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At a time when investors are clamoring for income, U.S. corporations remain too stingy with dividends.
The benchmark Standard & Poor's 500 index has a dividend yield of just 2%, one of the lowest of any major global market. European stocks yield an average of nearly 5%, and even the historically low-yielding Japanese stock market pays 2.5%.
American companies have the wherewithal to raise dividends because profits are at record levels and the payout ratio—the percentage of profits paid out in dividends—is near an all-time low at 28%. It has averaged 40% over the past 20 years.
Most companies can afford to pay at least a 2% dividend, and many big companies are capable of paying close to 4%. Among them are ExxonMobil xom -0.5047029135122735% Exxon Mobil Corp. U.S.: NYSE USD86.74 -0.44 -0.5047029135122735% /Date(1425592809204-0600)/ Volume (Delayed 15m) : 12010210 AFTER HOURS USD86.79 0.0500000000000114 0.057643532395665206% Volume (Delayed 15m) : 517371 P/E Ratio 11.423228372380915 Market Cap 365693070371.915 Dividend Yield 3.181922988240719% Rev. per Employee 4357980 More quote details and news » (ticker: XOM), Microsoft msft 0.1277435837881779% Microsoft Corp. U.S.: Nasdaq USD43.11 0.055 0.1277435837881779% /Date(1425592800208-0600)/ Volume (Delayed 15m) : 22788480 AFTER HOURS USD43.04 -0.0700000000000003 -0.16237531895151938% Volume (Delayed 15m) : 405061 P/E Ratio 17.244 Market Cap 353213972405.94 Dividend Yield 2.876362792855486% Rev. per Employee 728656 More quote details and news » (MSFT), Apple aapl -1.6570717286447798% Apple Inc. U.S.: Nasdaq USD126.41 -2.13 -1.6570717286447798% /Date(1425592800730-0600)/ Volume (Delayed 15m) : 55944511 AFTER HOURS USD126.15 -0.25 -0.20567993038525434% Volume (Delayed 15m) : 572635 P/E Ratio 16.92235609103079 Market Cap 748713074838.728 Dividend Yield 1.4872241120164544% Rev. per Employee 2153110 More quote details and news » (AAPL), Wal-Mart Stores wmt 1.1988374909178978% Wal-Mart Stores Inc. U.S.: NYSE USD83.57 0.99 1.1988374909178978% /Date(1425592854406-0600)/ Volume (Delayed 15m) : 5709847 AFTER HOURS USD83.6 0.0300000000000011 0.03589804953930836% Volume (Delayed 15m) : 287675 P/E Ratio 16.483234714003945 Market Cap 266171031263.165 Dividend Yield 2.3453392365681465% Rev. per Employee 220750 More quote details and news » (WMT) and Google goog 0.3418386033451349% Google Inc. Cl C U.S.: Nasdaq USD575.33 1.96 0.3418386033451349% /Date(1425592800234-0600)/ Volume (Delayed 15m) : 1357570 AFTER HOURS USD576.2 0.870000000000004 0.15121756209479778% Volume (Delayed 15m) : 28248 P/E Ratio 28.3899078720769 Market Cap 391934926070.48 Dividend Yield N/A Rev. per Employee 1228170 More quote details and news » (GOOG). In the banking sector, regulatory constraints are keeping a lid on dividends, but a capital-rich JPMorgan Chase jpm -0.20923869306293255% JPMorgan Chase & Co. U.S.: NYSE USD62 -0.13 -0.20923869306293255% /Date(1425592933104-0600)/ Volume (Delayed 15m) : 10738178 AFTER HOURS USD62.02 0.00999999999999801 0.03225806451612903% Volume (Delayed 15m) : 193084 P/E Ratio 11.632270168855534 Market Cap 231640089944.182 Dividend Yield 2.5806451612903225% Rev. per Employee 403805 More quote details and news » (JPM) could get the go-ahead to lift its dividend to almost 4% this year.
A 4% dividend seems to resonate with investors who are willing to pay premium prices for companies with high yields. Some of the strongest S&P 500 industry groups last year—utilities, consumer staples and drugs—had some of the index's highest yields.
During 2011, high-dividend payers were the top-performing group in the S&P 500, with the top 50 yielders at the start of 2011—all with 4%-plus yields—returning more than 8% (not including dividends), compared with a flat showing for the entire index, according to Birinyi Associates.
"This is a market environment where dividend-paying stocks in and outside the technology sector have outperformed," says Toni Sacconaghi, technology analyst at Sanford Bernstein. "Investors increasingly value dividends in their assessment of stocks." He says that Apple, which pays no dividend, could pay 4% and still add considerably to its market-leading cash hoard of $81 billion.
The tables nearby list 10 stocks with low or no dividends that could initiate or lift their payouts, including Exxon, Google, Apple and Berkshire Hathaway brka 0.8675992132786795% Berkshire Hathaway Inc. Cl A U.S.: NYSE USD219500 1888 0.8675992132786795% /Date(1425592812292-0600)/ Volume (Delayed 15m) : 297 AFTER HOURS USD223300 1.7312072892938497% Volume (Delayed 15m) : 1 P/E Ratio 17.424783678653647 Market Cap 359649095120.959 Dividend Yield N/A Rev. per Employee 54804.6 More quote details and news » (BRKA), and 10 with yields of 4% or more. The companies on the second list, including Merck mrk 0.17277125086385625% Merck & Co. Inc. U.S.: NYSE USD57.98 0.1 0.17277125086385625% /Date(1425593068545-0600)/ Volume (Delayed 15m) : 11335516 AFTER HOURS USD58 0.0200000000000031 0.03449465332873405% Volume (Delayed 15m) : 198559 P/E Ratio 31.34054054054054 Market Cap 164274620541.283 Dividend Yield 3.104518799586064% Rev. per Employee 555750 More quote details and news » (MRK), Pfizer pfe -0.4907621247113164% Pfizer Inc. U.S.: NYSE USD34.47 -0.17 -0.4907621247113164% /Date(1425592947693-0600)/ Volume (Delayed 15m) : 22308411 AFTER HOURS USD34.54 0.0700000000000003 0.20307513780098638% Volume (Delayed 15m) : 1142604 P/E Ratio 24.067867616254713 Market Cap 212303532782.681 Dividend Yield 3.249202204815782% Rev. per Employee 638417 More quote details and news » (PFE), Waste Management wm -0.3383011794824906% Waste Management Inc. U.S.: NYSE USD54.5 -0.185 -0.3383011794824906% /Date(1425593126646-0600)/ Volume (Delayed 15m) : 2026238 AFTER HOURS USD54.4231 -0.076900000000002 -0.14110091743119266% Volume (Delayed 15m) : 28173 P/E Ratio 19.326241134751772 Market Cap 25284178308.9819 Dividend Yield 2.8256880733944953% Rev. per Employee 351859 More quote details and news » (WM) and American Electric Power aep 0.8837044892188052% American Electric Power Co. Inc. U.S.: NYSE USD57.08 0.5 0.8837044892188052% /Date(1425593056557-0600)/ Volume (Delayed 15m) : 2291521 AFTER HOURS USD57.08 % Volume (Delayed 15m) : 28344 P/E Ratio 17.038805970149255 Market Cap 27702757200.8441 Dividend Yield 3.714085494043448% Rev. per Employee 917877 More quote details and news » (AEP), have sustainable dividends and reasonable price/earnings ratios.
The biggest potential for dividend increases lies in the tech sector, which has the lowest yield of any industry group in the S&P 500 at 1.1%. Many companies, including cash-rich Google, eBay ebay 1.3205282112845138% eBay Inc. U.S.: Nasdaq USD59.08 0.77 1.3205282112845138% /Date(1425592800232-0600)/ Volume (Delayed 15m) : 6788646 AFTER HOURS USD59.05 -0.0300000000000011 -0.05077860528097495% Volume (Delayed 15m) : 94540 P/E Ratio 2954 Market Cap 70557842060.9166 Dividend Yield N/A Rev. per Employee 491452 More quote details and news » (EBAY), Dell (DELL) and Amazon.com amzn 1.3351797658862876% Amazon.com Inc. U.S.: Nasdaq USD387.83 5.11 1.3351797658862876% /Date(1425592800022-0600)/ Volume (Delayed 15m) : 2647730 AFTER HOURS USD388.3 0.470000000000027 0.12118711806719439% Volume (Delayed 15m) : 45788 P/E Ratio N/A Market Cap 177729046074.688 Dividend Yield N/A Rev. per Employee 577469 More quote details and news » (AMZN), pay no dividends, while others, like Oracle orcl 0.4356798899335015% Oracle Corp. U.S.: NYSE USD43.8 0.19 0.4356798899335015% /Date(1425592919614-0600)/ Volume (Delayed 15m) : 10864073 AFTER HOURS USD43.77 -0.029999999999994 -0.0684931506849315% Volume (Delayed 15m) : 119473 P/E Ratio 17.950819672131146 Market Cap 191507525727.153 Dividend Yield 1.095890410958904% Rev. per Employee 318205 More quote details and news » (ORCL) and Cisco Systems csco -0.10228435049437436% Cisco Systems Inc. U.S.: Nasdaq USD29.3 -0.03 -0.10228435049437436% /Date(1425592800204-0600)/ Volume (Delayed 15m) : 17737867 AFTER HOURS USD29.3 % Volume (Delayed 15m) : 247159 P/E Ratio 17.337278106508876 Market Cap 149721987720.891 Dividend Yield 2.8668941979522184% Rev. per Employee 649402 More quote details and news » (CSCO), yield just 1%. Other industries with the potential for higher dividends are media, managed care, asset management and biotechnology.
This could be the year Apple starts offering a dividend, because CEO Tim Cook seems willing to consider it, telling investors last year: "I'm not religious about holding cash." Perhaps reflecting the company's early struggles, co-founder Steve Jobs never liked parting with cash. But Apple's cash is growing so rapidlyit could hit $100 billion at the end of the current quarter and $150 billion sometime next year without any action.
EVERY CEO WANTS a higher stock price, and dividends may be a better route than buybacks. "It's almost like dividend-paying stocks are their own asset class and trade at higher multiples than non-dividend-paying stocks," says Tavis McCourt, a technology analyst at Morgan Keegan. He has urged tech companies to boost their dividends.
Companies with high and sustainable dividends are often valued more like bonds than stocks, partly because 4% and 5% dividend yields often are higher than the rates on many corporate bonds.
"The marginal buyer of telecom stocks has been a fixed-income buyer," says Craig Moffett, a Bernstein cable-TV and telecom analyst. "The stocks are priced to a yield with almost no attention to traditional valuation measures like P/E ratios." Moffett notes that Verizon Communications vz -0.30568575504381496% Verizon Communications Inc. U.S.: NYSE USD48.92 -0.15 -0.30568575504381496% /Date(1425592882531-0600)/ Volume (Delayed 15m) : 9446178 AFTER HOURS USD48.9 0.0300000000000011 -0.04088307440719542% Volume (Delayed 15m) : 207272 P/E Ratio 19.41269841269841 Market Cap 203905879259.214 Dividend Yield 4.497138184791496% Rev. per Employee 716746 More quote details and news » (VZ), at $39, has benefited greatly from its 5% yield and trades at 15 times estimated 2012 profits, an unusually large premium to the S&P 500, which fetches a 12 P/E. Verizon's payout ratio is high at 80%.
Formerly stodgy utility stocks like Southern Co. so 0.4238233325897836% Southern Co. U.S.: NYSE USD45.02 0.19 0.4238233325897836% /Date(1425593070448-0600)/ Volume (Delayed 15m) : 5297556 AFTER HOURS USD45.03 0.00999999999999801 0.02221235006663705% Volume (Delayed 15m) : 127829 P/E Ratio 20.463636363636365 Market Cap 40338617912.2552 Dividend Yield 4.664593513993781% Rev. per Employee 703384 More quote details and news » (SO) now are popular with investors thanks to 4%-plus yields. Southern is up 20% in the past year to $46, and trades for 17 times projected 2012 profits. It has a P/E ratio that exceeds nearly all major tech stocks despite annual earnings growth of just 3%.
While some wonder if dividend investing is a fad, the strategy probably has staying power. Bonds yield little, and short-term rates are near zero, leaving individuals with few places to find yield. Demographics favor income investing; millions of baby boomers retire each year, and they want income to supplement Social Security and minimize the drawdown of retirement assets.
Opportunities are limited in the bond market, with Treasuries topping out at 3% and high-quality 30-year municipals at only 3.5% after a sharp rally in recent months. These yields are near the lows of the past 50 years.
Investors are pouring cash into income-oriented equity-mutual funds while money has come out of most U.S. stock funds. Equity-income funds took in $31 billion last year, while U.S. equity funds overall lost $79 billion in 2011, Morningstar data show. Dividend-oriented exchange-traded funds like Vanguard Dividend Appreciation vig 0.2798053527980535% Vanguard Dividend Appreciation ETF U.S.: NYSE Arca 82.43 0.23 0.2798053527980535% /Date(1425592800242-0600)/ Volume (Delayed 15m) : 656398 AFTER HOURS 82.43 % Volume (Delayed 15m) : 69 P/E Ratio N/A Market Cap N/A Dividend Yield 2.222491811233774% Rev. per Employee N/A More quote details and news » (VIG), iShares Dow Jones Select Dividend Index dvy 0.20364006618302152% iShares Select Dividend ETF U.S.: NYSE Arca 78.73 0.16 0.20364006618302152% /Date(1425592800259-0600)/ Volume (Delayed 15m) : 784425 AFTER HOURS 78.73 % Volume (Delayed 15m) : 51 P/E Ratio N/A Market Cap N/A Dividend Yield 3.151408611710911% Rev. per Employee N/A More quote details and news » (DVY) and SPDR S&P Dividend sdy 0.2540327702273593% SPDR S&P Dividend ETF U.S.: NYSE Arca 78.93 0.2 0.2540327702273593% /Date(1425592800204-0600)/ Volume (Delayed 15m) : 891829 AFTER HOURS 78.8633 -0.0667000000000115 -0.08450525782338782% Volume (Delayed 15m) : 330 P/E Ratio N/A Market Cap N/A Dividend Yield 2.5698517673888257% Rev. per Employee N/A More quote details and news » (SDY) grew sharply in assets last year.
Value and income-oriented institutional investors own little Apple stock, despite its reasonable forward P/E of 11. Sacconaghi says that investors wonder why Apple's P/E ratio is low, given its high growth rate, and he thinks a key reason is that the company's refusal to pay a dividend limits its investor base. "Apple could attract significant classes of incremental investors by paying a dividend," he maintains.
MANY EXECUTIVES are understandably cautious about paying big dividends after the searing experience of 2008 and 2009, when a quarter of the companies in the S&P 500 were forced to cut payouts. Yet managements may be making a mistake now in favoring share buybacks. Even with the problem posed by the repatriation of foreign income, companies generally have plenty of U.S. profits to pay nice dividends.
Within the S&P 500, companies are spending more than $2 on buybacks for every dollar in dividends, according to S&P data. That split ought to change. Companies should consider returning as least as much in dividends as buybacks. The S&P 500 is valued at about 12 times projected 2012 profits. If companies adopted an average 40% payout ratio, the index's yield would be 3.3%, versus 2% now.
Investors have welcomed corporate moves to lift dividends to about 4% or more. General Electric ge 0.6235385814497272% General Electric Co. U.S.: NYSE USD25.82 0.16 0.6235385814497272% /Date(1425592864734-0600)/ Volume (Delayed 15m) : 27435891 AFTER HOURS USD25.82 % Volume (Delayed 15m) : 937880 P/E Ratio 17.632998702451683 Market Cap 258265593073.592 Dividend Yield 3.563129357087529% Rev. per Employee 481469 More quote details and news » (GE), Intel intc -1.1430246189917936% Intel Corp. U.S.: Nasdaq USD33.73 -0.39 -1.1430246189917936% /Date(1425592800383-0600)/ Volume (Delayed 15m) : 20833309 AFTER HOURS USD33.71 -0.019999999999996 -0.059294396679513785% Volume (Delayed 15m) : 392498 P/E Ratio 14.054166666666667 Market Cap 161592314941.406 Dividend Yield 2.846131040616662% Rev. per Employee 523618 More quote details and news » (INTC) and magazine publisher Meredith mdp -2.4512534818941503% Meredith Corp. U.S.: NYSE USD52.53 -1.32 -2.4512534818941503% /Date(1425592922390-0600)/ Volume (Delayed 15m) : 246952 AFTER HOURS USD52.53 % Volume (Delayed 15m) : 2458 P/E Ratio 18.303135888501743 Market Cap 2416611987.92915 Dividend Yield 3.4837235865219873% Rev. per Employee 424527 More quote details and news » (MDP) all have seen their stocks benefit from marked dividend increases. Meredith is up 27% since it boosted its dividend 50% in October.
There's truth to the old line that buybacks favor sellers of a stock, while dividends benefit holders. Many institutions favor buybacks because they believe repurchases will push up stock prices and performance and make portfolio managers look good.
Yet companies often buy stock when times are flush—and their stock prices are high—and then regret those actions in downturns. Sears Holdings shld 0.9907359752959342% Sears Holdings Corp. U.S.: Nasdaq USD39.245 0.385 0.9907359752959342% /Date(1425592800057-0600)/ Volume (Delayed 15m) : 445007 AFTER HOURS USD39.245 % Volume (Delayed 15m) : 17044 P/E Ratio N/A Market Cap 4138901070.71411 Dividend Yield N/A Rev. per Employee 125293 More quote details and news » (SHLD), Eastman Kodak, New York Times nyt -0.8064516129032258% New York Times Co. Cl A U.S.: NYSE USD13.53 -0.11 -0.8064516129032258% /Date(1425593048654-0600)/ Volume (Delayed 15m) : 718841 AFTER HOURS USD13.53 % Volume (Delayed 15m) : 7251 P/E Ratio 58.80052151238592 Market Cap 2270986412.82563 Dividend Yield 1.1825572801182558% Rev. per Employee 442734 More quote details and news » (NYT), Cisco and Goldman Sachs gs 0.2161649180155006% Goldman Sachs Group Inc. U.S.: NYSE USD190.08 0.41 0.2161649180155006% /Date(1425592940728-0600)/ Volume (Delayed 15m) : 1292687 AFTER HOURS USD189 -1 -0.5681818181818182% Volume (Delayed 15m) : 37385 P/E Ratio 10.796626054358013 Market Cap 82624234689.1095 Dividend Yield 1.2626262626262625% Rev. per Employee 1079350 More quote details and news » (GS) all overpaid for their shares. Warren Buffett has said companies should buy back shares only when they trade at a marked discount to intrinsic value.
A dividend imposes discipline on managements that could otherwise spend heavily on acquisitions or buybacks. While institutions often urge big buybacks on conference calls, individual investors are voting for dividends.
"Technology companies view dividends as a sign of weakness and limited growth opportunities, but the very best businesses don't need much capital to grow," says Ken Broad, portfolio manager of the Delaware Smid Cap Growth Fund. "Apple is an exemplar of that." Companies like Coca-Cola ko -0.23529411764705882% Coca-Cola Co. U.S.: NYSE USD42.4 -0.1 -0.23529411764705882% /Date(1425592829262-0600)/ Volume (Delayed 15m) : 9002114 AFTER HOURS USD42.45 0.0500000000000043 0.1179245283018868% Volume (Delayed 15m) : 220846 P/E Ratio 26.17283950617284 Market Cap 185565375976.563 Dividend Yield 3.1132075471698113% Rev. per Employee 355503 More quote details and news » (KO), Procter & Gamble pg 0.33195020746887965% Procter & Gamble Co. U.S.: NYSE USD84.63 0.28 0.33195020746887965% /Date(1425592947142-0600)/ Volume (Delayed 15m) : 5577050 AFTER HOURS USD84.63 % Volume (Delayed 15m) : 337146 P/E Ratio 24.773139745916517 Market Cap 227788015203.079 Dividend Yield 3.0419473000118162% Rev. per Employee 692110 More quote details and news » (PG), Johnson & Johnson jnj 0.8558780127889818% Johnson & Johnson U.S.: NYSE USD102.52 0.87 0.8558780127889818% /Date(1425592850259-0600)/ Volume (Delayed 15m) : 7893871 AFTER HOURS USD102.66 0.13000000000001 0.13655872024970736% Volume (Delayed 15m) : 148465 P/E Ratio 17.993993763553146 Market Cap 290435670725.638 Dividend Yield 2.7311744049941473% Rev. per Employee 580258 More quote details and news » (JNJ) and Merck historically have been able to generate steady annual profit growth while paying out half their profits in dividends.
It's notable that a dividend leader in tech, Intel, also is one of the most capital-intensive. If Intel can pay a 3.2% dividend, others should be able to follow. Seagate Technology stx 0.6112258953168044% Seagate Technology PLC U.S.: Nasdaq USD58.435 0.355 0.6112258953168044% /Date(1425592800094-0600)/ Volume (Delayed 15m) : 3454570 AFTER HOURS USD58.93 0.494999999999997 0.847095062890391% Volume (Delayed 15m) : 19895 P/E Ratio 12.620950323974082 Market Cap 19069872378.5486 Dividend Yield 3.6964148198853426% Rev. per Employee 272322 More quote details and news » (STX), the disk-drive maker, also is capital-intensive, and it surprised Wall Street by instituting a 5% dividend last year. Says CEO Steve Luczo: "We have had significant positive support from our investor base, as well as a shift to more longer-term holders as a result of our dividend policy." McCourt says that cash-rich companies like Cisco made a mistake in setting low initial dividends. He says dividends must be at least 2% to matter to investors.
Google, like Apple, has a huge amount of net cash, some $40 billion, and has shown no desire to share it with holders. That may be hurting its stock price, which is down in the past year, despite robust profit growth, amid investor concern about capital discipline after such moves as its coming $12.5 billion purchase of Motorola Mobility, the cellphone maker, and its $2 billion buy of a Manhattan office building.
Big media companies such as Time Warner, twx 0.21665864227250842% Time Warner Inc. U.S.: NYSE USD83.26 0.18 0.21665864227250842% /Date(1425592825936-0600)/ Volume (Delayed 15m) : 3167757 AFTER HOURS USD83.4676 0.207599999999999 0.24933941868844584% Volume (Delayed 15m) : 266967 P/E Ratio 18.922727272727272 Market Cap 68999767009.0124 Dividend Yield 1.6814797021378813% Rev. per Employee 1068710 More quote details and news » (TWX), CBS cbs -1.456932436759526% CBS Corp. Cl B U.S.: NYSE USD61.55 -0.91 -1.456932436759526% /Date(1425592830548-0600)/ Volume (Delayed 15m) : 6660717 AFTER HOURS USD61.55 % Volume (Delayed 15m) : 75875 P/E Ratio 24.38492928172418 Market Cap 31098949215.5197 Dividend Yield 0.974817221770918% Rev. per Employee 601831 More quote details and news » (CBS), Disney dis -0.5115089514066496% Walt Disney Co. U.S.: NYSE USD105.03 -0.54 -0.5115089514066496% /Date(1425593156245-0600)/ Volume (Delayed 15m) : 3890743 AFTER HOURS USD105 -0.0300000000000011 -0.028563267637817767% Volume (Delayed 15m) : 63983 P/E Ratio 23.083516483516483 Market Cap 179422864154.186 Dividend Yield 1.094925259449681% Rev. per Employee 276561 More quote details and news » (DIS) and Viacom viab -0.7338413773638159% Viacom Inc. Cl B U.S.: Nasdaq USD70.34 -0.52 -0.7338413773638159% /Date(1425592800022-0600)/ Volume (Delayed 15m) : 2374116 AFTER HOURS USD70.34 % Volume (Delayed 15m) : 121468 P/E Ratio 12.696750902527075 Market Cap 28769501565.0147 Dividend Yield 1.8765993744668752% Rev. per Employee 1407070 More quote details and news » (VIAB) should be paying higher dividends, according to Anthony DiClemente, a Barclays Capital analyst. "Media managers are afraid of the signaling effect, and they're slow to concede that their companies aren't the high-growth companies they used to be," he says. DiClemente says they can afford higher payouts, because they generate a lot of free cash flow, and their businesses are less exposed to volatile advertising, as they get more revenue from subscription fees for their cable networks.
Disney recently lifted its dividend by 50%, but it still yields only 1.5%. CBS yields 1.4%; Viacom, 2.1%, Discovery Communications disca -0.7100591715976331% Discovery Communications Inc. Series A U.S.: Nasdaq USD33.56 -0.24 -0.7100591715976331% /Date(1425592800222-0600)/ Volume (Delayed 15m) : 2593251 AFTER HOURS USD33.55 -0.0100000000000051 -0.029797377830750895% Volume (Delayed 15m) : 8874 P/E Ratio 12.267875420383097 Market Cap 14385566086.512 Dividend Yield N/A Rev. per Employee 921323 More quote details and news » (DISCA), nothing, and Time Warner 2.5%. "There is definitely an appetite for dividends in the investment community, and we don't have it in the media space," he says, save Time Warner. Some companies, particularly Viacom, emphasize stock buybacks.
DiClemente thinks dividends should be higher across the board,with CBS and Time Warner lifting theirs to 4%, and Disney and News Corp. nwsa 0.029256875365710942% News Corp Cl A U.S.: Nasdaq USD17.095 0.005 0.029256875365710942% /Date(1425592800230-0600)/ Volume (Delayed 15m) : 2175212 AFTER HOURS USD17.095 % Volume (Delayed 15m) : 17345 P/E Ratio 37.98888888888889 Market Cap 9830781688.6995 Dividend Yield N/A Rev. per Employee 395182 More quote details and news » (NWSA) going above 2%. News Corp., publisher of Barron's, has one of the group's lowest yields: 1%. Time Warner Cable twc 0.22223633246555338% Time Warner Cable Inc. U.S.: NYSE USD157.84 0.35 0.22223633246555338% /Date(1425592817476-0600)/ Volume (Delayed 15m) : 1843318 AFTER HOURS USD157.84 % Volume (Delayed 15m) : 73502 P/E Ratio 21.891816920943135 Market Cap 44238941581.7871 Dividend Yield 1.900658895083629% Rev. per Employee 416277 More quote details and news » (TWC) pays 2.8% and Cablevision cvc -2.0031628887717448% Cablevision Systems Corp. U.S.: NYSE USD18.59 -0.38 -2.0031628887717448% /Date(1425592928435-0600)/ Volume (Delayed 15m) : 3360036 AFTER HOURS USD18.59 % Volume (Delayed 15m) : 6657 P/E Ratio 15.754237288135593 Market Cap 5201871184.09721 Dividend Yield 3.2275416890801507% Rev. per Employee 420388 More quote details and news » (CVC), 4%. Look for cable giant Comcast cmcsa -0.17375475757074302% Comcast Corp. Cl A U.S.: Nasdaq USD60.325 -0.105 -0.17375475757074302% /Date(1425592800128-0600)/ Volume (Delayed 15m) : 10866210 AFTER HOURS USD60.151 -0.174 -0.28843762950683793% Volume (Delayed 15m) : 215157 P/E Ratio 18.618827160493826 Market Cap 154302782677.625 Dividend Yield 1.6576875259013677% Rev. per Employee 494784 More quote details and news » (CMCSA) to boost its dividend next month, perhaps by 20%. It now yields just 1.7%.
Biotech giant Amgen amgn 0.25755386644889755% Amgen Inc. U.S.: Nasdaq USD159.6 0.41 0.25755386644889755% /Date(1425592800005-0600)/ Volume (Delayed 15m) : 2363081 AFTER HOURS USD159.6 % Volume (Delayed 15m) : 107818 P/E Ratio 23.50515463917526 Market Cap 120803088095.974 Dividend Yield 1.9799498746867168% Rev. per Employee 1119270 More quote details and news » (AMGN) more resembles Pfizer than a startup, yet its 2% yield is half that of major drug companies. ExxonMobil pays 2.2%, the lowest among major energy stocks. It has long favored buybacks, but should consider a more balanced approach. Royal Dutch Shell rdsa -0.9218054672600127% Royal Dutch Shell PLC ADS Cl A U.S.: NYSE USD62.34 -0.58 -0.9218054672600127% /Date(1425593131352-0600)/ Volume (Delayed 15m) : 2564662 AFTER HOURS USD62.58 0.239999999999995 0.3849855630413859% Volume (Delayed 15m) : 67344 P/E Ratio 12.735184163755592 Market Cap 201479770821.354 Dividend Yield 6.03144048764838% Rev. per Employee 4558660 More quote details and news » (RDSA) is the polar opposite, with a 4.8% payout and no buybacks.
Even Berkshire Hathaway should weigh a dividend, given its ample earnings. CEO Warren Buffett has been cool to the idea, because he'd prefer to invest Berkshire's earnings and has a phenomenal record doing so.
Yet Berkshire probably will pay a dividend—a sizable one—in the post-Buffett era when the Gates Foundation, the recipient of most of Buffett's holdings, will want income to meet annual spending requirements for charitable institutions. Starting small, with a dividend of 2%, could broaden the investor base and drive up the shares, which have been laggards in recent years.
E-mail: email@example.com


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COMMISSIONUPDATE: For me to give you all the best service, i would like to request that if you want me to do commission pls email it directly to my hotmail account : firstname.lastname@example.com to centralize request and to avoid unanswered queries.. I would like to beg for apology for unanswered comments and notes lately for i have experienced ISP problem for more than one month and was recently just restored.. For those whom i accepted commissions kindly wait for updates that i am going to send in your emails, i am sorry for the delay i am working on it to give you the piece as soon as possible..thank you for bearing with me Username:E-mail Account: [Please provide your E-mail address for contact purposes.]Type: [Bust / Full-body / Chibi]Number of Characters:Reference(s):Background: [Yes/No] If yes, put in a d
Creature portrait commissionsHi everyone!I've got some free time on my hands for the next couple of days, so I've decided to take few commissions. I'll be doing digital creature portraits, 15$ per drawing.Comment here or send me a note Thanks ^^
COMMISSION INFO (Updated)HOWDY!! I'M OPEN FOR COMMISSION! ^u^PLEASE READ THIS FIRST 1. I have different art style, please browse my gallery first http://ria-chan143.deviantart.com/gallery/ and pick what kind of art style you prefer on your commission. If you did not, I would try to imitate the art style on the reference you will provide or if it is from an original anime/manga of course it wont be 100%.2. I only accept cash through paypal.3. I do not accept payments in advance, once you send me your commission details, I will put you on the wait list and once I'm ready to work on your commission I will inform you via note and ask you to send the payment on my PAYPAL.4. I will show you a sketch for revision. I will only show the sketch once I get the full payment. 5. All artworks will be

subset: commoncrawl


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RACE EVENT TIMING - Carolina Running Company (CRC) is a race event timing company serving the Carolinas. We provide timing services for a wide variety of events including 5Ks, 10Ks, and marathons using the top of the line Jaguar disposable bib-chip timing, the simplest and most dependable timing technology in the world. We specialize in all aspects of race organization, timing and finish line services. Whether you are an experienced race director managing a well established annual event, or a first-time organizer putting together an inaugural race, CRC is there to advise and provide assistance from event concept and planning, to race day timing and results. We pride ourselves in providing race directors and event coordinators with a personalized service for each and every event they need timed.
The results for the Coker College K-9 5K have been posted. Thanks to all the runners, volunteers, family and friends who came out and braved the below freezing temperatures. It was great to see all the dogs out running also! It was also great seeing all the Hartsville runners we consider very good friends. The racing season is getting ready to really get going so start planning and registering for all the races you are going to run this year!


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Tag: Imagination Technologies
Next generation iPad / iPhone GPU licensed to other manufacturers
Imagination Technologies, makers the PowerVR graphics processor found in the iPhone and iPad, has announced that its next generation PowerVR Series 6 architecture has been licensed by six lead partners: ST-Ericson, Texas Instruments and MediaTek. The remaining three partners are yet to be announc...
Rumor: The iPhone's next GPU
The Graphics Processing Unit, or GPU, of any modern computing device is an important piece of hardware that offloads 3D graphics rendering from the main processor. At CES 2010 last week, chip manufacturer Imagination Technologies may have spilled the beans on the GPU for the next generation of iPhon...
Software Updates
more updates- Apple Remote Desktop updated with Yosemite support
- OS X Yosemite 10.10.2, iOS 8.1.3 updates now available
- Sports Illustrated 120 SPORTS channel comes to Apple TV
- Logic Pro X update brings AirDrop support, new effects, tools, and more
- Parallels Access 2.5 released, adds file manager, computer-to-computer remote access
- The Google Translate iOS app is about to get a lot smarter


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Nearly 500 Camillus residents voted in the Republican primary Tuesday to decide which councilors would represent the fifth and sixth ward on the Republican ballot in November.
Incumbent Sixth Ward Councilor David Callahan beat challenger Donald Fittipaldi, 181 to 95. Fittipaldi was endorsed by the Conservative party and intends to run on the Conservative line in the general election.
In the fifth ward, challenger Richard Griffo defeated incumbent David Cooke, 117 to 90. Cooke also won the Conservative endorsement and is expected to run on the ballot.
See next week's Eagle Observer for the full story.
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Measles and rubella
Measles is a highly infectious vaccine-preventable disease, and globally still one of the leading causes of childhood mortality. Rubella is an infection that is usually mild when experienced in childhood, but it can often lead to serious and sometimes fatal complications in the foetus when an unprotected woman acquires the infection early in pregnancy (congenital rubella infection) or to congenital rubella syndrome in newborns.
Eliminating measles and rubella in the Region by 2015Top story
Measles incidence drops in Europe, but transmission continuesAbout 50% fewer cases have been reported for 2014 than for 2013.
- WHO/Europe calls for scaled-up vaccination against measles
- Measles incidence drops in Europe, but transmission continues
- Germany adopts innovative approach to help eliminate measles and rubella
European Immunization Week
Each year in April, EIW promotes the core message that the immunization of every child is vital to prevent diseases and protect life. The goal of the region-wide campaign is to increase vaccination coverage by raising awareness of the importance of immunization. EIW will celebrate its 10th year on 20–25 April 2015.
Read moreKey resources
WHO/Europe infectious disease data set, compiled from reports submitted by Member States
- WHO EpiBrief and EpiData
Summary and analysis of data on selected vaccine-preventable diseases
- Measles and rubella laboratory data management system
Information and resources for the Regional Measles and Rubella Lab Network
- Immunization Resource Centre
Documents designed to assist health professionals in their day-to-day work as it relates to immunization


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Colorado's largest landscape material supplier, sixteen locations.
13505 E 112th Ave
MON 8:00am - 5:00am | TUE 8:00am - 5:00am | WED 8:00am - 5:00am | THURS 8:00am - 5:00am | FRI 8:00am - 5:00am | SAT 8:00am - 5:00am | SUN closed |
Open Every Day
At Pioneer Sand Company, we have 15 retail locations throughout Colorado. We specialize in providing decorative rock, building stone, boulders, flagstone and moss rock, topsoil, compost, mulch and bark. We have a fleet of over 100 trucks, and we can offer same day delivery.
We provide services for:
-Landscape supplies & materials
-Decorative rock
-Retaining wall & paver systems
-Boulders & rip rap
-Mulches & bark
View our landscape supplies video.
Call us today for more information on our products.
Category: Transportation Equipment|Garden Equipment and Supplies|Agricultural Equipment and Supplies|Firewood|Water Features|Landscape Equipment and Supplies|Outdoor Living|Bark|Stone|Residential Landscaping Supplies
DexKnows Mobile profile for Pioneer Sand Co in Brighton, CO


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Rendezvous Event Centre & Banquet Hall Rendezvous Event Centre & Banquet Hall 1174 FOREST PARKWAY, Morrow, GA 30260 Morrow, GA Maximum Capacity: 300 people Capacity: 300 people Book your party at rendezvous event Centre and banquet hall and you get your flyer for your event de... $350per event rendezvouseventcentre.com
Classique Banquet Hall Classique Banquet Hall 6631 Highway 42 Suite 107, Rex, GA 30273 Rex, GA Maximum Capacity: 230 people Capacity: 230 people Classique Banquet Hall functions both as an interior design business and a banquet hall. Our design ... www.classiquebanquethall.com
Cha'le Gardens Cha'le Gardens 8039 Creekstone Way, Riverdale, GA 30274 Riverdale, GA Maximum Capacity: 190 people Capacity: 190 people Breathtaking lake view, lush gardens, covered cabana, large bridal suite and groom lounge make Cha'l... www.chalegardens.com
Affairs by Pinehurst Catering & Events Facility Affairs by Pinehurst Catering & Events Facility 108 S Lee St, Stockbridge, GA 30281 Stockbridge, GA Maximum Capacity: 300 people Capacity: 300 people Pinehurst Catering & Events Facility blends a luxurious, romantic atmosphere with its 6,000 square f... www.Affairsbypinehurst.com
Traxx Lounge & Grill Traxx Lounge & Grill 716 highway 155 south, McDonough, GA 30253 McDonough, GA Maximum Capacity: 200 people Capacity: 200 people Full service kitchen 2 full service bar
Elegant Occasions Event Center Elegant Occasions Event Center 7580 Springbox Dr, Fairburn, GA 30213 Fairburn, GA Maximum Capacity: 130 people Capacity: 130 people Elegant Occasions Event Center (EOEC) is an elegantly designed event venue located in South Fulton. ... www.myelegantoccasion.com
Lasting Impact Church Lasting Impact Church 1206 Enterprise Way, Griffin, GA 30223 Griffin, GA Maximum Capacity: 125 people Capacity: 125 people Great space for weddings, family reunions, meetings/conferences, etc. Also would be a perfect place ... www.lastingimpactchurch.com
Community featured forum posts Ask a question to the Jonesboro, GA Community Atlanta Bride on A Budget!!! HELP (Lithonia, GA)(1028 views / 12 posts) Last Post by Guest posted 21 days ago A Birthday Isn't A Birthday Without....(17881 views / 43 posts) Last Post by bates1359771 posted 15 hours ago The First 10 Steps for Wedding Planning(27996 views / 34 posts) Last Post by CRSocials posted 12 days ago What's the BEST piece of wedding advice you've ever gotten/heard?(7872 views / 22 posts) Last Post by djfur1301382 posted 22 days ago What are ideas for entertainment for a company picnic?(71097 views / 109 posts) Last Post by Guest posted 26 days ago start a new discussion see more posts
Top Articles featured event planning article Choosing the Right Providers for Your Wedding Posted by admin Planning your wedding can be overwhelming, but taking the time to choose the right venue, caterer, photographer, DJ, and other vendors will help create an unforgettable experience for you and your guests. Consider these tips as you begin your search and learn from the experiences of other brides. Read More
featured event planning article Party Planning 101 Posted by eventective Planning a party can be a very stressful task and many people don't know where to start. Eventective helps walk you through the process and guide your critical decisions. Read More


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Air Canada
Linda D Sportfishing
The Cruise Shoppe Of Boulder LLC
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