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I am cutting off trade discussions for those made on 5/28/26 or earlier.
Dollar Values of Trades Discussed in this Post:
Inflow U.S. Common Stocks: $589.03
Outflow U.S. Common Stocks/Stock Funds: $2,406.75
Realized Gains U.S. Stocks/Stock Funds: $694.96
Net Outflow U.S. Stocks/Stock Funds: $1,817.72
Outflow Canadian Stock: C$3,256 (realized gain at C$1,388)
Corporate Bonds: 17,000 in principal amount (total cost at $16,828.41)
Treasury Bills Purchased at Auction: $10,000 in principal amount.
CAD to USD Exchange:
 |
| C$10,000 exchange for US$7,228.82 - IB Account |
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Economy:
ADP jobs report May 2026: Payrolls increase by 122,000 The consensus estimate was 110,000
U.S. proposes fresh tariffs on 60 economies over forced labor trade practices; Trump administration floats tariffs on 60 trading partners — including China, U.K., EU — after forced labor probes - CBS News The new tariff taxes will be 12.5% on most countries including China, Japan, South Korea and Brazil. U.S. companies will pay a lower 10% tariff tax on imports from 16 countries including Canada, the U.K., Mexico and the EU. These tariff taxes on U.S. importers are imposed under Section 301 of the Trade Act of 1974. Negotiating any trade agreement with Trump does not end the trade conflict. Even after a trade deal is signed, Trump will not stop imposing new tariffs and demanding even more concessions. It will never end for as long as he is President.
What to know about Trump's sweeping new tariff proposal - ABC News
The three reasons why oil is staying below $100 a barrel Interesting article but the author significantly underestimates the impact from a prolonged closing of the Strait IMO. One major reason for WTI remaining below $100 is that oil traders are reluctant to buy at current or higher prices and then have the bottom fall out with an agreement to open the Strait. There will come a point when the reality of what is left in inventory and reduced supply will result in a massive spike in price as countries and companies bid up the price to secure the needed supply. The Exxon Senior VP opined that would be a matter of a few weeks. Exxon warns oil inventories will hit dangerously low levels due to Iran war
Social Security trust fund shortfall may mean $500-a-month cuts: Report The taxes paid on Social Security benefits are paid into the SS Trust fund. Since those taxes were reduced or eliminated for most beneficiaries by the republican Big Beautiful Bill, the trust fund will have less money to fund benefits and will consequently have to reduce benefits sooner without alternative funding sources. This was understood when the republicans passed this tax provision. But when the government is already running annual budget deficits of almost $2 trillion, how will the government fund SS to pay full benefits without accelerating the day of reckoning for U.S. government debt? (My videos published over a year ago: Depletion of the Social Security Fund and the Upcoming Conflict Between Beneficiaries and the Young - YouTube and Trump Tax Proposals Would Move Forward in Time Automatic Cuts in Social Security Benefits - YouTube)
Iran War Developments:
Last weekend, Trump made some changes in the Memorandum of Understanding with Iran. Trump requests edits to Iran deal his envoys negotiated
Trumps claimed again last Monday that Iran "really wants to make a deal" and everything will "work out well in the end":
On 6/2 and 6/3, Iran engaged in several missile and drone attacks on various targets in the region. The U.S. launched "defensive" strikes in response. U.S., Iran intensify attacks as ceasefire frays, peace talks stall; Iran live updates: Iran targets US forces, Kuwait airport amid ceasefire - ABC News
Senior Iranian officer says renewed war with US 'inevitable' | The Times of Israel
My best guess is that Iran will keep the Strait closed until there is a massive spike in crude oil prices with the midterm elections closer in time, and then see how Trump reacts. When there is inadequate supply to meet demand, gasoline prices could rapidly surge to over $6 per gallon according to some oil traders.
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Trump and His Party:
Supreme Court allows Alabama to use congressional map that dilutes Black vote The 6 Republican Justices will allow the Republicans in Alabama to use a revised congressional map that disenfranchises black voters. This is happening in several southern states including Tennessee, Florida and Louisiana.
Trump claimed again that he passed a test, which he has repeatedly taken, that proved once again he is "extremely intelligent" or so he says. Trump says cognitive test proves “extreme intelligence,” doctors disagree - Salon.com The test, which is called the Montreal Cognitive Assessment, is designed to determine whether a person is senile and does not attempt to even measure intelligence. CNN Doctor Sounds Off On Trump's Cognitive Test Results; MoCa Cognition.com The physician, Dr. Jonathan Reiner, noted that this test for cognitive impairment is not useful when a person takes it over and over again since the questions remain largely the same. A person does not become honest or extremely intelligent by constantly claiming to be both. How much time did Trump prepare for the test knowing the questions?
Trump has claimed many times in the past that he graduated 1st in his class at Wharton. He could support that claim simply by authorizing Wharton to release his records, which he refuses to do since that would disprove his representation. It has been publicly verified that he was not on the Dean's List, nor did he graduate summa or magna cum laude.
Children "held like criminals" inside ICE detention center - CBS News
Trump’s 250th Celebration Is a Fiasco - The Atlantic The event is nothing more than Trump celebrating himself.
A sane person could not write the preceding post.
I would note that Judge Cooper correctly decided that Trump could not add his name to the Kennedy Center without an Act of Congress. 20 U.S. Code Chapter 3 Subchapter V - JOHN F. KENNEDY CENTER FOR THE PERFORMING ARTS Cooper expressly allowed the government to make necessary repairs but only temporarily prohibited closing the venue for two years until the Board engaged in a balanced analysis of the "full range of its statutory obligations and potential adverse consequences of closure on programming and memorial functions." Federal judge halts Kennedy Center shutdown, orders Trump’s name removed; Opinion.pdf Trump knows that republicans will not actually read the opinion but will accept his false characterizations of it.
Is Sam Alito Hiding His Son's Government Job? - YouTube
Housing Finance Director Bill Pulte tapped by Trump to be acting director of national intelligence - ABC News; Pulte as DNI would give Trump attack dog access to the 'crown jewels' Pulte is without question unqualified for this position unless the sole job qualification is that Pulte will do and say whatever Trump wants him to do and say. In TrumpWorld, Trump only hires the best people for important federal government positions.
Pete Hegseth Blocks Promotions Of Black, Female Navy Officers
Pentagon appoints convicted January 6 rioter to sensitive counter-terrorism role - The Guardian
‘Treating stupid is really hard’: Dr. Oz diagnoses Trump Derangement Syndrome as incurable Dr. Oz has an incurable case of Trump Derangement Syndrome. Contrary to the claim made by him, TDS is not a mental condition suffered by Trump's critics, but an untreatable mental condition of supporters who believe at least two of the following: (1) that Trump is honest and tells it like it is; (2) is a good role model for their children; (3) is a Christian and/or was Chosen by God to rule the World; (4) actually cares about them rather than just himself and his family members; (5) has not committed any felonies; (6) has not sexually assaulted any women; (7) actually believe his origin story of being a genius businessman; (8) has used and will continue to use his second term and the powers of the Presidency to vastly increase his wealth and the wealth of his children, (9) cares about promoting U.S. Democracy and the protecting the institutions necessary for a Democracy to flourish; and (10) actually makes decisions based on a careful consideration of accurate information, with his subordinates talking truth to power, and then makes an intelligent analysis of possible ramifications.
Mullin refuses to commit to following court orders for DHS - Live Updates - POLITICO
Trump says he will nominate his former attorney Todd Blanche as attorney general - ABC News; Todd Blanche declines to put the "anti-weaponization" fund drop in writing - YouTube; Trump says he’s not sure if ‘anti-weaponization’ fund is dead: ‘I’d have to ask the lawyers’; 'They should be reimbursed': Jan. 6 defendants still eyeing payouts - ABC News
Senate Republicans Defeat Efforts To Rein In Trump Slush Fund Senate Republicans also defeated an amendment that would prohibit slush funds to be paid to those convicted of assaulting police officers on 1/6th. Senate votes to fund immigration enforcement without limits on Trump anti-weaponization fund
Trump pushes 'deranged' voting theories in overnight posting tantrum - Alternet.org (6/4/26)
Trump Told Kaitlan Collins To 'Be Quiet' And It Sends A Strong Message; Trump Suddenly Starts Berating CNN's Kaitlan Collins
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1. Eliminated WCP:CA - Sold 200 at C$16.29:
Quote: Whitecap Resources Inc (WCP:CA) at Google Finance
Proceeds: $3,256 after C$2 IB Commission.
I mentioned this sale in a comment published on 5/25/26.
Website: Whitecap Resources Inc
Last Discussed: Item # 1. Restarted WCP:CA - Bought 100 at C$9.57; 100 at C$9.09 (6/26/25 Post)
Last Elimination: Item # 3. Eliminated WCP:CA Sold 100 at C$11.92+ (6/15/22 Post)(profit snapshot = C$405.5)
Profit Snapshot: C$1,388
Dividend: Monthly at C$.0608 (C$.7295 annually)
Last Ex Dividend: 5/29/26
Last Earnings Report (Q/E 3/31/26):
Reported earnings were negatively impacted by a C$529.6M loss on commodity contracts, of which C$509M was unrealized as of 3/31/26 (see pages 6-9.
Production:
"Free Funds Flow" 1st Q. : C$349M (page 16)
Dividends Declared 1st Q.: C$221.2M
2. Small Ball Common Stock Sales:
In all of the trades discussed below, I either eliminated a position or pared a position by selling my highest cost lots.
Small Ball Trading Rules:
Baseball Analogy: Small ball (baseball) - Wikipedia
Primarily a risk reduction trading technique, one of many strategies that I employ to mitigate risks that are assumed when owning risk assets where loss of capital is possible.
(1) Each purchase has to be at the lowest price in the chain; or has to lower my average cost per share;
(2) Purchases are made in small lots using commission-free trades;
(3) On price pops, I will consider selling my highest cost shares at a profit, no matter how small;
(4) Some positions will be eliminated altogether on price pops when the goal is achieved;
(5) Shares purchased with dividends may be sold when it is profitable to do so and the share price is outside my consider to buy range; and
(6) There is no hesitation to sell a stock after a dividend cut or a disappointing earnings report, when I can realize any capital gain.
The most important objective is to reduce risk through a controlled and disciplined trading strategy that realizes gains, particularly by selling the highest cost lots that reduce my average cost per share and increases my dividend yield.
The corollary is to buy the dips, particularly during extreme volatility events that would be associated with major declines in stocks.
Another aspect is selling fractional shares bought with dividends in order to harvest the original dividend amount plus a small profit on the shares. Generally, if I am willing to buy a dividend stock now through a market purchase, I will consider reinvesting the dividend. Conversely, if I am not willing to buy shares, I will likely turn off the dividend reinvestment option.
My Primary Investment Objectives: (1) Preservation of Capital; (2) Income Generation; (3) Realized Capital Gains in risk assets.
I generally define small ball as trades that are less than $1,000.
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I am cutting off discussions with trades made on or prior to 5/28/26.
A. Eliminated BNS - Sold 10 at $80.01:
Quote: Bank of Nova Scotia (BNS) at Zacks
I sold shares traded on the NYSE and priced in USDs.
Proceeds: $800.08
BNS Detailed Earnings Estimates - Zacks.com
Last Discussed: Item # 1.J. Pared BNS - Sold 5 at $75.94 (2/27/26 Post)(profit snapshot = $137.06)
Last Buy Discussions: Item # 6.J. Added to BNS in Scwhab Account - Bought 1 at $47.05 (11/1/22 Post); Item # 4.H. Added to BNS in Schwab Account - Bought 1 at $51.87; 1 at $49.48 (9/27/22 Post); Item # 3.E. Added to BNS - Bought 1 at $53.85; 2 at $53.3 (9/13/22 Post). Most of the 1 share purchases were not discussed including all of those made in 2023.
Profit Snapshot: US$358.58
Dividend: Quarterly at C$1.14 per share, last raised from C$1.1 effective for the 2026 third calendar quarter payment.
Dividends in USDs: BNS Dividend History & Date | Seeking Alpha
Canada will withhold a 15% tax when the dividend is paid into a U.S. citizens taxable account but not when paid into a retirement account. That assumes the brokerage company claims treaty rights for its customers.
Last 4 Dividends in USDs: $3.185 per share
Yield Using US$3.185 annual US$80.01 sales price: 3.98%
Last Ex Dividend: 4/7/26
Last Earnings Report (F/Q ending on 4/30/26): This is the second fiscal quarter.
All amounts are in Canadian Dollars. Comparison are to 2025 fiscal second quarter.
Net income of $2.632B
E.P.S. $2, up from $1.52
Adjusted E.P.S. = $2.02, up form $1.52
Financial Metrics:
NIM: 2.49%, up from 2.31% (Canadian banks have what I view as low net interest margins)
B. Eliminated BP - Sold 8 at $42.46+:
Quote: BP (BP) at - Zacks
Proceeds: $339.71
Quote in British Pence: BP PLC (U.K.: London)
100 Pence = 1£
Convert 1 British Pound to US Dollar - GBP to USD Exchange Rates | Xe
BP Detailed Earnings Estimates at Zacks.com
Cushing, OK WTI Spot Price FOB (Dollars per Barrel)
Recent News: BP Chair Albert Manifold ousted over serious ‘conduct issues’ (5/26/26).
Last Discussed: Item # 1.I. Added to BP - Bought 1 at $28.51; 1 at $27.08; 1 at $26.16 (4/13/25 Post); Item # 1.D. Restarted BP - Bought 5 at $31.51 (1/22/25 Post)
Last Elimination: Item # 1.A. Eliminated BP-Price Range $31.2-$31.33 (3/17/22 Post)(profit snapshot = $190.44)
Profit Snapshot: $100.39
Dividend: Quarterly at $.4992 per share ($2 annually, rounded), last raised from $.48 effective for the 2025 third quarter payment.
BP Dividend History & Date | Seeking Alpha
Last Ex Dividend: 5/15/26
Last Earnings Report (Q/E 3/31/26):
Net income of $3.198B or $1.24 per share with the consensus at $.88 per Schwab
Revenue increased by 11% to $52.255B
Analyst Reports (available to Schwab customers)
S&P (4/28/26): 2 stars with a 12 month PT of $35
Morningstar (5/27/26): 3 stars with a fair value estimate of $41.6 with a no moat rating and high uncertainty in estimates.
Argus (5/8/26): Upgraded to Buy with a $50 price target and raised its 2026 full year E.P.S. estimate to $3.77 from $3.06.
I still own shares in Roth IRA accounts.
C. Pared CTO Again- Sold 10 at $20.35 - Schwab Account:
Quote: CTO Realty Growth (CTO) at Zacks - Micro Cap REIT
Proceeds: $203.5
As of 3/31/26, CTO owned 22 properties with approximately 5.8M leasable square feet. CTO also owns real loans, see page 16 CTO 10-Q for the Q/E 3/31/26 A wholly owned subsidiary of CTO provides management services to Alpine Income Property Trust Inc (PINE), which I also own.
During 2025, CTO received $4.591M in management fees from PINE. CTO also owns PINE shares and received $2.8M in dividends last year. As of 3/31/26, the fair value of CTO investment in Pine "totaled $44.5 million, or 14.0% of PINE’s outstanding equity, including the units of limited partnership interest."
CTO Realty SEC Filed 2025 Annual Report
Website: CTO Realty Growth, Inc.
Property Portfolio — CTO Realty Growth, Inc.
Management: External
Last Buy Discussions: Item #3.E. Added to CTO in Fidelity Account - Bought 5 at $16.89 (8/26/25 Post); Item # 3.G. Added to CTO in Schwab Account - Bought 5 at $16.59 (8/19/25 Post); Item # 1.B. Added to CTO - Bought 5 in Schwab Account at $17.13 (5/10/24 Post)
Profit Snapshot: $31.42
New Average cost per share in this account: $16.62 (70+ shares)
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| Snapshot after pare/Closing Price as of 5/26/26 |
Reduced from $16.69.
Dividend: Quarterly at $.38 per share ($1.52 annually)
CTO Dividend History & Date | Seeking Alpha
I am no longer reinvesting the dividend.
2025 Dividend Tax Classifications: Insignificant ROC Support
Tax Information - CTO Realty Growth
Yield at $16.62: 9.1456%
Last Ex Dividend: 3/12/26
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post: Item # 1.I. Pared CTO in Fidelity Account - Sold 5 at $20.35 (5/9/26 Post)(profit snapshot = $17.11; 2026 AFFO per share guidance: $2.19-$2.24, raised from $2.11-$2.16); SEC Filed Press Release
D. Pared CTO in Fidelity Account - Sold 5 at $20.36+:
See Item # 2.C. above.
Proceeds: $101.83
Profit Snapshot: $17.33 (5/26/26 sale only)
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| Snapshot Intraday on 5/26/26 after pare |
Yield at new AC: 9.3%
Other Sell Discussions: Item # 1.O. Pared CTO in Schwab Account - Sold 3 at $19.01; 2 at $20 (2/23/26 Post)(profit snapshots = $9.59, discussed the 2025 4th quarter report in that post. SEC Filed Press Release and SEC Filed Supplemental); Item # 1.I. Pared Duplicate CTO Position in Schwab account - Sold 3 at $18.32 (2/11/26 Post)(profit snapshot = $2.5); Item # 3.B. Pared CTO in Schwab Account - Sold 8 at $20.52 (12/26/24 Post)(profit snapshot = $15.68); Item # 2.A. Pared CTO in Schwab Account - Sold 13 at $20.37 (12/12/24 Post)(profit snapshot = $12.89); Item # 3.H. Sold 10 CTO at $19.72 (11/7/24 Post)(loss snapshot = -$13.48)
CTO Equity Preferred Stock: I also own the $25 par value equity preferred stock, CTO-PA, that has a 6.375% coupon. My AC per share is $18.89. {Last Discussed: Item #2.C. Added to CTOPRA - Bought 3 at $17.77 (11/11/23 Post); Item # 1.A. Bought 5 CTOPRA at $18.5; 2 at $17.8 (9/30/23 Post)}
Goal: Any total return before ROC adjustments to the tax cost basis + the dividend.
E. Pared MEGI in Fidelity Account - Sold 5 at $15.41:
Quote: NYLI CBRE Global Infrastructure Megatrends Fund (MEGI) at Google Finance
Proceeds: $77.05
SEC Filing - Holdings as of 2/28/26 (Cost then at $1.221+B with the value then at $1.124+B)
NYLI CBRE Global Infrastructure Megatrends Term Fund - SEC Filed Shareholder Semiannual Report for the period ending 11/30/25
Leveraged: Yes, at 19.44% as of 3/31/26, priced at a spread to the Overnight Bank Funding rate. Overnight Bank Funding Rate (OBFR)- St. Louis Fed
MEGI Portfolio | Morningstar (accessible to non-subscribers). Lists top 25 holdings which include companies in the following sectors: electric utilities (e.g. stock symbols XEL, PPL, D, PEG, OGE, ETR), pipelines (e.g OKE and ENB), cell tower REITs (AMT & CCI), NGL (Cheniere), construction (VINCI), water utility (Pennon), and a railway (Canadian Pacific Kansas City)
Last Discussed: Item # 1.B. Pared MEGI in Fidelitiy Account - Sold 5 at $15.29 (4/18/26 Post)
Some Buy Discussions: Item # 1.A. Restarted MEGI in Schwab Account - Bought 20 at $13.55 (12/25/25 Post); Item # 1.C. Bought 15 at $12.5; 10 at $12.18 - Fidelity Account (12/26/24 Post); Item # 2.B. Added to MEGI - Bought 5 at $11.45 (4/19/24 Post); Item # 1.A. Added to MEGI - Bought 50 at $12.32 - Fidelity Account (4/12/24 Post); Item # 1.C. Added to MEGI - Bought 15 at $12.28 (3/22/24 Post); Item #1.A. Added to MEGI - Bought 5 at $12.44; 5 at $12.2; 5 at $11.95 (2/23/24 Post)
Profit Snapshot: $18.75 (5/26/26 sale only)
New Average cost per share this account: $11.41 (40 shares)
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| Snapshot Intraday 5/26/26 after pare |
Reduced from $11.44
Dividend: Monthly at $.125 per share ($1.5 annually)
MEGI Stock Dividend History & Date | Seeking Alpha
ROC support was significant for the prior two fiscal years ending on 5/31/24 and 5/31/25.
The borrowing costs and management fees/expenses would eat up a significant part of the dividend income leaving capital gains as the primary support for the dividend payments.
Return of Capital (ROC) Adjustments to the Original Cost Basis: That part of the dividends classified as ROC is not taxed as dividend income in the year received but will reduce the tax cost basis by the total amount so classified. That will cause a higher profit or lower loss when the shares are sold. Under existing tax law, the cost basis can be stepped up to the market value on the date of death which in effect nullifies the tax basis adjustments caused by the ROC classifications. What is step-in basis and how can it affect me?| Fidelity There have been in the past efforts to repeal that provision of the tax code.
Last Ex Dividend: 5/22/26
Data Date of 5/26/26 Trade:
Closing Net Asset Value per share: $17.03
Closing Market Price: $15.41
Discount: - 9.51%
Average 3 Year Discount: -11.11%
Sourced: MEGI - CEF Connect
Other Sell Discussions: Item # 3.E. Sold 15 MEGI at $14.17 - Fidelity Account (5/23/25 Post)(profit snapshot $30.1); Item # 1.I. Pared MEGI - Sold 45 at Various Prices (4/4/25 Post)(profit snapshot = $25.91). I sold my highest cost lots.
Goal: Any total return before ROC adjustments in excess of the dividend payments. The 5 share lot that was sold was bought at $12.32, as part of a 50 lot purchased on 4/12/25:
The profit based on the original cost was $15.47, so the goal was realized for this sale.
G. Pared KIM in Fidelity Account - Sold 5+ at $24.45:
Quote: Kimco Realty (KIM) at Zacks
Proceeds: $124.75
KIM "is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. . . .As of March 31, 2026, the company owned interests in 565 U.S. shopping centers and mixed-use assets comprising 100 million square feet of gross leasable space."
Last Discussed: Item # 1.B. Pared KIM in Fidelity Account - Sold 10 at $23.03+(2/23/26 Post)(profit snapshot = $17.09, discussed the 2025 4th quarter report, SEC Filed Press Release)
KIM 2025 SEC Filed Annual Report
Website: Kimco Realty
Last Buy Discussions: Item # 1.B. Added to KIM in Fidelity Account - Bought 10 at $20 (11/29/25 Post); Item # 1.H. Added to KIM in Fidelity Account - Bought 5 at $20.33 (11/15/25 Post); Item # 1.B. Added to KIM in Vanguard Account - Bought 10 at $20.18 (11/8/25 Post); Item # 1.B. Started KIM in Vanguard Account - Bought 10 at $21.25 (10/11/25 Post); Item # 1.A. Started KIM in Schwab Account - Bought 10 at $18.05; 5 at $17.58 (4/19/24 Post)
Profit Snapshot: $20.31 (5/26/26 sale only)
Sold highest cost 5 share lot and shares purchased with dividends.
New Average cost per share: $20.1 (35 shares)
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| Snapshot Intraday on 5/26/26 after pare |
Dividend: Quarterly at $.26 per share ($1.04 annually), last raised from $.25 effective for the 2025 4th quarter. The dividend was slashed from $.28 to $.10 effective for the 2020 third quarter payment.
KIM Dividend History & Date | Seeking Alpha
$.983796 of the $1.01 per share total was classified as an ordinary and Section 199A dividend. Kimco Realty Corporation Announces 2025 Dividend Tax Treatment | Kimco Realty
Yield at $20.1: 5.17%
Last Ex Dividend: Today, 6/5/26
Last Earnings Report (3/31/26): -SEC Filed Press Release
Revenues: $558.016M
GAAP E.P.S. $.23
Diluted FFO per share: $.46, up from $.44
Reconciliation:
2026 FFO per share guidance: $1.81-$1.84
"Increased pro-rata leased occupancy by 50 basis points year-over-year to 96.3% at quarter end."
Currently Owned SU Bond: 2 Kimco 3.25% SU Maturing on 8/15/26: Bond Page | FINRA.org, originally issued by Weingarten Realty that was acquired by Kimco. Moody's recently upgraded Kimco debt to A3 with S&P now at A-. Those are high grades for a REIT. Item # 3.D. Bought 2 Kimco 3.25% SU Maturing on 8/15/26 at a Total Cost of 97.571 (12/12/24 Post)
2025 KIM SU Maturities: +$165.32 (6 bonds)
2024 KIM SU Maturities: +$47.98 (4 bonds)
H. Sold 15 of HIW in Fidelity Account at $26.04 - Duplicate Position:
Quote: Highwoods Properties (HIW) at Zacks
Proceeds: $390.6
Website: Highwoods
HIW owns office buildings in Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond, and Tampa. As of 3/31/26, HIW, through its operating entity, owned "or had an interest in
Management: Internal
Recent News: Highwoods Sells Bridgestone Tower in Nashville.pdf (513,00 square feet office tower sold for $255M, with the expected gain at approximately $75M)
Last Discussed: Item # 2.B. Added to HIW in Schwab Account - Bought 5 at $24.53; 5 at $22.3 (2/17/26 Post)(discussed the 2025 4th quarter report, HIW Announces Fourth Quarter 2025 Results.pdf)
I own 41+ shares in my Schwab account with an average cost per share at $21.33.
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| Price Intraday on 6/4/26 |
Other Recent Buy Discussions: Item # 1.D. Added 5 HIW at $25.25 (12/25/25 Post); Item # 1.E. Added to HIW - Bought 1 at $18.13, 1 at $17.93; 3 at $17.74 (12/2/23 Post); Item # 1.J. Added to HIW - Bought 1 at $20.2; 1 at $19.85; 1 at $19.31; 1 at $18.87 (10/7/23 Post)
Profit Snapshot: $10.2
New Average cost per share this account: $21.79 (5+ shares)
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| Snapshot Intraday on 5/26/26 after pare |
Dividend: Quarterly at $.50 per share, last raised from $.48 effective for the 2021 third quarter.
HIW Dividend History & Date | Seeking Alpha
HIW is the only pure office REIT that has not reduced or eliminated its dividend based on developments starting with the pandemic.
There was no ROC support for the 2025 dividend payments: 2025 FORM 8937: Tax-Treatment of Distributions.pdf. I view it as unlikely that there will be ROC support in 2026 due in part to the realized gains from property sales included in GAAP net income.
There was minor ROC support for the dividends paid in 2024 (total of $.148072 out of the $2 per share total):
Yield at $21.79: 9.18%
Last Ex Dividend: 5/18/26
Last Earnings Report (Q/E 3/31/26):
HIW Announces First Quarter 2026 Results.pdf
Revenues: $214.034M
E.P.S. = $.29
FFO per share: $.84
Reconciliation:
In-service occupancy at 85% and in-service leased at 89.7%
2026 Outlook: FFO per share of $3.40 to $3.68
HIW does not provide a cash available for distribution number that would subtract routine maintenance expenses, a major item for office REITs, from FFO.
Last Sell Discussions: Item # 1.G. Pared HIW Again - Sold 3 at $32.34 (9/13/25 Post)(profit snapshot = $32.52): Item # 3.D. Sold 5 HIW at $30.2 - Highest Cost Shares (5/23/25 Post)(profit snapshot = $29.77); Item # 2.B Pared HIW Again - Sold 2 at $36.26 (10/31/24 Post)( profit snapshot = $22.8); Item # 3.F. Pared HIW - Sold 10 at $34.31; 5 at $35.77 (10/16/24)(profit snapshot = $50.6);
Last Elimination: Item # 1.I. Eliminated HIW - Sold 7 at $47.22 (2/3/22 Post)(profit snapshot = $15.31) HIW was holding up far better than other Office REITs one year into the pandemic, but I suspected that would not last.
Highwoods Properties L.P. SU Bonds Owned: 6
2 of the 3.875% SU maturing on 3/1/27, Bond Page | FINRA.org, discussed at Item # 2.C. Bought 2 Highwoods Realty LP 3.875% SU Maturing on 3/1/27 at a Total Cost of 98.334 (4/4/25 Post)
2 of the 4.125% SU maturing on 3/15/28, Bond Page | FINRA.org; discussed at Item # 5.A. Bought 2 Highwoods Realty LP 4.125% SU Maturing on 3/15/28 at a Total Cost of 99.014 (11/15/25 Post)
2 of the 4.2% SU maturing on 4/15/29, Bond Page | FINRA.org, Prospectus, discussed at Item # 3.A. Bought 2 Highwoods Realty Partnership 4.2% SU
I. Pared NNN in Fidelity Account - Sold 3 at $45.08:
Quote: NNN REIT Inc (NNN) at Google Finance
Proceeds: $135.26
"NNN acquires, owns, invests in and develops high-quality properties that are leased primarily to tenants under long-term, net leases and are primarily held for investment"
Properties: 3,711 with 38.597M square feet and an weighted average lease term of 10.1 years.
Sourced: 10-Q at page 1
Website: Increasing Dividends | NNN REIT
Retail Properties | Our Portfolio | NNN REIT
Last Discussed: Item # 3.I. Sold 3+ NNN at $44.68 (4/26/25 Post)(profit snapshot = $7.05)
Last Buy Discussions: Item # 1.C. Added to NNN in Fidelity Account - Bought 5 at $40.39 (12/11/25 Post); Item # 1.H. Added to NNN - Bought 5 at $39.64 (1/22/25 Post); Item # 2.F. Added to NNN - Bought 1 at $37.63; 1 at $36.67; 1 at $35.32; 2 at $34.95 (9/30/23 Post)
Profit Snapshot: $11.36 (5/26/26 sale only)
New average cost per share: $38.83 (30 Shares)
 |
| Snapshot Intraday on 5/26/26 after pare |
Dividend: Quarterly at $.60, last raised from $.58 effective for the 2025 third quarter.
NNN Dividend History & Date | Seeking Alpha
Yield at $38.83: 6.18%
Last Ex Dividend: 4/30/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Press Release (debt is listed at page 11)
Occupancy: 98.6%
Revenues: $240.424M
GAAP E.P.S. $.50
FFO and Core FFO per share: $.86
AFFO per share: $.87, unchanged from the 2025 1st Q.
Reconciliation:
For net lease REITs, FFO and AFFO per share will generally be very close.
J. Pared FZILX - Sold 5 at $16.85:
Quote: Fidelity ZERO International Index Fund (FZILX)
Proceeds: $84.25
Last Discussed: Item # 2.D. Pared FZILX - Sold 10 at $13.56 (7/15/25 Post)(profit snapshot = $47.86)
Last Purchase Discussion: Item # 1.O. Added to FZILX - Bought $50 at $8.93 (10/11/22 Post)
Sponsor's website: FZILX - Fidelity ZERO ® International Index Fund | Fidelity Investments
Expense Ratio: Zero
Number of Holdings: 2,233 as of 4/30/26
Top 10 Holdings:
Profit Snapshot: $40.38
Average cost per share (unchanged): $8.77 (97+ shares)
 |
| Snapshot after Pare/Closing Price as of 5/27/26 |
Dividends: Paid annually
FZILX Dividend History & Date | Seeking Alpha
Last Dividend: $.394 per share
Yield Using $.394 and $16.85 Sales Price: 2.34%
K. Pared FZROX Again - Sold 5 at $26.13:
Quote: Fidelity ZERO Total Market Index Fund (FZROX)
Proceeds: $130.65
Sponsor's website: FZROX - Fidelity ZERO ® Total Market Index Fund | Fidelity Investments
Expense Ratio: Zero
2,689 Holdings as of 4/30/26 with 33.97% of total portfolio weighted in the top 10 stocks.
Top 10 Holdings as of 4/30/26:
Last Discussed: Item # 1.C. Pared FZROX - Sold 5 at $25.05 (5/9/26 Post)(profit snapshot = $78.59)
Last Buy Discussion: Item # 4.K. Added 50 FZROX at $8.57 (4/4/20 Post)
Profit Snapshot: $83.98 (5/27 sale only)
New average cost per share (unchanged): $9.33 (50+ shares)
 |
| Snapshot after Pare/Closing Price as of 5/27/26 |
I am using the average cost method.
Dividends: Paid annually at a variable rate.
Last Annual Dividend: $.242 per share
Yield at $26.13 Sales Price Using $.242 Annual: .0093%
At current price levels, broad stock index funds have dividends that I view as immaterial.
Since I am an income focused investor, the only way to generate a meaningful percentage amount is to harvest profits.
Other Sell Discussions: Item # 2.C. Pared FZROX - Sold 10 at $21.85 (7/15/25 Post)(profit snapshot = $125.6); Item #1.C. Sold 5 FZROX at $20.77; 5 at $21.01 (11/14/24 Post)(profit snapshot = $115.7)
FZROX Realized Gains to Date: $403.87
L. Pared KRG in Fidelity Account at $27.43 - Sold All Fractional Shares Purchased with Dividends:
Quote: Kite Realty Group Trust (KRG)
Proceeds: $19.07
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: Home - Kite Realty
Profitably selling shares purchased with dividends is a standard risk reduction strategy that I use since my focus is not long term given my age, financial condition and investment objectives.
Profit Snapshot: $2.26 (5/27/26 sale only)
New Average cost per share this account: $22.09 (20 shares)
 |
| Snapshot Intraday on 5/27/26 after pare |
Dividend: Quarterly at $.29 per share ($1.16 annually)
KRG Dividend History & Date | Seeking Alpha
Yield at $22.09: 5.25%
Last Ex Dividend: 4/29/26
Next Ex Dividend: 7/9/26
Last Buy Discussion: Item # 1.C. Added to KRG in Fidelity Account - Bought 4 at $21.46 (10/18/25 Post)
I have nothing to add to my recent discussion where I discussed the last earnings report. Item # 1.J. Eliminated A Duplicate Position in KRG - Sold 10 at $26.62+ Vanguard Account (5/22/26 Post)(profit snapshot = $47.08); SEC Filed Press Release
Prior Elimination: Item # 3.A. Eliminated KRG - Sold 25 at $25.51 (10/16/24 Post)(profit snapshot = $112.8).
3. Corporate Bonds: 17,000 in principal amount
A. Bought 2 Steel Dynamics 4% SU Maturing on 12/15/28 at a Total Cost of 98.697 (Interactive Brokers Account):
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Issuer: Steel Dynamics (STLD) at Zacks
"Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company has also recently added aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors."
Website: Steel Dynamics
STLD Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 3/31/26
Cost: $1,973.94
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.545%
Current Yield at TC: 4.053%
In December 2025, the issuer called 2 SU bonds early that I owned:
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B. Bought 2 NNN REIT 3.5% SU Maturing on 10/15/27 at a Total Cost of 98.867:
Issuer: NNN REIT, Inc. (NNN) at Zacks
Cost: $1,977.34
I own the common stock, see Item #1.I above.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.35%
Other Owned NNN SU Bonds:
2 of the 3.6% SU Maturing on 12/15/26
2 of the 4.3% SU Maturing on 10/15/28, Bond Page | FINRA.org
I owned 6 of the 4% SU that matured on 11/15/25 (4 in my Vanguard RI account)
%20+$12.9%20.png){kind=small}
%20+$29.62%20RI%20.png)
C. Bought 2 O'Reilly Automotive 3.6% SU Maturing on 9/1/27 at a Total Cost of 99.16 (Interactive Brokers Account):
%209:1:27%20IB%20.png)
Issuer: O'Reilly Automotive (ORLY) at Zacks
Cost: $1,983.2
ORLY "is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States, serving both the do-it-yourself and professional service provider mark."
ORLY Detailed Earnings Estimates at Zacks.com
SEC Filed Earnings Press Release for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.287%
D. Bought 2 Allegion U.S. Holding 3.55% SU Maturing on 10/1/27 at a Total Cost of 98.89:
%2010:1:27%20.png)
Issuer: Wholly owned subsidiary of Allegion (ALLE) who guarantees the notes.
Cost: $1,977.8
Website: Allegion | Creating a Safer and More Accessible World
| ALLE Detailed Earnings Estimates - Zacks.com ALLE SEC Filed Earnings Press Release for the Q/E 3/31/26 Prospectus "The notes will be fully and unconditionally guaranteed on a senior unsecured basis by the issuer’s parent company, Allegion plc." FINRA Page: Bond Page | FINRA.org |
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.406%
E. Bought 2 Masco 3.5% SU Maturing on 11/15/27 at a Total Cost of 98.783 (Interactive Brokers Account):
%2011:15:27%203.5%25%20IB%20.png)
Issuer: Masco (MAS) at Zacks
Website: Home - Masco
MAS Detailed Earnings Estimates - Zacks.com
MAS SEC Filed Earnings Press Release for the Q/E 3/31/26
Cost: $1,975.66
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.365%
F. Bought 2 Sherwin Williams 4.3% SU Maturing on 8/15/28 at a Total Cost of 99.642:
%204.3%25%208:15:28%20.png)
Issuer: SherwinWilliams (SHW) at Zacks
Cost: $1,992.84
SHW Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.469%
Current Yield at TC: 4.3154%
Other Owned SHW SU Bonds:
2 of the 3.45% SU Maturing on 6/1/27, Bond Page | FINRA.org, discussed at Item # 1.H. (4/4/26 Post)
I have now replaced the 4 SU bonds that matured in 2025.
%20+$14.32%20.png){kind=small} |
| IB Account |
%20+$52.92%20.png){kind=small} |
| Fidelity Account |
G. Bought 2 Enbridge 4.2% SU Maturing on 11/20/28 at a Total Cost of 99.396 (Interactive Brokers Account):
%2011:20:28%204.2%25%20.png)
Issuer: Enbridge Inc (ENB)
Cost: $1,987.92
ENB SEC Filed Earnings Press Release for the Q/E 3/31/26
Credit Ratings - Enbridge Inc.
I have a small position in the common stock.
Last ENB Discussion:Item # 1.S. Pared ENB - Sold 5 at $45.45 (4/4/25 Post)(profit snapshot = $66.91)
I also own the Enbridge reset equity preferred stock ENBPRP:CA.
Last ENBPRP:CA Discussion: Item # 3.A. Pared ENBPRP:CA - Sold 50 at C$24.01 (5/9/26)(profit snapshot = C$389)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.46%
Current Yield at TC: 4.2255%
Other Currently Owned ENB SU Bonds:
2 Spectra Energy Partners (acquired) 3.375% Maturing on 10/15/26
4 Enbridge 4.25% SU Maturing on 12/1/26, Bond Page | FINRA.org, last discussed at Item # 3.B. Bought 2 Enbridge 4.25% SU Bond Maturing on 12/1/26 at a Total of 99.171 (1/22/25 Post)
4 Enbridge 3.7% SU Maturing on 7/1/27, Bond Page | FINRA.org
2 Enbridge 3.125% SU Maturing on 11/15/29, Bond Page | FINRA.org, discussed at Item # 2.B. Bought 2 Enbridge 3.125% SU Maturing on 11/15/29 at a Total Cost of 95.798 (12/18/25 Post)
I will generally own 10 - 15 Enbridge SU bonds that will be stacked in short term maturities.
H. Bought 1 AvalonBay 3.2% SU Maturing on 1/15/28 at a Total Cost of 98.204:
%203.2%25%201:15:28%20.png)
Issuer: AvalonBay Communities (AVB) at Zacks - Large Apartment REIT
Cost: $982.04
AVB has agreed to be acquired by Equity Residential (EQR)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 4.347%
I. Bought 1 Laboratory Holdings 3.6% SU Maturing on 9/1/27 at a Total Cost of 99.155 (Interactive Brokers Account):
%203.6%25%209:1:27%20IB%20.png)
Issuer: Labcorp Holdings Inc. (LH) at Zacks There was a name change after this bond was originally issued.
Cost: $991.55
LH SEC Filed Earnings Press Release for the Q/E 3/31/26
LH Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.292%
Owned LH SU Bonds:
3 of the 3.6% SU Maturing on 9/1/27
2 of the 2.95% SU Maturing on 12/1/29, Bond Page | FINRA.org
2 of the 4.35% SU Maturing on 4/1/30, Bond Page | FINRA.org
J. Bought 1 UDR 3.5% SU Maturing on 1/15/28 at a Total Cost of 98.612:
%203.5%25%201:15:28%20F.png)
Issuer: UDR Inc (UDR) at Google Finance - Large Apartment REIT
Cost: $986.12
UDR is a S&P 500 component. "As of March 31, 2026, UDR owned or had an ownership position in 59,782 apartment homes, including 300 apartment homes under development."
UDR SEC Filed Earnings Press Release for the Q/E 3/31/26
I own the common stock.
Last UDR Discussions: Item # 2.A. Added to UDR - Bought 1 at $34.02; 1 at $33.63 - Schwab Account (4/4/26 Post); Item # 1.D. Eliminated Duplicate Positions in UDR - Sold 24+ at $40.8 in Fidelity Account and 16 at $39.93 in my Vanguard Account (2/17/26 Post)(profit snapshots = $160.39)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.389%
Current Yield at TC: 3.55%
I now own 4.
Currently Owned UDR SU Bonds:
Rated BBB+/Baa1
4 Maturing on 9/1/26, 2026 UDR 2.9% SU
8 Maturing on 9/1/27, 2027 UDR 3.5% SU
4 Maturing on 1/15/28, 2028 UDR 3.5% SU
4 Maturing on 1/26/29, 2029 UDR 4.4% SU
I will generally own 15 to 20 UDR bonds stacked in short term maturities, with some owned in RI accounts, and will occasionally trade longer term ones.
I traded last year a 5.125% SU maturing in 2034
%20+$96.22.png){kind=small}
4. Treasury Bills Purchased at Auction:
I am limiting my purchases to 10 of the 6 month T Bills purchases each week through June 2026.
Starting in July, I will increase my weekly purchases of 6 month T Bills that will mature in January 2027. When held to maturity in 1/27, the interest income from those 6 month bills will be taxable in 2027. I am already starting to shift income into the following year based on my revised estimates of this year's marginal tax rate.
A. Bought 10 at the 5/26/26 Auction:
%2011:27:26%20.png)
183 Day Bill
Matures on 11/27/26
Interest: $185.54
Investment Rate: 3.771%
5. Small Ball Common Stock Purchases:
I mentioned the CRM and ADBE trades in a comment published on 5/29/26.
I am cutting off discussions with trades made on or before 5/28/26.
A. Started NKE as a Placeholder - Bought 2 at $44.5, 1 at $43.22:
Quote: Nike Inc (NKE) at Google Finance
Cost: $132.22
5 Year Chart: Major Bear Market Pattern
The stock traded near $180 in 2021 and has since had a series of lower highs and lower lows.
Investment Category: Contrarian Value
The problems that have caused a price decline in Nike shares do not appear to be resolved and can be generally described as shrinking profit margins due to tariffs, lower demand in China, and fierce competition.
Average cost per share: $44.07 (3 shares)
Dividend: Quarterly at $.41 per share ($1.64 annually), last raised from $.40 effective for the 2025 4th quarter payment.
NKE Dividend History & Date | Seeking Alpha
NKE now has 24 consecutive years of dividend increases.
Yield at $44.07:
Last Earnings Report (Q/E 2/28/26): SEC Filed Earnings Press Release
Revenues: $11.3B, flat on a reported basis and down 3% on a currency neutral basis.
E.P.S. = $.35
The $.41 per share dividend paid in this quarter was not covered by GAAP net income.
Gross Margin decreased 130 basis points to 40.2%
Cash, cash equivalents and short term investments were reported at $8.1B, down about $2.3B "as cash generated by operations was more than offset by cash dividends, bond repayment, capital expenditures and share repurchases."
This report has no convincing evidence of green shoots appearing.
Purchase Restriction: 1 or 2 share lots with each subsequent purchase required to be at the lowest price in the chain.
Maximum Position: 10 Shares
B. Restarted CRM as a Placeholder - Bought 1 at $180:
Quote: Salesforce Inc (CRM) at Google Finance
CRM Detailed Earnings Estimates - Zacks.com
Salesforce Stock: Buy the Underrated AI Company Now as Pessimism Peaks (6/4/26) The author notes that investors are concerned that CRM's Agentforce will cannibalize legacy products. Agentforce: The AI Agent Platform | Salesforce
Last Discussed: Item # 2.A. Sold 1.879 CRM at $310.73 (12/10/21 Post)(profit snapshot = $184.45)
10-Q for the Q/E 3/31/26 CRM "is a global leader in customer relationship management technology that brings companies and customers together. With the deeply unified Agentforce 360 Platform, the Company delivers a single source of truth, connecting customer data with integrated artificial intelligence (“AI”) across systems, apps and devices to help companies sell, service, market and conduct commerce from anywhere. The Company offers Agentforce, a layer of the trusted Agentforce 360 Platform, that enables companies to build and deploy AI agents that can respond to inputs, make decisions and take action autonomously across business functions. Agentforce includes a suite of customizable agents for use across sales, service, marketing and commerce."
I know nothing about the products. I do not have any information that would allow me to form an opinion on how vulnerable CRM may be to future AI developments. My simple observation is that major software companies are not helpless in addressing the threat and have an advantage in having products already embedded in companies.
Dividend: Immaterial at $.44 per share ($1.76 annually), last raised from $.416 per share effective for the 2026 first quarter payment. The quarterly dividend started at $.40 in 2024.
CRM Dividend History & Date | Seeking Alpha
Last Ex Dividend: 6/11/26
Yield at $180: .0098%
Last Earnings Report (Q/E 4/30/26): SEC Filed Press Release
This is for the first fiscal quarter.
Revenues: $11.133B, up from $9.829B
Free Cash Flow: $6.556B, up from $6.297B
GAAP E.P.S. $2.42, up from $1.59
Non-GAAP E.P.S. $3.88, up from $2.58
Reconciliation:
I am willing to make the $.64 per share adjustment for amortization of intangibles but nowhere near all of the $1 per share add back for stock compensation for the reasons discussed below.
A major negative IMO is the stock compensation and my unwillingness to ignore the dilutive impact on earnings. A considerable amount of cash is used to buy back shares to offset the dilution to non-employee shareholders. When that happens, I view the stock compensation as an expense no different in effect than a cash salary. I understand why it has to be done. Without the stock awards, key people would just leave and go elsewhere and the business would just wither in a relatively short period of time. That is irrelevant to whether I will accept an adjustment to GAAP earnings for stock compensation expenses when valuing the company.
Analyst Reports (available to Schwab customers):
Argus (5/29/26): Buy with a $290 target price, raised both the F/Y 2027 non-GAAP E.P.S. estimate to $14.41 from $13.18 and the F/Y 2028 to $15.55 from $14.55.
S&P (5/28/26): 4 stars with a 12 month PT of $210
Morningstar (5/28/28): 4 stars with a fair value estimate of $280, a narrow moat and high uncertainty.
I generally find the Argus reports the most helpful.
C. Started ADBE as a Placeholder - Bought 1 at $244.5:
Quote: Medtronic PLC (MDT) at Google Finance
MDT Detailed Earnings Estimates - Zacks.com
2 Year Chart: Bear Market Pattern after double top formation near $106 in 11/2025 and 2/2026.
Last Discussed: Item # 3.D. Added to MDT in Schwab Account - Bought 5 at $77 (5/15/26 Post) I currently own 20 shares in my Schwab account with an average cost be share of $75.85:
 |
| Snapshot Intraday on 6/4/26 |
Investor Relations | Medtronic - Overview
Investment Categories: Contrarian value and Dividend Growth
New average cost per share this account: $76.2 (3 Shares)
Dividend: Quarterly at $.72 per share ($2.88 annually), last raised from $.71 effective for the 2026 second quarter payment. (1.41% increase)
MDT Dividend History & Date | Seeking Alpha
MDT is a dividend aristocrat. Dividend Aristocrats In Focus: Medtronic This stock category requires a company to raise the dividend for at least 25 consecutive years. MDT is currently at 47 years of consecutive dividend increases.
Given my age and average life expectancy, I have to look at other factors in addition to the consecutive years of dividend increases. Those are (1) the current yield is relatively low for new purchases; (2) the rate of dividend growth has slowed down from a 4 or 5 cent quarterly dividend increase to 1 cent which becomes far more important given my age and (3) the percentage increases are likely to be below the average annual inflation rate prior to be adjusted for taxes.
Increasing the annual dividend per share by $.04 for ten years, starting in 2027, would result in a $.40 increase to $3.28 annually which results in a 4.3% yield in 2037 using a constant cost per share of $76.2.
Yield at $76.2: 3.727%
Last Ex Dividend: 3/27/26
Last Earnings Report (Q/E 4/24/26): This report for the 2026 4th fiscal quarter was released after my purchases.
Revenues: $9.807B, up 6.6%, with organic revenues up 6.6%
Revenues by product category:
Cardiovascular: $3.797B, up 13.8% with 10.1% organic
Neuroscience: $2.751B, up 5% with 3% organic
Medical Surgical: $2.388B, up 8% with 5.1% organic
Diabetes: $837, up 15% with 8.1% organic
The diabetes business has been separated into a separate company, called MiniMed Group Inc. (MMED). with an IPO in March 2026. MiniMed announces pricing of initial public offering - Mar 5, 2026 The public IPO price was at $20 with the stock now trading below $15. Prospectus
GAAP E.P.S. $.96
Non-GAAP E.P.S. $1.55, beat the consensus by $.01 but down from $1.62 in the F/Q ending 4/25/25
Reconciliation:
F/Y 2026 Revenues: $36.4B with 5.8% organic growth
F/Y 2026 GAAP E.P.S. $3.73
F/Y 2026 Non-GAAP E.P.S. $5.53, up from
F/Y Free Cash Flow = $5.426B, up 4.6%.
F/Y 2026 Operating Margin was flat year-over-year at 17.8%
F/Y 2026 Non-GAAP Operating Margin was 24.4%, down 130 basis points and 150 basis points in constant currency.
The operating margin pressure is one reason why the stock is struggling IMO.
Guidance for 2027 Fiscal Year: Diluted non-GAAP E.P.S. of $5.9- $6 representing growth of 6.7% to 8.5%.
The P/E at $76.2 and a $5.95 non-GAAP E.P.S. is low IMO at 12.81, with the stock have some dividend growth prospects and some current dividend support.
MDT Realized Gains to Date: $2,062.4. Of that amount, $1,797.69 was realized from sales in 2011 and 2014, see snapshots in Item # 3.D. (5/15/26 Post Recent profits have been small trading gains. E.G. Item # 2.I. Pared MDT - Sold 5 at $90.05 (7/15/25 Post)(profit snapshot = $45.05); Item # 3.A. Pared MDT - Sold 5 $86.06 (7/3/25 Post)(profit snapshot = $37.81); Item # 4.E. Eliminated Duplicate Position in MDT - Sold 4 at $89.79 (8/29/24 Post)(profit snapshot = $38.9)
6. Cash Flow into Fidelity Account on 6/1/28:
I am an income focused investor.
My portfolio scattered over 4 brokerage accounts is designed to generate a constant stream of cash from dividends, interest payments and proceeds from redeemed U.S. treasuries and corporate bonds.
A Tennessee municipal bond allocation is added primarily for diversification and federally tax free income received on the 1st business day of each month. Municipal bonds are generally call protected for 10 years but can thereafter be redeemed at par value at the issuer's option. They trade in the secondary market only in 5 bond lots.
In my Vanguard taxable account, I had 5 Murfreesboro GO bonds mature on 6/1/26.
Municipal Bond Interest: $1,334.78
Corporate Bond Interest: $682.33
Dividends: $43.03
Redemption Proceeds: $5,000
Dividend and Interest Payments:
EAI and ELC are exchange traded first mortgage bonds that have $25 par values and trade like stocks on the stock exchange. SAZ is a senior exchange traded bond.
I will lose 25 municipal bonds later this month to early calls. 15 of those are GO bonds issued by the AAA rated Williamson County, TN. I will probably replace them but am in no hurry 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.
