In 2008, Altria (MO) spun off Philip Morris International (PM) with hopes of unlocking value from its faster-growing international business, which was underappreciated by investors who worried about the decline in U.S. cigarette consumption and the threat from tobacco litigation. Now, more than a decade later, both companies announced on August 27 that they are exploring a [...]

Home Depot (HD) began operating in 1978, 32 years after Lowe’s (LOW) was founded. Despite its later start date, Home Depot is now the world’s biggest home improvement retailer with over $100 billion in annual sales. The company has more than 2,200 retail stores and maintains the number one market share position in the U.S., [...]

Founded in 1832, Bank of Nova Scotia (BNS) is one of Canada's largest and most diversified banks. The firm provides a broad range of products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.   The bank, commonly referred to as Scotiabank, generates about 56% [...]

Founded in 1911, Eaton (ETN) is an industrial conglomerate that provides a wide range of energy-efficient products and systems. The company's solutions help customers manage power across electrical, hydraulic, and mechanical applications. Eaton operates in five main business segments:  Electrical Products (33% of sales, 36% of profits): consists of electrical components, industrial components, residential products, single [...]

Incorporated in 1968, CenturyLink (CTL) started off as a regional telecom company. Thanks to a series of large acquisitions over the years, CenturyLink is now one of America’s largest telecom services provider with about 10 million customer connections.Today CenturyLink operates through two business units: Business Segment (75% of revenue): provides internet, hybrid networking, cloud connectivity, security [...]

Founded in 1983 as SBC Communications (the company bought AT&T in 2005 and adopted the more famous moniker), AT&T is a telecom and media conglomerate that operates four business segments: Communications (77% of revenue, 79% of operating income):provides wireless and wireline (phone and internet) services to consumers and businesses, as well as paid video (streaming, [...]

Founded in 1983 as Bell Atlantic, Verizon (VZ) is the largest wireless service provider in the U.S. The company’s 4G LTE network is available to more than 98% of the U.S. population. At the end of 2018, the company counted 118 million devices connected to its extensive wireless network.Wireless operations, which include voice and data [...]

Bell Canada Enterprises was founded in 1880 and changed its name to BCE (BCE) in 1983. The firm is one of Canada's big three telecom companies and provides wireless, wireline, internet, and television services to residential, business, and wholesale customers across the country.  BCE organizes its business into three segments:  Bell Wireless (37% of sales, 52% [...]

Formed in 1990, Telus (TU) is one of Canada’s major telecom businesses and a leading wireless provider. The firm's operations are grouped into two segments: Wireless (57% of revenue, 66% of EBITDA): Telus's 4G LTE network covers 99% of Canada's population. The company makes money by selling voice and data services and equipment. Wireline (43% of [...]

Kraft Heinz (KHC) shares plunged 9% yesterday after the packaged food maker reported weak first-half earnings results. Organic sales declined 1.5%, adjusted EPS fell 24%, and management pulled 2019 guidance. We previously reviewed the challenges Kraft Heinz's business is facing. Underinvestment in product development and marketing, fading brands, and too much debt are some of the key [...]

MPLX LP's (MPLX) unit price has slumped 30% over the past year, including a 15% decline in recent weeks. With a dividend yield approaching 10%, the stock has some income investors wondering whether or not the firm's payout is safe.  Let's take a closer look at MPLX's business and the factors that have weighed on [...]

With origins dating to 1848, Lazard (LAZ) was a pioneer in offering financial services around the world. In recent years the company's popularity with income investors has increased. Not only has Lazard paid uninterrupted dividends since it went public in 2005, but the firm has also doled out special dividends each year since 2012.

BT (BT) has had an Unsafe Dividend Safety Score since early 2018. The British telecom giant has since seen its stock price fall more than 30%, pushing its dividend yield above 8%. In March 2019 we published an in-depth note reviewing why BT's dividend could eventually be cut. The crux of the argument lies in BT's need for [...]

When I reviewed Kroger (KR) in May 2018, I made the following concluding remarks:  At the end of the day, it's hard to pull the trigger to invest in a supermarket chain. While Kroger has rewarded shareholders with tremendous returns over the last decade, profitable growth is likely to be more challenging over the next 10 [...]

Pfizer (PFE) has taken steps in recent years to focus its business on higher-margin, faster-growing prescription drugs. For example, in 2013 the company spun off its animal health business, late last year Pfizer reached a deal with GlaxoSmithKline (GSK) to combine their consumer health businesses, and in June 2019 the firm agreed to buy cancer treatment firm Array BioPharma for [...]