CODX, CRSP, DEA, DUK, GNOM, HOLX, KR, MO, ORKLY, PLYM, SPLK, TAK, VIAC,

Economy: 

GDPNow - Federal Reserve Bank of Atlanta (as of 5/18/21, the Atlanta Fed's model is predicting 10.1% real GDP growth in the second quarter.  

Sticky-Price CPI - Federal Reserve Bank of Atlanta

Government - The Debt to the Penny and Who Holds It

+++

Markets and Market Commentary: 

Jim Cramer: AT&T ending "one of the dumbest mergers in recent history"

Wal-Mart 1st Q: Adjusted E.P.S. at $1.69 vs. $1.21 consensus. 

Home Depot 1st Q: E.P.S. $3.86 vs. consensus at $3.08, seeing "unprecedented demand".

WarnerMedia-Discovery structured for flexibility to sell later John Malone is giving up his super-voting shares.  

AT&T’s Dividend Is Getting Cut but the Stock May Still Be a Buy | Barron's Just 2 months ago, AT &T executives "had emphasized their commitment to the dividend". The dividend was sacrosanct. At about the same time, negotiations with Discovery were underway that would require a cut in the dividend. Discovery and AT&T: How a Huge Media Deal Was Done - The New York Times (the negotiations started in February). I intend to eliminate AT & T in all accounts except for a 40+ position held in my Fidelity taxable where I will continue to hold until after I receive my allotment of Discovery shares as an AT & T shareholder and can sell the AT & T shares at $30+. I will add a few Discovery (DISCA) shares in that account on further weakness. 

The shareholder debacle behind AT&T's plan to combine WarnerMedia with Discovery - The Washington Post  

Selected Earnings Reports Owned Stocks: 

Fidelity National Financial (FNF) Reports First Quarter 2021 Diluted EPS from Continuing Operations of $2.06 and Adjusted Diluted EPS from Continuing Operations of $1.56, Pre-Tax Title Margin of 17.4%, and Adjusted Pre-Tax Title Margin of 19.9% (GAAP E.P.S. at $2.06, non-GAAP at $1.56 with the consensus at $1.268 per Fidelity; the adjusted E.P.S. number excludes +$43M mark-to-market "accounting treatment of equity and preferred stock securities whether the securities were disposed of in the quarter or continue to be held in our investment portfolio"; this company offers title insurance, life insurance, and annuities and is not a bank even though the name sounds like one)

FS KKR Capital Corp. (FSK) Announces March 31, 2021 Financial Results and Declares Second Quarter 2021 Dividend of $0.60 Per Share (NII per share at $.63 with the consensus at $.61; net asset value per share at $26.03, up from $25.02 as of 12/31/20) 

Kellogg (K) Reports 1st Quarter Results and Raises Outlook (GAAP E.P.S = $1.07; adjusted E.P.S. = $1.17 with the consensus at $.96; net sales increased 5% "year on year, as elevated demand for packaged foods consumed at home and favorable currency translation more than offset continuing softness in away-from-home channels and on-the-go occasions. On an organic basis, which excludes the impact of currency, the Company's net sales increased by 4%."; organic sales increased by 4.2%; Guides 2021 cash flow to $1.1B-1.2B)

Manulife (MFC) reports 1Q21 net income of $783 million and core earnings of $1.6 billion with strong growth in Asia and Global Wealth and Asset Management (total core earnings of C$1.629B; diluted core E.P.S. at C$.82 with consensus at C$.771 per Fidelity)

New Mountain Finance Corporation (NMFC) Announces Financial Results for the Quarter Ended March 31, 2021 (NII per share = $.30; net asset value per share at $12.85; weighted average yield of debt investment = 8.8% at cost; regular quarterly dividend at $.30 per share; NMFC "will, subject to extraordinary circumstances, pay quarterly distributions to its common stockholders of at least thirty cents ($0.30) per quarter over the next seven quarters beginning with the second quarter distribution to be paid on June 30, 2021 and ending in the fourth quarter of 2022, subject to any possible extensions. The declaration of any such future distributions will be subject to the availability of legally distributable funds and the discretion and approval of the board of directors. The Investment Adviser has informed the Company that, to the extent necessary, it will waive incentive fees payable to the Investment Adviser in the event that there is an insufficient amount of legally distributable funds available to the Company to make the thirty cent ($0.30) distributions through the periods described above.")

Nomad Foods (NOMD) Reports First Quarter 2021 Financial Results (Actual E.P.S. = €.28; adjusted E.P.S. at €.47 with consensus at €.39; organic revenue growth = 1.8%; 3.6% increase in revenue to €707M; reiterated 2021 guidance: "adjusted EPS is expected to be approximately €1.50 to €1.55, representing 11-15% growth. Full year guidance assumes organic revenue growth of approximately 1-2%. Guidance does not yet include the pending acquisition of Fortenova's Frozen Food Business Group, which is expected to close during the third quarter of 2021.")

PennantPark Floating Rate Capital Ltd. (PFLT) Announces Financial Results for the 1st Quarter (NII at $.26, below the quarterly dividend rate of $.285 paid in monthly installments; consensus at $.267 per Fidelity; adjusted net asset value per share = $12.6; GAAP net asset valuer per share = $12.71; as of 3/31/21, PFLT had 2 companies on non-accrual representing 3.1% and 2.3% of the total portfolio at cost and fair value; the weighted average yield on debt investments = 7.6%; 86% in first lien secured debt, 3% in second lien secured debt and 11% in preferred and common equity)

PennantPark Investment Corporation (PNNT) Announces Financial Results for the Q/E 3/31/21 (NII per share at $.13 per share, quarterly dividend at $.12; consensus estimate at $.126 per Fidelity; GAAP net asset value per share at $9.24; adjusted net asset value per share = $9.2)

Prudential Financial, Inc. (PRU) Announces First Quarter 2021 Results (GAAP E.P.S. $6.98; non-GAAP operating E.P.S. at $4.11 with consensus at $2.763 per Fidelity) 

Rent-A-Center, Inc. Reports First Quarter 2021 Results (GAAP E.P.S. at $.64; non-GAAP at $1.32 with the consensus estimate at $1.106 according to Fidelity; "total revenues increased in the first quarter of 2021 to $1.0 billion, or by 47.7 percent compared to the same period in 2020, primarily due to the acquisition of Acima Holdings, LLC in mid-February 2021 (the "Acima Transaction") and an increase in same-store sales revenue of 23.4 percent in the Rent-A-Center Business"; 2021 guidance: Non-GAAP diluted earnings per share of $5.30 to $5.85; revenues of $4.450 to $4.600 billion,  Free cash flow of $250 to $300 million) 

SJI (SJI) Reports First Quarter 2021 Results (Both GAAP E.P.S. and "Economic Earnings" at $1.26 with the consensus at $1.19 per Fidelity)

SLR Senior Investment Corp. (SUNS) Announces Quarter Ended March (NII per share = $.20; net asset value per share = $15.19; declared a regular monthly dividend of $.10 per share; 100% of companies performing as of 3/31/21) 

SLR Investment Corp. (SLRC) Announces Quarter Ended March 31, 2021 (NII per share =$.37; net asset value per share = $20.26; portfolio was 100% performing) 

TCG BDC, Inc. (CGBD) Announces First Quarter 2021 Financial (NII per share = $.36, in line; net asset value per share $15.7, up from $15.39 as of 12/31/20; "As of March 31, 2021, on a fair value basis, approximately 0.9% of our debt investments bear interest at a fixed rate and approximately 99.1% of our debt investments bear interest at a floating rate, which primarily is subject to interest rate floors"; "On May 3, 2021, the Board of Directors declared a regular quarterly common dividend of $0.32 plus a supplemental common dividend of $0.04, which are payable on July 15, 2021, to common stockholders of record on June 30, 2021.")

Unum Group (UNM) Reports First Quarter 2021 Results (E.P.S. of $.75, operating income at $212M or $1.04 per share with the consensus at $.982 per Fidelity)

+++

"One of the great ironies of how democracies die is that the very defense of democracy is often used as a pretext for its subversion", quoted from How Democracies Die. 

We have seen that play out since the November election. 

The Republicans were only defending democracy when they requested the Supreme Court to throw out the certified election results in 4 states won by Biden and then to authorize the Republican-dominated state legislatures to choose the electors. 

Don the Authoritarian and his Disciples were only trying to protect democracy on January 6, 2021. 

The Republican-dominated legislatures are merely trying to protect democracy by passing restrictive voting laws that disproportionately disenfranchise legal voters who vote the wrong way and laws to empower Republican legislators to interfere in the vote-counting process in the future.  

Any republican election official who refused to change the 2020 presidential election results after being pressured to do so by Donald and his minions will simply be removed from office and a more compliant person willing to take orders will take their place.  

Maricopa County officials decry 2020 recount as a sham and call on Arizona Republicans to end the process - The Washington Post The Maricopa election commission has 4 republicans and 1 democrat. Maricopa County Officials Letter to Arizona Senate President - The Washington Post Donald continues to actively spread falsehoods about the election results in Arizona. Republican Arizona election official says Trump 'unhinged' - POLITICO  

The brazenly bogus Republican audit in Arizona will continue as just one aspect of the GOP's efforts to undermine the democratic process.  I watched the GOP’s Arizona election audit. It was worse than you think. - The Washington Post (article written by Jennifer Morell, a national expert on post-election audits) 

Inspired by Arizona recount, Trump loyalists push to revisit election results in communities around the country; republished at MSN from Inspired by Arizona recount, Trump loyalists push to revisit election results in communities around the country - The Washington Post 

McCarthy opposes bipartisan commission to investigate Jan. 6 Capitol attack. Why bother? Everyone knows in TrumpWorld that the Capital assault was conducted by Antifa members disguised as Trump supporters who were only trying to embarrass the GOP's Dear Leader.  The entire conspiracy was hatched in a pizza parlor's basement that does not exist where Hillary regularly dines with her favorite beverage.    

The death of responsible party government | TheHill

Nevada GOP censures Republican Secretary of State for defending election results

Another ballot audit set to move ahead in Fulton County, Georgia, as a judge rules absentee ballots can be unsealed 

The Road to Political Violence - The Atlantic

On 5/15/21, Trump made this statement: "As our Country is being destroyed, both inside and out, the Presidential Election of 2020 will go down as THE CRIME OF THE CENTURY!" From the Desk of Donald J. Trump 

America's anti-democracy party will continue challenging or questioning the certified 2020 presidential election results at least through the 2022 mid-term election and probably through the November 2024 election.  

Guo Wengui is “linchpin” of sprawling disinformation network, researchers say - The Washington Post  

Rep. Andrew Clyde (R-GA) who compared the Capitol riot to 'normal tourist visit' barricaded House doors, photos show - The Washington Post One photo shows Clyde screaming in fright in response to the "normal tourist visit".   

Barr’s DOJ Secretly Went After Trump Ally’s Twitter Critic; Devin Nunes' new "unmasking" scandal exposes the corruption within Bill Barr's DOJ Just another abuse of power. 

The Republican-dominated Marathon County, WI Board voted 6-2 against a resolution that simply said the county was "a community for all". Wausau, Wisconsin is the county seat. A ‘Community for All’? Not So Fast, This Wisconsin County Says. - The New York Times It is instructive just to quote some of the reasoning used to defeat that resolution.  The Chairman of the county Republican party, Jack Hoogendyk, claimed the resolution would lead to “the end of private property” and “race-based redistribution of wealth.” Another opponent, E.J. Stark, claimed that adopting that innocuous resolution would leave the country liable whenever "somebody looks cross-eyed at somebody".  A retired engineer called the resolution a giveaway to non-whites, asserting “Government cannot give someone something without taking it away from someone else.  

New York Investigation Into Trump Organization Is A Criminal Probe Now: NPR

PolitiFact | No proof for Trump's claim that a database for the 2020 election in Ariz. was deleted Demagogue Don will of course continue to lie which is what Republican "conservatives" do. Lying works on the intended audience so why stop when the only goals are to acquire and maintain political power and lying all of the time about almost everything is just a means to that end. The number of Donald's false statements has declined, however, but only because he was banned from social media. Trump’s false or misleading claims total 30,573 over 4 years - The Washington Post

The Future Could Actually Be Bright for Republicans I would agree with the author that the republicans are likely to regain control over the House in 2022, even if they lose the popular vote by 10+M, and have a good shot to take back the senate. If they fail to control both the House and the Senate in 2022, their chances improve significantly in the 2024 Senate races. The GOP's gerrymandering and other anti-democracy efforts will assist them in regaining control. 

IMO, Republicans in Wyoming will have no problem in voting for state senator Anthony Bouchard, a family-values Republican and a 100% pure Trumpster, who is running against Liz Cheney. Romeo and Juliet: Anthony Bouchard, a challenger to Rep. Liz Cheney, says he impregnated a 14-year-old when he was 18-The Washington Post Anthony Bouchard: Wyoming state senator running against Cheney for House seat reveals he impregnated 14-year-old when he was 18 Bouchard admits that he impregnated a 14-year-old girl when he was 18, just a Romeo and Juliet story in Trump's America, but claims at the same time that the story was somehow "Fake News". The two were married for 3 years and then divorced. The girl later committed suicide when she was 20. 

++++

1. Eliminated ORKLY in Schwab Account-Sold 100 at $10.33: 

USD Priced ADR Shares: ORKLY

NOK Priced Shares: ORKLA ASA (ORK.OL)

NOK / USD Currency Chart. Norwegian Krone to US Dollar Rates

ADR Ratio: 1 to 1

History this round-trip: 

I harvested the annual dividend. Note that Schwab did not claim on my behalf the 15% maximum tax rate on the dividend, as set forth in the U.S.-Norway tax treaty. Instead, Norway collected 25%. To receive the lower tax rate, the broker has to claim my treaty rights as a U.S. citizen at the source. I do not recall Schwab performing that service except for dividends paid by Canadian corporations.  

I still own 100 shares in my Fidelity account. Those shares include the following purchases: Item # 1.D. Added 10 ORKLY at $7.65; 10 at $7.3; 20 at $9.03; 10 at $8.29 (5/16/20 Post)  The average cost for those remaining shares is $8.22.  

Profit Snapshot = $66.5

Item # 2 Bought 99 ORKLY at $9.67 and 1 at $9.66 (1/1/2021 Post) 

Investor Relations

About Orkla

Orkla Foods - Orkla.com

Orkla Confectionery & Snacks - Orkla.com

Orkla Care - Orkla.com

Orkla Food Ingredients - Orkla.com

Orkla Consumer & Financial Investments - Orkla.com Those investments include a 42.6% interest in Jotun (a large manufacturer of paints and coatings); Hydro Power, consisting of wholly-owned power plants in Sarpsfoss and power plants leased through Orkla's 85% interest in SØNNÅ HYDRO; Orkla Ventures; Orkla House Care; Lilleborg ("hygiene and cleaning systems to the professional market"); and Pierre Robert Group ("high-quality basic garments for women, men and children") 

Orkla shot itself in the foot last year, wasting tens of millions on a failed software business integration project. While I only know about the money flushed down the toilet, it appears that a few bean counters could do what Orkla was trying to do with the software and probably do it better or as well.   

Source: Page 15: Q4-2020-Report.pdf

Dividends: Paid annually in NOKs. The 2021 dividend has already been paid and harvested for this 100 share lot. 

Orkla - Orkla Shares - Dividend and Treasury Shares

Last Earnings Report (Q/E 3/31/21):

Prior Round Trip-Discussions: Item # 1.A. Eliminated ORKLY in Schwab Account-Sold 120 at $9.47 and Item # 1.B. Sold 10 of 110 in Fidelity Account at $9.47 (8/15/20 Post)(profit snapshots = $65.61; also contains snapshots of 2017 round-trips with a total realized gain of $65.45); Item # 4.B. Sold 100 ORKLY at $10.1 (1/5/20 Post)(profit snapshot = $4.97); Sold 100 ORKLY-Update On Portfolio Positioning And Management -South Gent | Seeking Alpha August 2015 (profit snapshot =$51.08); Item # 4 Sold  100 ORKLY at $9 (9/6/14 Post)(profit snapshot = $122.48)- Item # 2 Bought 100 ORKLY at $7.61 (1/13/14 Post)

ORKLY Realized Gains to Date:  $325.02 

2. Small Ball: 

A. Added 15 DEA at $20.61; 10 at $20.03: 

Quote: Easterly Government Properties Inc.

As of 3/31/21, DEA owned "82 operating properties in the United States, encompassing approximately 7.5 million leased square feet in the aggregate, including 80 operating properties that were leased primarily to U.S. Government tenant agencies and two operating properties that were entirely leased to private tenants. 10-Q for the Q/E 3/31/21 at page 6  

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy/Bond Substitute

DEA SEC Filings

Website: Easterly Government Properties, Inc.

2020 Annual Report

10-Q for the Q/E 3/31/21 (debt listed on page 9; lists of properties starts on page 21)

Average Cost per share in this account = $21.14

Dividend: $.26 per share ($1.04 annually)

Yield at New Average Cost Per share: 4.92%

Last Ex-Dividend: 5/13/21

Last Buy Discussions: Item # 2.F. Bought 5 DEA at $20.94 (3/27/21 Post)(I discussed the 2020 4th quarter report in that post); Item # 1.A. Restarted DEA-Bought 10 at $22.66; 5 at $22.37; 5 at $21.9; 5 at $21.4; 5 at $20.5 (10/31/20 Post); Item # 4.A. Bought 10 DEA at $17.4 and 10 at $15.74-Used Commission Free Trades (1/9/19 Post) 

Last Earnings Report (Q/E 3/31/21): 

Easterly Government Properties (DEA) Reports First Quarter 2021 Results 

FFO of $30.2M or $.33 per share; 

adjusted FFO at $.31 per share; 

CAD at $24.4M (about $.2634 per diluted share with the quarterly dividend at $.26);

As of 3/31/21, owned 82 properties with 7.5M leased square feet; 

"weighted average age of 13.4 years, based upon the date the property was built or renovated-to-suit and had a weighted average remaining lease term of 8.6 years" 

"issue 1,556,824 shares of the Company's common stock through the Company's $300.0 million ATM Program (the “December 2019 ATM Program”) at a net weighted average price of $25.69 per share, raising net proceeds to the Company of approximately $40.0 million. All shares issued in the quarter ended March 31, 2021 were issued in settlement of certain forward sales transactions entered into in prior quarters"

Net Income to FFO to CAD Calculations: 

Office REITs spend a significant amount each quarter on maintenance. Those expenditures are not available for distribution. DEA subtracts those cash expenditures from FFO to arrive at CAD.  Another subtraction consists of non-cash revenues created by the straight-line accounting convention. Both of those adjustments are made in the preceding snapshot and are in accordance with standard practice. 

2021 Guidance: 

Sell Discussions: Item # 1.A. Sold 21+ DEA at $28.81 (6/6/20 Post); Item # 3.A. Sold 10 DEA at $22.39 (11/20/19 Post)(profit snapshot = $47.24); Items 1.A. and 1.B. Sold 10 DEA at $19.81 and Eliminated DEA in Schwab Account at $19.81 (8/24/19 Post)(profit snapshots $74.38); Sold 10 DEA at $21.44-Used Commission Free Trade (5/17/18 Post)(profit snapshot = $22.59); Item 5. A. Sold 50 DEA at $21.59-Used Commission Free Trade (12/11/17 Post)(profit snapshot = $97.85)

DEA Realized Gains to Date:  $543.52

B. Eliminated MO-Sold 5 at $50.6: 

Quote: Altria Group Inc

MO Analyst Estimates | MarketWatch

MO SEC Filings

2020 Annual Report 

2010-Q for the Q/E 3/31/21

Dividend: Quarterly at $.86, last ex-dividend on 3/24/21. Dividend Information - Altria

Investment Category: Bond Substitute. 

MO, along with AT & T, are among the nation's leaders in boneheaded acquisitions. 

Profit Snapshot: +$54.07 

Item # 1.G.  Bought 5 of MO at $39.79 (12/25/20 Post) 

Last Earnings Report (Q/E 3/31/21): 

Altria (MO) Reports 2021 First-Quarter Results; Reaffirms 2021 Earnings Guidance; Acquires Remaining 20% of Global on! Business 

Non-GAAP E.P.S. at $1.07, with consensus at $1.048 per Fidelity; 

"Altria reaffirms its guidance for 2021 full-year adjusted diluted EPS to be in a range of $4.49 to $4.62, representing a growth rate of 3% to 6% from an adjusted diluted EPS base of $4.36 in 2020."

C. Added to GNOM in Schwab taxable -Bought 5 at $21.1; 5 at $20.5:

Quote: Global X Genomics & Biotechnology ETF Overview 

Sponsor's webpage: Genomics & Biotechnology ETF

Current Position this account: 20 shares 

Average Cost per share: $21.32

Last Discussed: Item # 1.C. Bought 2 GNOM at $22.3; 3 at $21.95  (4/30/21 Post) 

I have nothing to add to that discussion here. 

D. Pared DUK -Sold 2 at $101.11 and 1 at $104 (15 shares remaining in Fidelity taxable account): 

Quote: Duke Energy Corp. (DUK)

DUK Analyst Estimates-MarketWatch

DUK SEC Filings

DUK 2020 Annual Report

The shares popped on 5/10 after a report that Elliott Management had taken a significant position. Elliott Management Has Stake in Duke Energy | Morningstar

Duke Energy "is one of America’s largest energy holding companies. Its electric utilities serve 7.9 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 51,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky."

Profit Snapshot: +$44.36 (5/7 and 5/10 sales only)

Last Substantive Buy Discussions: Item # 1.A. Added 1 DUK at $81.69; 1 at $79.25 (9/19/20 Post); Item # 1.H. Added 1 DUK at $65.7 (5/16/20 Post)

New Average Cost Per-share this account: $80.07 (15 shares)

Snapshot Intraday 5/10/21 after second pare

The AC was reduced from $81.27.  

Dividend: Quarterly at $.965 per share ($3.86 annually)

Duke Energy announces dividend payments to shareholders

Dividend reinvestment has been turned off. 

Yield at New AC = 4.82%

Last Ex-Dividend: 5/13/21

Last Earnings Report (Q/E 3/31/21): SEC Filed Press Release 

GAAP E.P.S. = $1.25

Adjusted E.P.S. = $1.26

The consensus at $1.203 per Fidelity 

Placed 570MW of clean energy generation in service, and retired a 270MW coal plant. 

Reaffirmed 2021 E.P.S. guidance range of $5 to $5.30 and 5% to 7% E.P.S. growth rate through 2025. 

E. Restarted VIAC in Schwab Taxable-Bought 2 at $37.75: 

Quote: ViacomCBS Inc. Cl B (VIAC)

VIAC Analyst Estimates

SEC Filings

10-Q for the Q/E 3/31/21 

2020 Annual Report 

Investor Relations - ViacomCBS Inc.

ViacomCBS Announces Completion of the Merger of CBS and Viacom (12/4/19)

I eliminated my position in this account earlier this year. Item # 1. Eliminated VIAC in Schwab Account-Sold 107 at $40.18 (1/30/21 Post)(profit snapshot = $299.07) 

VIAC was one of the large positions owned by Archegos Capital Management that had to be liquidated when that fund blew up. The Archegos blowup and its ripple effect across markets The hedge fund blew up after VIAC used the unjustified price rise to sell stock. Prospectus for 20M Shares at $85 Public Offering Price VIAC also used this opportunity to sell convertible preferred stock. Prospectus 

1 Year Chart Shows the Price Collapse: 

Dividend: Quarterly at $.24 per share, last raised from $.18 effective for the 2019 4th quarter. The $.18 penny rate was a raise from $.15 effective for the 2016 4th quarter payment. 

Yield at $37.75 = 2.54%

Last Ex-Dividend: 3/12/21

Last Earnings Report (Q/E. 3/31/21):  SEC Filed Press Release

Diluted GAAP E.P.S. Continuing Operations = $1.42

Diluted Non-GAAP E.P.S. Continuing Operations = $1.52

The discontinued business is Simon & Schuster publishing which has been sold. ViacomCBS to Sell Simon & Schuster to Penguin Random House for $2.175 Billion 

Revenues: $7.412B, up 14% from depressed 2020 1st Q. 

Added 6M worldwide streaming subscribers, bringing the total to 36M. 

Quarter helped by Super Bowl and NCAA basketball tournament, leading a 21% increase in advertising revenue. 

Broker Reports (available to Schwab customers): 

Morningstar (5/6/21): 4 stars with a $61 FV, narrow moat 

S & P (5/6/21): 4 stars with a 12 month PT of $45

Credit Suisse (5/6/21): Neutral with a $46 PT 

Argus (5/21/21): Hold, forecasting 2021 E.P.S. at $4.21 and 2022 at $4.48. 

F. Pared KR in Fidelity Taxable-Sold 2+ Shares at $38.65: 

Quote: Kroger Co (KR)

KR | Kroger Co. Analyst Estimates | MarketWatch

KR SEC Filings

Fiscal Year 1/30/21 Annual Report 

I mentioned this pare in a 5/10/21 comment. 

Last Discussed: Item # 1.A. Eliminated KR in Schwab Account-Sold 20 at $38.65 (2/27/21 Post)(profit snapshot = $137.43)

Last Buy Discussion: Item # 2.C. Added to KR in Vanguard Taxable Account-Bought 2 at $30.64 and 10 at $30.5 (12/5/20); 

Profit Snapshot: +$12.82

New Average Cost per share in this account:  $30.81  (8 shares) 

Snapshot Intraday 5/10/21 after pare

Dividend: Quarterly at $.18 ($.72 annually)

Yield at $30.81 AC = 2.34%

Last Ex-Dividend Date:  5/13/21 

I have turned off dividend reinvestment and have eliminated the fractional share purchased with a dividend. 

Last Earnings Report (Fiscal 4th Quarter ending 1/30/21): SEC Filed Press Release 

G. Added to SPLK-Bought $20 at $123.82; $20 at $118.51; $20 at $115.72; $20 at $113.29: 

Quote: Splunk Inc.

SPLK Analyst Estimates | MarketWatch

SPLK SEC Filings

Annual Report F/Y ending 1/31/21

Current Position: 2+ Shares

Average Cost Per Share: $127.23

Investment Category: Lottery Ticket Basket

5 Year Chart: 

Last Discussed: Item # 1.P. Bought 1 SPLK at $132.95 (4/9/21 Post) I discussed the earnings report for the Q/E 1/31/21 in that post. SEC Filed Press Release

Annual Report for the F/Y Ending 1/31/21 

Broker Reports (available to Schwab customers): 

Morningstar (3/25/21): 4 stars with an FV of $212, narrow moat

Argus (3/5/21): Buy but lowered the target price to $198 from $260. 

Credit Suisse (3/3/21): Outperform with a $200 PT

SPLK went public in 2012 at $17. 

H. Bought 10 TAK at $17.22: 

ADR Quote: Takeda Pharmaceutical Co. Ltd. ADR 

Website: Takeda 

Ordinary shares price in Yen: 4502.T Takeda Pharmaceutical Company 

JPY / USD Currency Chart. Japanese Yen to US Dollar Rates

1 ADR = .5 ordinary  

 TAK Analyst Estimates | MarketWatch

This is a new name for me. 

With cost cuts and asset sales largely wrapped, Takeda gears up for growth: CEO | FiercePharma

Dividends: Paid Semi-Annually

2020 at $.85 per share, up from $.83 in 2019 

Yield at $17.22: Assuming a continuation of the annual $.85 per share dividend, the yield at $17.22 would be about 4.94%. 

Last Earnings Report (F/Y and F/Q ending 3/31/21):  Takeda Delivers Resilient FY2020 Results with Strong Margins & Robust Cashflow; Underlying Revenue Growth Expected to Accelerate in FY2021

F/Y Information Ending 3/31/21 compared to F/Y ending 3/31/20 

Product Revenues: 

I. Added to HOLX-Bought 1 at $64.5; 1 at $62.48: 

Quote:  Hologic Inc.

Website: Hologic: Breakthrough Diagnostic & Medical Imaging Solutions

HOLX Analyst Estimates | MarketWatch

HOLX SEC Filings

10-Q for the 2nd F/Q ending Q/E 3/21/21 

Last Purchase Discussion: Item # 2.F. Started HOLX-Bought 1 HOLX at $77.3; 1 at $75.4; 1 at $71.31; 1 at $69.7 (3/6/21 Post) In that post, I discussed the first fiscal quarter report (F/Q ending 12/26/20) 

Since those initial purchases, the stock price has declined meaningfully due to lower guidance for the 2nd fiscal quarter. 

5 Year Financials F/Y Ending  9/26/20 (see page 33 for a description of business segments):  

Page 32 Annual Report 

Most of the impairment charges noted in the previous snapshot are related to the $1.66B acquisition of Cynosure in 2017:

Page 38 Annual Report for the F/Y ending 9/28/19 

Dividend: None, and none likely. 

Last Earnings Report (2nd F/Q ending 3/27/21):  SEC Filed Press Release 

GAAP E.P.S. = $2.38, up from $.36 in the prior fiscal 2nd Q

Non-GAAP E.P.S. = $2.59, up from $.57

The surge in earnings was caused by the molecular diagnostic business for Covid. 

The Non-GAAP consensus E.P.S. was at $2.618 according to Fidelity. 

3rd quarter guidance: Non-GAAP E.P.S. $1.00 to $1.15

Hologic Inc (HOLX) Q2 2021 Earnings Call Transcript | The Motley Fool

J. Added to CRSP in Fidelity Taxable-Multiple $50 buys at $122.8; $118.5; $114.5; $109; $108; $102.5; $100.8; $99.8; $96.5:

Quote: CRISPR Therapeutics AG

CRSP SEC Filings

CRSP 2020 Annual Report

CRS Analyst Estimates | MarketWatch (consensus losses through 2023, with no estimates in subsequent years)

Investment Category: Lottery Ticket Basket

Last Post Discussion: Item # 1.B. Bought 1 CRSP at $126 (4/30/21 Post) I briefly discussed the 2021 first-quarter report in that post.  SEC Filed Press Release  

I discussed this stock in a 5/14/21 comment.  

Current Position: 5+ shares 

Average Cost Per Share: $110.98

News Since the Last Discussion: Vertex and CRISPR Therapeutics to Present New Clinical Data (5/12/21)

Maximum Exposure: Currently at $1,000 which is the limit for Lottos. Subsequent developments in CRSP's pipeline may warrant removal from this limit. 

Purchase Restriction: Each subsequent purchase must lower my average cost per share. Likely to sell the 1 share bought at $126 when and if the price exceeds $130. 

K. Bought 20 CODX at $8.92: 

Quote: Co-Diagnostics Inc. 

CODX  "has designed and obtained regulatory approval to sell PCR diagnostic tests for COVID-19, a multiplex test for Flu A, Flu B and COVID-19, tuberculosis, hepatitis B and C, human papilloma virus, Malaria, chikungunya, dengue, and the Zika virus."

CODX Analyst Estimates | MarketWatch

Co-Diagnostics, Inc. - Investor Relations

Products | Co-Diagnostics, Inc.

2020 Annual Report 

After my purchase, this one went into dive mode, falling to $7.01 intraday on 5/13/21 before closing at $7.16. The stock then rebounded 18.16% on 5/14 in response to its earnings report. Volume was unusually heavy on both days. CODX Historical Prices 

Investment Category: Lottery Ticket Basket 

Last Earnings Report (Q/E 3/30/21): SEC Filed Press Release 

GAAP Diluted E.P.S. = $.26

Consensus at $.22

Revenues = $20M, "primarily due to sales of the Logix Smart™ COVID-19 Test"

Cash, cash equivalents, and market securities = $60.1M as of 3/31/21, up $12.8M from 12/31/20. 

Guidance for 2nd Quarter: E.P.S. between $.19 to $.23

L. Pared PLYM-Sold All Fractional Shares Bought Dividend Payments at $19.25: 

 

Quote: Plymouth Industrial REIT Inc.

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

PLYM SEC Filings

Portfolio - Plymouth Industrial REIT

Company Website:  Plymouth Industrial REIT - Boston

PLYM 2020 Annual Report (property list and summary descriptions start at page 27)

10-Q for the Q/E 3/31/21 

Last Buy Discussions: Item # 1.Q. Started PLYM in Schwab Taxable-Bought 10 at $12  and Item 1.R. Started PLYM in Vanguard Taxable-Bought 10 at $11.92 (10/24/20 Post); Item #1.F. Started PLYM Fidelity Account-Bought 10 at $12.85; 5 at $12.1; 5 at $11.8 (8/1/2020 Post) 

Profit Snapshot: $3.57  (.818 share) 

New Average cost per share in this account: $12.34 (20 shares)

Snapshot Intraday on 5/18/21 after pare 

The AC was reduced from $12.44. 

Dividend: Quarterly at $.21 per share, raised from $.20, effective for the 2021 second quarter.  

Dividend reinvestment has been turned off. 

Yield at New AC = 6.81%

Last Earnings Report (Q/E 3/31/21): SEC Filed Press Release 

There is a significant difference between FFO per share ($.40) and AFFO ($.32) which is more of a real cash flow number. AFFO, as used by PLYM, is sometimes called CAD or cash available for distribution. 

The AFFO calculation starts with FFO and then adds or subtracts certain items that can be major. 

The substractions are generally much larger than the additions for non-triple net-lease REITs. For PLYM, one subtraction is the pretend revenue created by the straight-line rent accounting rule. Pretend cash is not available to support the dividend. 

Another important subtraction from FFO involves routine capital expenditures. Money spent for maintenance is not available to support the dividend. 

The additions include non-cash expenses: stock compensation and amortization of debt-related costs.  

For PLYM it is important to note that the current dividend of $.21 is well below the $.32 per share CAD number. That will allow for some dividend growth if the Board chooses to do so. 

Disclaimer: I am not a financial advisor but simply an individual investor who has been managing my own money since I was a teenager. In this post, I am acting solely as a financial journalist focusing on my own investments. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sale of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals and situational risks. I can only make that kind of assessment for myself and my family members.