Disclaimer for more information.

Full Disclosure: At the time of this writing, I held no position in OMI (0.0% of my Income Portfolio). See a list of all my income holdings here.

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In the U.S. and Canada, most companies pay dividends quarterly. In other parts of the world, it is not uncommon for companies to pay an annual or a semi-annual dividend. That is not to say that North American companies sometimes choose not to pay quarterly dividends. For many years McDonald’s (MCD) paid an annual dividend. Since 2000, Walt Disney Co. (DIS) has paid an annual dividend and Ruby Tuesday, Inc. (RT) pays a semi-annual dividend. Going in the other direction, Realty Income Corp. (O) and Alpine Total Dynamic Dividend Fund (AOD) pay monthly dividends.

Though I prefer quarterly dividends, there is something more important than frequency — dividend increases. Below are several companies satisfying their shareholders desire for more cash by increasing their dividends:

Travelers (TRV) is a leading provider of commercial property-liability and homeowners and auto insurance. April 23rd the company increased its quarterly dividend to $0.36/share. The dividend is payable June 30, 2010, to shareholders of record as of the close of business June 10, 2010. The ex-dividend date is June 8, 2010. The yield based on the new payout is 2.85%.

Costco Wholesale (COST) operates about 565 membership warehouses in the U.S., Puerto Rico, Canada, the U.K., Taiwan, Japan, Korea, and Mexico. April 23rd the company raised its quarterly dividend 14% to $0.205/share. The dividend of $.205 per share is payable May 21, 2010, to shareholders of record at the close of business on May 7, 2010. The ex-dividend date is May 5, 2010. The yield based on the new payout is 1.39%.

Holly Energy Partners (HEP) operates refined product pipeline and terminal facilities. April 23rd the partnership raised its quarterly distribution to $0.815/unit. The distribution will be paid May 14, 2010, to unitholders of record May 4, 2010. The ex-distribution date is April 30, 2010. The yield based on the new payout is 6.98%.

International Paper (IP) is a leading worldwide producer and distributor of printing papers and packaging products. On April 26th the company increased its quarterly dividend to $0.125/share. The dividend is payable June 15, 2010 to shareholders of record on May 17, 2010. The ex-dividend date is May 13, 2010. The yield based on the new payout is 1.85%.

Alliance Holdings GP, L.P. (AHGP) produces and markets coal primarily to utilities and industrial users in the U.S. It offers a range of steam coal with varying sulfur and heat contents. April 26th the partnership increased its quarterly distribution 2.8% to $0.465/unit. The distribution is payable on May 20, 2010, to AHGP’s unitholders of record as of the close of trading on May 13, 2010. The ex-dividend date is May 13, 2010. The yield based on the new payout is 5.49%.

Community Bank System (CBU) provides financial services in upstate New York, and in northeastern Pennsylvania as First Liberty Bank & Trust. April 26th the company raised its quarterly dividend 9.1% to $0.24/share. The dividend is payable on July 9, 2010, to shareholders of record as of June 15, 2010. The ex-dividend date is June 11, 2010. CBU is a Dividend Achiever and has paid a higher dividend for 17 consecutive years. The yield based on the new payout is 3.89%.

Inergy Holdings (NRGP) operates a retail and wholesale propane supply, marketing and distribution business. April 26th the company increases its quarterly distribution 3.7% to $0.975/unit. The distribution will be paid on May 14, 2010, to unitholders of record as of May 7, 2010. The ex distribution date is May 5, 2010. The yield based on the new payout is 5.31%.

EarthLink (ELNK) is one of the largest U.S. Internet service providers, based on paying subscribers. April 27th the company increases it quarterly dividend to $0.16/share. This increase will be reflected in the next quarterly dividend to be paid on June 28, 2010 to shareholders of record on June 14, 2010. The ex-dividend date is June 12, 2010. The yield based on the new payout is 6.88%.

Williams Partners (WPZ) engages in gathering, transporting, processing, and treating natural gas, as well as fractionating and storing natural gas liquids. April 27th the company increases its quarterly distribution 3.5% to $0.66/unit. The distribution is payable on May 14, 2010, to unitholders of record at the close of business on May 7, 2010. The yield based on the new payout is 6.31%.

IBM (IBM) products and services include information technology services, software, computer hardware equipment, fundamental research, and related financing. April 27th the company raised its quarterly dividend 18% to $0.65/share. The dividend is payable June 10, 2010 to stockholders of record May 10, 2010. The ex-dividend date is May 6, 2010. This is the 15th year in a row that IBM has increased its quarterly cash dividend, and 7th year in a row of double-digit percent increases. With the payment of the June 10th dividend, this Dividend Achiever will have paid consecutive quarterly dividends every year since 1916. The yield based on the new payout is 2.02%.

Sunoco Logistics Partners LP (SXL) owns and operates a group of refined product and crude oil pipelines and terminal facilities. April 27th the company increases its quarterly distribution 2.3% to $1.11/unit. The yield based on the new payout is 6.54%.

WW Grainger (GWW) is the largest global distributor of industrial and commercial supplies such as hand tools, electric motors, light bulbs and janitorial items. April 28th the company raised its quarterly dividend 17% to $0.54/share. April 28th the company raised its quarterly dividend 17% to $0.54/share. The dividend is payable on June 1 to shareholders of record on May 10. The ex-dividend date is May 6. GWW is a Dividend Aristocrat and has paid a higher dividend for 39 consecutive years. The yield based on the new payout is 1.99%. See recent analysis.

Exxon (XOM) is the world’s largest publicly owned integrated oil company. April 28th the company raised its quarterly dividend 4.8% to $0.44/share. The dividend is payable on June 10, 2010 to shareholders of record of Common Stock at the close of business on May 13, 2010. XOM is a Dividend Aristocrat and has paid a higher dividend for 28 consecutive years. The yield based on the new payout is 2.54%.

Chevron (CVX) is a global integrated oil company that has interests in exploration, production, refining and marketing, and petrochemicals. April 28th the company increased its quarterly dividend 5.9% to $0.72/share. The dividend is payable June 10, 2010, to holders of common stock as shown on the transfer records of the Corporation at the close of business on May 19, 2010. The ex-dividend date is May 17. The amount represents a 5.9 percent increase in the company’s quarterly dividend. CVX is a Dividend Achiever and has paid a higher dividend for 23 consecutive years. The yield based on the new payout is 3.37%.

Sturm, Ruger & Co. (RGR) designs, manufactures, and sells firearms to domestic customers; it offers products in four industry product categories: rifles, shotguns, pistols, and revolvers. April 28th the company raised its quarterly dividend 55% to $0.093/share. The dividend will be paid on May 28, 2010 to stockholders of record as of May 14, 2010. The ex-dividend date is May 12, 2010. The yield based on the new payout is 2.16%.

TransAlta Corp. (TAC) is an independent power producer and wholesale marketing company owns a portfolio of generation assets in Canada, the United States, Mexico, and Australia. April 29th the company increased its quarterly dividend to $0.29/share. The dividend is payable July 1, 2010 to shareholders of record at the close of business June 1, 2010. The ex-dividend date is May 28, 2010. The yield based on the new payout is 5.59%.

Cullen/Frost Bankers (CFR) is the largest multi-bank holding company headquartered in Texas, has more than 80 offices in various cities in the state. April 29th the company increases its quarterly dividend 4.7% to $0.45/share. The dividend is payable June 15, 2010 to shareholders of record on June 1, 2010. The ex-dividend date is May 28, 2010. CFR is a Dividend Achiever and has paid a higher dividend for 16 consecutive years. The yield based on the new payout is 3.02%.

Duff & Phelps (DUF) is an independent financial advisory company operates worldwide in two segments, Financial Advisory and Investment Banking. April 29th the company raised its quarterly dividend by 20% to $0.06/share. The yield based on the new payout is 1.50%.

Frequency of dividends increases is one of the most important things to consider when adopting a dividend growth investment strategy. For a list of stocks with a long string of consecutive cash dividend increases, see this list.

Full Disclosure: Long MCD, AOD, CVX, O, PG, JNJ. See a list of all my income holdings here.

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Fair value is really a simple concept. Given some select information such as dividends, dividend growth, holding period, discount rate and few other inputs, one can easily calculate the fair value of a stock. As with most simple things, the devil is in the details – the inputs must be correct to calculate a reasonable fair value, otherwise, garbage in, garbage out.

Accurately determining free cash flow, dividend growth rates and such on a forward looking basis is no simple task. Most analysts look to a company’s past to help determine how they will behave in the future. I am certainly no exception to that convention. My fair value model was constructed back in 2007 at a time many stocks had already fell from grace. As a result, a large number of companies were trading below fair value based on historical metrics. To reduce this number and focus in on only the best companies, I took an extremely conservative stance with my fair value model.

Calculating Fair Value

As a reminder, I consider the following when calculating fair value:

Avg. High Yield Price: Price calculated by dividing current dividend per share by the average high dividend yield for each of the last 5-years (dividend per share divided by the year’s low share price).

20-Year DCF Price: Price calculated by taking the Net Present Value (NPV) of the next 20 years of dividends and the estimated value of the stock at the end of 20 years.

Avg. P/E Price: Price calculated by multiplying the EPS (trailing twelve months) times the minimum of: 1.) 5-year average of high and low P/Es or 2.) Last years high P/E.

Graham Number: Price calculated by taking the square root of 22.5 times the tangible book value per share times EPS (trailing twelve months). Benjamin Graham, Warren Buffett’s mentor and the father of value investing, developed rules for the defensively screening stocks. This formula uses his principles to calculate the “maximum” price one should pay for the stock. He believed – as a rule of thumb – the product of P/E ratio and price-to-book should not be more than 22.5 (P/E ratio of 15 x price-to-book value of 1.5). The 15 P/E was was a result of Graham wanting his portfolio to have a yield equal yield to that of a AA bond (back then around 7.5%). The inverse of this yield is 1 divided by 7.5%. That works out to 13.3; he rounded up to 15.

Mid-2 Price: Of the four fair value calculations,  “Avg. High Yield Price”,  “20-Year DCF Price”,  “Avg. P/E Price” and “Graham Number”, the highest and lowest fair values are excluded and the remaining two calculations are averaged to calculate the Mid-2 price.

NPV MMA Price: The price where the NPV MMA value equals the NPV MMA target. The basis of NPV MMA value calculation is a hypothetical $1,000 investment in the subject stock and a Money Market Account (MMA) earning a 20 year average rate (I use a 20 year Treasury as a proxy). The value calculated is the net present value (NPV) of the difference between the annual dividend earnings of this investment and the interest income from the MMA over 20 years. Other assumptions include: 1.) dividends grow at a historically calculated rate, 2.) dividends are reinvested, 3.) share price appreciation is not considered, 4.) interest income is reinvested in the MMA. The NPV MMA target is determined based on the number of consecutive years of dividend increases. The formula is: Target = Base – (Years x Increment) + Minimum where Base=3,000, Increment=100, Minimum=500. Thus 0 years of dividend growth yields a $3,500 target and 30 years of growth yields a $500 target.

Historically, I have conservatively taken the lower of the the Mid-2 Price or NPV MMA Price as the stock’s fair value. Over the last year as the market has recovered and companies histories now include some very lean times, the pendulum has swung to the other extreme where very few companies were trading below my conservative calculation of fair value (in most cases driven by a low Mid-2 value).

Changes To The Fair Value Calculation

I have added to my model the ability to calibrate the Fair Value calculation based on where we are within the market cycle. Below are the various options:

Option: 1 = The lower of the Mid-2 price or the NPV MMA price (the historical option).
Option: 2 = Lesser of the Mid-2 price or NPV MMA price + lower of 10% increase or 25% of the difference between Mid-2 price and NPV MMA price.
Option: 3 = same as Opt: 2 except + lower of 20% increase or 50% of the difference.
Option: 4 = same as Opt: 2 except + lower of 30% increase or 75% of the difference.
Option: 5 = The higher of the Mid-2 price or the NPV MMA price.
Option: 6 = Weighted: 25% Mid-2 price + 75% NPV MMA price.

I am currently running with Option 4. It is pointing out some stocks that are still priced well when focusing on their dividend fundamentals, but are trading above their recent lows.

Seven Dividend Stocks Trading Below Fair Value

Here are some stocks that were identified as trading below their fair value:

Abbott Laboratories (ABT) | Analysis | Yield: 3.36%
– Recent Price: $51.20
– Fair Value: $61.24

Kimberly Clark Corp. (KMB) | Analysis | Yield: 4.33%
– Recent Price: $60.93
– Fair Value: $63.86

Harleysville Group Inc. (HGIC) | Analysis | Yield: 4.03%
– Recent Price: $33.46
– Fair Value: $38.44

The Coca-Cola Company (KO) | Analysis | Yield: 3.27%
– Recent Price: $53.88
– Fair Value: $57.92

Cincinnati Financial Corp. (CINF) | Analysis | Yield: 5.23%
– Recent Price: $30.21
– Fair Value: $33.09

Meridian Bioscience Inc. (VIVO) | Analysis | Yield: 3.51%
– Recent Price: $19.38
– Fair Value: $23.32

Colgate-Palmolive Company (CL) | Analysis | Yield:  2.44%
– Recent Price: $83.27
– Fair Value: $91.57

Like most investors, I prefer to have it all – a great dividend stock at a low price. However, this isn’t always possible. As a dividend investor first and a value investor second, I will always favor dividend fundamentals over fair value when forced to choose. Consider these two quotes by Warren Buffett:

“It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

“Time is the friend of the wonderful company, the enemy of the mediocre.”

If you make a mistake and pay too much for a great company, eventually time will correct that problem. The same can’t be said for a poor or mediocre company.

Full Disclosure: Long ABT, KMB, HGIC, KO. See a list of all my income holdings here.

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This article originally appeared on The DIV-Net April 19, 2010.

Linked here is a detailed quantitative analysis of Colgate-Palmolive Company (CL). Below are some highlights from the above linked analysis:

Company Description: Colgate-Palmolive Company is a consumer products company, whose products are marketed throughout the world. Colgate’s Oral Care products include toothpaste, toothbrushes, oral rinses, dental floss and pharmaceutical products.

Fair Value: I consider four calculations of fair value, see page 2 of the linked PDF for a detailed description:

1. Avg. High Yield Price
2. 20-Year DCF Price
3. Avg. P/E Price
4. Graham Number

CL is trading at a discount to only 3.) above. Since CL’s tangible book value is not meaningful, a Graham number can not be calculated. The stock is trading at a 8.0% discount to its calculated fair value of $91.57. CL earned a Star in this section since it is trading at a fair value.

Dividend Analytical Data: In this section there are three possible Stars and three key metrics, see page 2 of the linked PDF for a detailed description:

1. Free Cash Flow Payout
2. Debt To Total Capital
3. Key Metrics
4. Dividend Growth Rate
5. Years of Div. Growth
6. Rolling 4-yr Div. > 15%

CL earned one Star in this section for 1.) above. A Star was earned since the Free Cash Flow payout ratio was less than 60% and there were no negative Free Cash Flows over the last 10 years. The company has paid a cash dividend to shareholders every year since 1895 and has increased its dividend payments for 47 consecutive years.

Dividend Income vs. MMA: Why would you assume the equity risk and invest in a dividend stock if you could earn a better return in a much less risky money market account (MMA)? This section compares the earning ability of this stock with a high yield MMA. Two items are considered in this section, see page 2 of the linked PDF for a detailed description:

1. NPV MMA Diff.
2. Years to > MMA

CL earned a Star in this section for its NPV MMA Diff. of the $1,708. This amount is in excess of the $500 target I look for in a stock that has increased dividends as long as CL has. If CL grows its dividend at 12.5% per year, it will take 5 years to equal a MMA yielding an estimated 20-year average rate of 4.02%.

Other:CL is a member of the S&P 500 and a member of the Broad Dividend Achievers™ Index.

Conclusion: CL earned one Star in the Fair Value section, earned one Star in the Dividend Analytical Data section and earned one Star in the Dividend Income vs. MMA section for a total of three Stars. This quantitatively ranks CL as a 3 Star-Hold.

Using my D4L-PreScreen.xls model, I determined the share price would need to increase to $123.70 before CL’s NPV MMA Differential decreased to the $500 minimum that I look for in a stock with 47 years of consecutive dividend increases. At that price the stock would yield 1.64%.

Resetting the D4L-PreScreen.xls model and solving for the dividend growth rate needed to generate the target $500 NPV MMA Differential, the calculated rate is 8.9%. This dividend growth rate is significantly less than the 12.5% used in this analysis, thus providing a margin of safety. CL has a risk rating of 1.25 which classifies it as a low risk stock.

CL dominates the oral care category with a worldwide toothpaste market share of almost 45%. The company’s confidence in its growth prospects are reflected in it most recent dividend increase of 20.5%. Historically, the company has produced strong free cash flow. Its debt level has prevented me from purchasing the stock in the past. CL’s debt to total capital has been as high as 91% in 2002. Over the years the company has steadily decreased this ratio to its current 51%. Though it is still above the 51% I prefer, the trend is headed in the right direction and the company’s FCF payout is low enough to support continued debt reduction. I am looking to initiate a CL position in May. For additional information, including the stock’s dividend history, please refer to its data page.

Disclaimer: Material presented here is for informational purposes only. The above quantitative stock analysis, including the Star rating, is mechanically calculated and is based on historical information. The analysis assumes the stock will perform in the future as it has in the past. This is generally never true. Before buying or selling any stock you should do your own research and reach your own conclusion. See my Disclaimer for more information.

Full Disclosure: At the time of this writing, I held no position in CL (0.0% of my Income Portfolio). See a list of all my income holdings here.

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Each Sunday I highlight the Carnivals I participated in over the past week, along with any notable articles that I came across. For those readers not familiar with carnivals, it’s where personal finance bloggers submit their best articles of the week with one blog serving as the host. The entries are separated into various categories such as Investing, Credit, Debt, Budgeting, Frugality, Wealth Building, Money Management, Financial Planning, Insurance, Taxes, The Economy, Real Estate, et. al.

Below are the carnivals that I participated in this week, along with a link to my article:

• Festival of Stocks published: Lowe’s Companies, Inc. (LOW) Dividend Stock Analysis
• Carnival of Personal Finance published: Four Dividend Stocks Stepping Up In The Downturn
• Carnival of Money Hacks published: 5 Dividend Stocks Building Superior Long-Term Returns
• Carnival of Financial Planning published: 5 Dividend Stocks Building Superior Long-Term Returns

Articles I enjoyed reading included (in no particular order):

The DIV-Net Featured Articles

• Dividends4Life presented Stock Analysis: Colgate-Palmolive Company (CL)
• The Dividend Guy presented Daily Dividend Report
• Barel Karsan presented Short-Term Predictions
• Dividend Growth Investor presented United Technologies (UTX) Stock Analysis Technologies (UTX) Stock Analysis

Articles From DIV-Net Members

• The Dividend Guy presented A Dividend Increase is Not a Reason to Buy a Stock
• Dividend Growth Investor presented Living off dividends in retirement
• Barel Karsan presented Masking Poor Results
• moneygardener presented Procter & Gamble pays more
• The Div Guy presented 3 Stocks With 5% Yields
• Disciplined Approach to Investing presented Magnitude Of Rally Not In Uncharted Territory
• Old School Value presented Insider Buys vs Share Buybacks
• BuyLikeBuffett.com presented Warren Buffett’s Big Bets Continue To Pay Off
• 40percent 20years presented Clas Ohlson – Hardly any “old man shares”
• Value Walk presented The Royce Funds’ Jay Kaplan On Small-Caps, Value Investing, Dividends And More
• The Market Capitalist presented The best of both worlds – Dividend paying growth stocks

Other Articles

• SmartMoney presented Retire Cash-Rich: Diving for Dividends
• Wall Street Journal presented Another Way Dividends Can Boost Your Stock Portfolio
• Wealth Daily presented Warren Buffett’s Dividend Stock Strategy
• TheStreet.com presented Top 10 Dow Dividend Stocks
• StreetInsider.com presented Barron’s Names Five Dividend Stocks with Appreciation Potential
• Investopedia presented 7 Dividend Stocks Analysts Love
• Motley Fool presented These Stocks Have What You Want
• CNBC presented 9 Winning Dividend Stocks: Strategists

There are some really good articles here, please take time and read a few of them.

(Photo: Sachin Ghodke)

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After each quarter-end I review my asset allocation and year-to-date total returns by category. The attached PDF contains my actual asset allocation as of 2010-Q1. Below is a high-level summary of the information contained in the PDF:

Asset Allocation		Actual	Target	Diff.
Cash/Fixed Income		27.6%	28.0%	-0.4%
Equities-Domestic		38.7%	38.0%	0.7%
Equities-Internl		23.5%	24.0%	-0.5%
Employer Equity		10.2%	10.0%	0.2%
	Total	100.0%	100.0%
Cash/Fixed Income		27.6%	28.0%	-0.4%
Large Cap.		46.4%	48.0%	-1.6%
Small/Mid Cap.		15.8%	14.0%	1.8%
Employer Equity		10.2%	10.0%	0.2%
	Total	100.0%	100.0%

Asset Allocation

In the first quarter my asset allocation was reasonably close to my target. Currently the largest variances are between small cap stocks (over allocated 1.8%) and large cap stocks under allocated (under allocated 1.6%). These variances are well below my 2.5% tolerance, so I will adjusted them with future purchases.

2010-Q1 Performance

In the first quarter, the market continued to be kind to my portfolio. After trailing the S&P in 2009, my income stocks portfolio out-performed the S&P in the first quarter. Below are the YTD performances of various categories along with my S&P 500 benchmark (VFINX):

Portfolio	Wtd. Avg.	2010 YTD	2009	2008
Income Stocks	2.5%	8.3%	23.9%	-20.4%
Pocket Change (9/08)	16.2%	28.0%	21.1%	-7.3%
Income ETFs	-3.4%	7.9%	17.6%	-27.3%
Asset Allocation	1.7%	5.2%	31.0%	-28.4%
Mutual Funds	-4.8%	3.6%	26.4%	-38.0%
S&P 500 (VFINX)	-3.7%	5.8%	26.5%	-36.3%
BRK.B	-9.5%	33.7%	2.2%	-32.1%
Income Stocks vs S&P	6.2%	2.5%	-2.6%	15.9%
Income Stocks vs BRK	12.0%	-25.4%	21.7%	11.7%

When weighted with 2009 and 2008, all but my mutual funds out-performed the S&P. As I have previously stated, it is my desire to beat the S&P over the long-run, so I don’t pay a lot of attention to short-term performance either positive or negative.

Passive Income

For Q1/2010 my passive income averaged $812/month, down slightly from the $920/month in Q4. The decrease resulted from lower interest rates on cash holdings. The above amounts include all sources of passive income in my taxable accounts, primarily interest and dividends. It excludes my Roth IRA, 401(k) and blog income (which is not passive).

The next update will be in mid-July. As always, thanks for reading!

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With all the other investment strategies out there, why should investors consider dividend or income investing? There are a multitude of reasons to follow a dividend growth strategy. These include: investment stability, security of cash, continuous feedback, potential higher returns, low maintenance, et. al. But for me the most important reason is the inflation hedge that a growing dividend will provide in my retirement years.

Below are several companies building an inflation hedge for their shareholders by increasing their cash dividends:

TransMontaigne Partners (TLP) provides terminaling, storage and related services to petroleum related companies. April 16th the company increased its quarterly distribution 2% to $0.60/share. The distribution is payable on May 11, 2010 to unitholders of record on April 30, 2010. The ex-distribution date is April 28, 2010. The yield based on the new payout is 8.21%.

Citizens & Northern Corp. (CZNC) provides banking and mortgage services to individuals and corporate customers in Pennsylvania and New York. April 19th raised its quarterly dividend 12.5% to $0.09/share. The dividend is payable May 14, 2010 to shareholders of record as of May 3, 2010. The ex-dividend date is May 29. The yield based on the new payout is 2.94%.

Procter & Gamble (PG) is a leading consumer products company markets household and personal care products in more than 180 countries. April 19th the company increases its quarterly dividend 9.5% to $0.4818/share. The dividend is payable on or after May 17, 2010 to shareholders of record at the close of business on April 30, 2010. The ex-dividend date is April 28, 2010. PG is a Dividend Aristocrat and has raised its dividend for 54 consecutive years. The yield based on the new payout is 3.05%.

Magellan Midstream Partners (MMP) is engaged in the transportation, storage and distribution of refined petroleum products primarily through its 9,500-mile pipeline system. April 21st the partnership increases its quarterly distribution 1% to $0.72/share. The distribution is payable May 14 to unitholders of record at the close of business on May 7. The ex-dividend date is May 5, 2010. The yield based on the new payout is 6.00%.

Sonoco (SON) is a manufacturer of paper and plastic packaging products serves various industries. April 21st the company
raised its quarterly dividend 3.7% to $0.28/share. The dividend is payable June 10, 2010, to shareholders of record as of May 14, 2010. The ex-dividend date is May 12. The dividend yield moves from 3.26% to 3.38%. SON is a Dividend Achiever and has paid a higher dividend for 27 consecutive years. The yield based on the new payout is 3.42%.

Renaissance Learning (RLRN) company provides computer-based assessment and periodic progress monitoring technology for pre-kindergarten through senior high schools and districts in North America. April 21st the company raised its quarterly dividend 14% to $0.08/share. The dividend is payable June 1, 2010 to shareholders of record as of May 7, 2010. The ex-dividend date is May 5. The yield based on the new payout is 2.05%.

LSB Corp. (LSBX) provides various financial products and services to the general public primarily in Merrimack Valley in Massachusetts and New Hampshire. April 21st the company increased its quarterly dividend to $0.09/share. The yield based on the new payout is 2.73%.

Fidelity National (FNF) is a provider of title insurance, specialty insurance, claims management services and information services. April 21st the company increased its quarterly dividend to $0.18/share. The yield based on the new payout is 4.76%.

Kinder Morgan (KMP) is one of the largest pipeline master limited partnerships (MLPs) in the U.S. April 21st the partnership raised its quarterly distribution to$1.07/unit. KMP is a Dividend Achiever and has paid a higher dividend for 13 consecutive years. The yield based on the new payout is 6.29%.

Ensco (ESV) provides offshore contract drilling services to the oil and gas industry worldwide. April 22nd the company increased its dividend to $0.35/share. The dividend is payable on 18 June 2010 to holders of Ensco’s American depositary shares (ADSs) as of the 7 June 2010 record date. The ex-dividend date is June 3, 2010. The yield based on the new payout is 2.78%.

Johnson & Johnson (JNJ) is a leader in the pharmaceutical, medical device and consumer products industries. April 22nd the company increases its quarterly dividend 10.2% to $0.54/share. The dividend is payable on June 15, 2010 to shareholders of record as of June 1, 2010. The ex-dividend date is May 28, 2010. JNJ is a Dividend Aristocrat and has raised its dividend for 48 consecutive years. The yield based on the new payout is 3.33%. See detailed Analysis here.

Sensient Tech. (SXT) produces flavors, colors and fragrances for businesses operating in various industries, including food, pharmaceutical and personal care. April 22nd the company increased its quarterly dividend 5.3% to $0.20/share. The dividend is payable on June 1, 2010, to shareholders of record on May 6, 2010. The ex-dividend date is May 3. The yield based on the new payout is 2.53%.

Arch Coal (ACI) the second largest U.S. coal producer. April 22nd the company raised it quarterly dividend 11% to $0.10/share. The dividend is payable June 15 to shareholders of record on June 1. The ex-dividend date is May 28. The yield based on the new payout is 1.45%.

Artesian Resources Corp. (ARTNA) distributes and sells water to residential, commercial, industrial, governmental, municipal, and utility customers in the state of Delaware. April 22nd the company increases its quarterly dividend to $0.19/share. The dividend is payable on May 21, 2010 to shareholders of record at the close of business on May 7, 2010. The ex-dividend date is May 5, 2010. The yield based on the new payout is 4.19%.

J. M. Smucker (SJM) products include coffee, fruit spreads, peanut butter, shortening and oils, ice cream toppings, health and natural foods, and beverages. April 22nd the company increases its quarterly dividend 14% to $0.40/share. The dividend is payable on Tuesday, June 1, 2010, to shareholders of record at the close of business on Friday, May 14, 2010. The ex-dividend date is May 12, 2010. SMJ is a Dividend Achiever. The yield based on the new payout is 2.54%.

STMicroelectronics (STM) is a global semiconductor company makes various semiconductor integrated circuits and discrete devices. April 22nd the company increased its annual dividend to $0.28/share. The yield based on the new payout is 2.68%.

For a stock to be an effective inflation hedge it must raise its dividend each year in excess of the inflation rate. For a list of stocks with a long string of consecutive cash dividend increases, see this list.

Full Disclosure: Long PG, JNJ. See a list of all my income holdings here.

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Everyone loves a deal and loves getting something at a rock bottom price. Dividend investors are no different. However, as long-term buy-and-hold investors, we aren’t known for our ability (or desire) to time the market and call the bottom. That’s not to say we can’t enjoy the benefits of buying at the bottom. So, how does a long-term buy-and-hold investor accomplish this?

It is really quite simple if you employ a sound asset allocation model and systematically invest during the good times and the bad. Easy to say, and do, when things are going well, but many people have a hard time buying into a market that has been declining for an extended period of time. To the contrary, many investors sell their positions and move to cash when things look bad. Then move back into equities once they rise for a period of time. Sell at the bottom and buy at the top is not how to make money in the market.

Many observers point to March 2009, when the S&P hit its low, as the bottom of the most recent market downturn. If you were following a disciplined approach and bought that month, you most likely are sitting on some incredible gains. Consider the stocks I purchased in March 2009:

The Coca-Cola Company (KO) | Analysis
– March 2009 Price: $39.69
– Recent Price: $54.97 up 38.5%
– Current Yield: 3.2%
– Yield-on-cost: 4.4%

3M Co. (MMM)
– March 2009 Price: $47.88
– Recent Price: $83.76 up 74.9%
– Current Yield: 2.4%
– Yield-on-cost: 4.4%

Wal-Mart Stores Inc. (WMT) | Analysis
– March 2009 Price: $48.42
– Recent Price: $54.11 up 11.8%
– Current Yield: 2.2%
– Yield-on-cost: 2.5%

Buying at the bottom is great, but buying near the bottom isn’t bad either. Consider these stocks that I picked up in April 2009:

Abbott Laboratories (ABT) | Analysis
– April 2009 Price: $44.36
– Recent Price: $52.26 up 17.8%
– Current Yield: 3.3%
– Yield-on-cost: 4.0%

Chevron Corp. (CVX) | Analysis
– April 2009 Price: $68.97
– Recent Price: $80.75 up 17.1%
– Current Yield: 3.4%
– Yield-on-cost: 3.9%

McDonald’s Corp. (MCD) | Analysis
– April 2009 Price: $55.09
– Recent Price: $69.03 up 25.3%
– Current Yield: 3.2%
– Yield-on-cost: 4.0%

United Technologies Corp. (UTX) | Analysis
– April 2009 Price: $45.16
– Recent Price: $73.69 up 63.2%
– Current Yield: 2.1%
– Yield-on-cost: 3.8%

Granted, the technique works the other way also, in that systematically investing each month will guarantee you will buy at market highs (note I didn’t say at the top). Comfort can be taken in that every protracted downturn will eventually produce an absolute bottom (i.e. a point that will never be touched again). However, throughout history highs have constantly been exceeded. Thus, there are no true tops, only recent highs. Any long-term dividend investor will tell you that the yields are better at the bottom, so forgive me for smiling the next time the market crashes.

Full Disclosure: Long ABT, CVX, KO, MCD, MMM, UTX, WMT. See a list of all my income holdings here.

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• 38 Dividend Securities For A Well-Rounded Asset Allocation
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For those that just can’t get enough dividend stock news, I have just the fix for you! In January 2009 when I moved my flagship dividend site to Dividends Value, I was left with the question of what to do with my old site Dividends4Life. I thought eventually it would dry up and go away, but several hundred readers refused to leave, so I continued to post on Dividend4Life much of the same content that was found here. That really wasn’t really adding much value.

I am an ravenous reader consuming a significant number of dividend articles each day. Many I include in my weekly links article each Sunday. Like most articles I read, I don’t necessarily agree with everything written, but the articles are often thought provoking. A couple of weeks ago I started experimenting with posting a small excerpt from some of the more interesting articles on Dividends4Life along with a link to the full article. So far, this new format has been well received.

I invite you to check out Dividends4Life’s new format at: http://www.dividends4life.com/

You can subscribe to the RSS feed at: http://feedproxy.google.com/D4L-News

or

You can get a daily email at: http://feedburner.google.com/fb/a/mailverify?uri=D4L-News

All the above options are FREE of charge.  Please let me know what you think of Dividends4Life’s new format.

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This article originally appeared on The DIV-Net April 12, 2010.

Linked here is a detailed quantitative analysis of Wal-Mart Stores, Inc. (WMT). Below are some highlights from the above linked analysis:

Company Description: Wal-Mart Stores, Inc. is the largest retailer in North America. The company operates retail stores in various formats worldwide. It operates through three segments: Wal-Mart Stores, Sam’s Club, and International.

Fair Value: I consider four calculations of fair value, see page 2 of the linked PDF for a detailed description:

1. Avg. High Yield Price
2. 20-Year DCF Price
3. Avg. P/E Price
4. Graham Number

WMT is trading at a discount to 1.) and 3.) above. The stock is trading at a 6.3% discount to its calculated fair value of $58.75. WMT earned a Star in this section since it is trading at a fair value.

Dividend Analytical Data: In this section there are three possible Stars and three key metrics, see page 2 of the linked PDF for a detailed description:

1. Free Cash Flow Payout
2. Debt To Total Capital
3. Key Metrics
4. Dividend Growth Rate
5. Years of Div. Growth
6. Rolling 4-yr Div. > 15%

WMT earned two Stars in this section for 1.) and 2.) above. A Star was earned since the Free Cash Flow payout ratio was less than 60% and there were no negative Free Cash Flows over the last 10 years. The stock earned a Star as a result of its most recent Debt to Total Capital being less than 45%. The company has paid a cash dividend to shareholders every year since 1973 and has increased its dividend payments for 36 consecutive years.

Dividend Income vs. MMA: Why would you assume the equity risk and invest in a dividend stock if you could earn a better return in a much less risky money market account (MMA)? This section compares the earning ability of this stock with a high yield MMA. Two items are considered in this section, see page 2 of the linked PDF for a detailed description:

1. NPV MMA Diff.
2. Years to > MMA

WMT earned a Star in this section for its NPV MMA Diff. of the $823. This amount is in excess of the $500 target I look for in a stock that has increased dividends as long as WMT has. If WMT grows its dividend at 11.0% per year, it will take 7 years to equal a MMA yielding an estimated 20-year average rate of 3.98%

Other: WMT is a member of the S&P 500, a Dividend Aristocrat and a member of the Broad Dividend Achievers™ Index.

Conclusion: WMT earned one Star in the Fair Value section, earned two Stars in the Dividend Analytical Data section and earned one Star in the Dividend Income vs. MMA section for a total of four Stars. This quantitatively ranks WMT as a 4 Star-Buy.

Using my D4L-PreScreen.xls model, I determined the share price would need to increase to $63.32 before WMT’s NPV MMA Differential decreased to the $500 minimum that I look for in a stock with 36 years of consecutive dividend increases. At that price the stock would yield 1.91%.

Resetting the D4L-PreScreen.xls model and solving for the dividend growth rate needed to generate the target $500 NPV MMA Differential, the calculated rate is 9.7%. This dividend growth rate is less than the 11.0% used in this analysis, thus providing a margin of safety. WMT has a risk rating of 1.00 which classifies it as a low risk stock.

WMT enjoys dominant positions in most markets where it competes. The company continues to gain market share aided by the economic downturn as consumers choose WMT over higher-cost competitors and take advantage of its convenience. Its unmatched scale leads to favorable terms on everything from the products it sells to store leases and distribution agreements. These advantages are demonstrated in the company’s strong free cash flow of $3.63/share for FY 2010, up over 23% from FY 2009 and 2.7 times FY 2008’s comparative number of $1.33. The company recently announced an 11% increase in its cash dividend. Though its yield of 2.2% is less than my desired minimum of 2.25%, WMT is the type of company I want to own. I plan to add to my position this month while it is trading below my buy price of $58.75. For additional information, including the stock’s dividend history, please refer to its data page.

Disclaimer: Material presented here is for informational purposes only. The above quantitative stock analysis, including the Star rating, is mechanically calculated and is based on historical information. The analysis assumes the stock will perform in the future as it has in the past. This is generally never true. Before buying or selling any stock you should do your own research and reach your own conclusion. See my Disclaimer for more information.

Full Disclosure: At the time of this writing, I was long in WMT (1.8% of my Income Portfolio). See a list of all my income holdings here.

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Each Sunday I highlight the Carnivals I participated in over the past week, along with any notable articles that I came across. For those readers not familiar with carnivals, it’s where personal finance bloggers submit their best articles of the week with one blog serving as the host. The entries are separated into various categories such as Investing, Credit, Debt, Budgeting, Frugality, Wealth Building, Money Management, Financial Planning, Insurance, Taxes, The Economy, Real Estate, et. al.

Below are the carnivals that I participated in this week, along with a link to my article:

• Carnival of Personal Finance published: Increasing Dividend Yield Part VI: Time
• Carnival of Money Hacks published: 4 Dividend Stocks Acting Like a Money Machine

Articles I enjoyed reading included (in no particular order):

The DIV-Net Featured Articles

• Dividends4Life presented Stock Analysis: Wal-Mart Stores, Inc. (WMT)
• The Dividend Guy presented Dividend ETFs for Investors Looking for Yield
• Barel Karsan presented Risk Is Back
• Dividend Tree presented Intel – High Risk to Dividend Stock
• Dividend Growth Investor presented UHT Dividend Stock Analysis
• Buying Value presented Greek Default: A History or Failure

Articles From DIV-Net Members

• The Dividend Guy presented Why I Continue to Hold Procter & Gamble
• Dividend Growth Investor presented 16 Quality Dividend Stocks for the long run
• Barel Karsan presented Avoiding Stock Market Scams
• Dividend Tree presented Success Comes from Investing Discipline and Executing Your Ideas
• Buy Value presented Learning to Invest- Reading Buffett’s Letters
• Disciplined Approach to Investing presented Investors Continue Piling Into Bond Funds
• Old School Value presented Free Cash Flow Screen and Backtest
• BuyLikeBuffett.com presented Best Stocks For New Investors
• 40percent 20years presented Future millionaires & Serious interview with Stock Stinsen
• Value Walk presented Jacob Wolinsky Interviews Legendary Value Investor David Dreman
• The Market Capitalist presented Strategy & Investment Goals – Beyond Retirement

Other Articles

• Forbes presented Five Reasons To Sell A Dividend Stock
• Investing Daily presented The Best Stocks are Dividend Stocks
• NASDAQ presented The Best High Yield Dividend Stocks Now
• SmartMoney presented 3 Firms Forecast to Lift Dividends, Buybacks
• MoneyShow.com presented Endangered: High-Dividend Stocks
• Motley Fool presented 6 Dividend Winners for Patient Investors
• Wall Street Journal presented Make More on Your Cash

There are some really good articles here, please take time and read a few of them.

(Photo: Sachin Ghodke)

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The Pocket Change Portfolio (PCP) was first introduced on September 13, 2008 as a real money dividend income portfolio funded by the “pocket change” earned from my various online endeavors. Each month I report on the portfolio’s progress and update its holdings.

March Dividends Received

Total dividends received were $120.51 for the month. It consisted of:

• $7.39 Vanguard Intermediate Bond ETF (BIV)
• $4.62 Vanguard Long-Term Bond ETF (BLV)
• $16.66 Johnson & Johnson (JNJ) | Analysis
• $16.80 BP plc (BP)
• $8.71 Emerson Electric Co. (EMR) | Analysis
• $16.15 United Technologies Corp. (UTX) | Analysis
• $15.47 Consolidated Edison Inc. (ED)
• $18.70 McDonald’s Corp. (MCD) | Analysis
• $10.40 Harleysville Group Inc. (HGIC) | Analysis
• $5.61 Emerging Mkts Sovereign Debt (PCY)

The portfolio was up in February, for the year and since its inception. Online earnings in February surpassed the $6,000 mark for the first time. A large portion of the increase is a result of offering one-year subscription option for D4L-Premium Services. In addition to several new one-year subscriptions, many monthly subscribers moved to the annual plan. Traffic on Dividends Value was lower in February, compared to the January record volume.

March Dividend Stock Purchases

The following securities were purchased during the month:

• 24 shares Vanguard Long-Term Bond ETF (BLV) providing $95.04 in annual dividend earnings
• 46 shares Abbott Laboratories (ABT) providing $80.96 in annual dividend earnings [Analysis]
• 100 shares Leggett & Platt, Incorporated (LEG) providing $104.00 in annual dividend earnings [Analysis]

Annualized Dividend Income

Including the above purchases, my annual PCP dividend income is now $1,320.94 at the current dividend rates. This is up $279.08 from last month’s $1,041.86 amount. The PCP has never had a monthly decline in annualized dividend income.

Portfolio Returns

• Month: 2.61%
• Year-to-date: 4.31%
• Life-to-date: 17.96% (annualized)

My PCP holdings are always available by selecting the Holdings option from the menu in the header. The next PCP update will be mid-May.

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Have you ever pondered the concept of forever or infinity? It is truly mind boggling! What is even more astonishing is that when I buy a stock, my target holding period is forever. For most people, myself included, that is hard to grasp and to carry out. When things start going bad, our primal instinct of flight kicks in and we want to sell. In many cases, that is the time we should be buying. Holding a stock through an economic downturn is much easier when it pays a rising dividend.

Below are several companies giving their shareholders a reason not to sell by increasing their cash dividends:

Enterprise Products Partners (EPD) is an integrated provider of natural gas and natural gas liquids services, including processing, fractionation, storage, transportation, and terminalling. April 13th the partnership increased its quarterly distribution to $0.5675/unit. The quarterly distribution will be paid on Thursday, May 6, 2010, to unit holders of record as of the close of business on Friday, April 30, 2010. The ex-dividend date is April 28. The yield based on the new payout is 6.36%.

Genesis Energy (GEL) is a limited partnership focused on the midstream segment of the oil and gas industry in the Gulf Coast region of the United States. April 14th the partnership raised its quarterly distribution 8.9% over the first quarter 2009 to $0.3675/unit. The distribution will be paid on May 14, 2010, to Common Unitholders of record at the close of business on May 4, 2010. The ex-dividend date is April 30, 2010. The yield based on the new payout is 7.20%.

HB Fuller (FUL) is an international manufacturer of adhesives, sealants, paints and specialty construction products. April 15th the company increased its quarterly dividend 2.9% to $0.07/share. FUL is a Dividend Achiever and has raised its dividend for 41 consecutive years. The yield based on the new payout is 1.17%.

Donegal (DGICA) offers personal and commercial lines of insurance to businesses and individuals in 18 Mid-Atlantic, Midwestern and Southeastern states. April 15th the company raised its quarterly dividend 2.2% to $0.115/share. The dividend is payable May 17, 2010 to stockholders of record as of the close of business on May 3, 2010. The yield based on the new payout is 3.08%.

In addition to the above dividend raisers, the following Dividend Aristocrats declared regular quarterly cash dividends:

April 12th Walgreens (WAG) declared a quarterly dividend of $0.1375/share with a 1.5% yield. The dividend is payable June 12, 2010, to shareholders of record May 20, 2010. The ex-dividend date is May 6, 2010. [Analysis]

Pitney Bowes (PBI) on April 12 declared a quarterly dividend of $0.365/share with a 5.9% yield. The dividend is payable June 12, 2010, to shareholders of record on May 14, 2010. The ex-dividend date is May 12, 2010.

April 15th Consolidated Edison, Inc. (ED) declared a quarterly dividend of $0.595/share with a 5.3% yield. The dividend is payable June 15, 2010, to stockholders of record as of May 12, 2010. The ex-dividend date is May 10, 2010.

If you invest in good solid stocks that increase their dividends on a consistent basis, day-to-day share movements will not concern you. For a list of stocks with a long string of consecutive cash dividend increases, see this list.

Full Disclosure: Long ED. See a list of all my income holdings here.

(Photo Credit)

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I have often heard that a person’s character is determined by how they behave when no one else is looking and during difficult times. In much the same way, we can learn a lot about a company’s management when they face adversity. One metric I look at closely during a downturn is cash generation relative to earnings.

When looking at payout ratios, I prefer using a free cash flow payout instead of the traditional dividend payout based on GAAP earnings, which contains a lot of non-cash “noise.” Some sectors, such as consumer staples and pharmaceuticals, are expected to do well during a downturn.  For example, stocks such as Kimberly Clark Corp (KMB) and Abbott Laboratories (ABT) that sell products less dependent on economic conditions were able to grow both earnings and free cash flow between 2007 and 2009.  What about industrials and other cyclical stocks whose results are tied to the economy?

One sign of a great management team is the ability to increase free cash flow when earnings are falling. Below are some companies that accomplished this feat over the last couple of years:

Commerce Bancshares (CBSH) | Yield: 2.20%
– Earnings (2007/2009): $2.56/$2.07
– Free Cash Flow (2007/2009): $3.68/$5.74
– Years of Consecutive Dividend Increases: 42

Emerson Electric Co. (EMR) | Analysis | Yield: 2.24%
– Earnings (2007/2009): $2.66/$2.27
– Free Cash Flow (2007/2009): $2.90/$3.37
– Years of Consecutive Dividend Increases: 53

Lowe’s Companies, Inc. (LOW) | Analysis | Yield: 1.40%
– Earnings (2007/2009): $1.99/$1.49
– Free Cash Flow (2007/2009): $0.38/$0.58
– Years of Consecutive Dividend Increases: 47

3M Co. (MMM) | Yield: 2.50%
– Earnings (2007/2009): $5.06/$4.89
– Free Cash Flow (2007/2009): $3.51/$4.33
– Years of Consecutive Dividend Increases: 51

The ability of a company to grow its dividend throughout the economic cycle is highly dependent on the management’s ability to generate cash in a downturn. This doesn’t just happen. Management must be proactive and guide the company down a path that it otherwise would not go. Working capital must be a focus with inventories lowered, receivables aggressively pursued and payables stretched out to their maximum term. Another focus is deferring replacement capital without jeopardizing safety and long-term viability. It is all a delicate balancing act, requiring intimate knowledge of the company.

Often running a business for cash is detrimental to short-term GAAP earnings. For example, when when you produce less inventory than you are selling, you experience lower fixed cost absorption which increases current expenses, but also increases cash flow. Smart analysts understand this and focus on cash, not GAAP earnings.

Full Disclosure: No position in the aforementioned securities. See a list of all my income holdings here.

(Photo: Steve Woods)

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