This brief FFJ Portfolio - October 2022 Report recaps what occurred with our investments in October. Dividend Income I made no outright purchases in October but received dividend income from the following companies. Automatic Data Processing (ADP) Broadridge Financial Solutions (BR) Danaher (DHR) Diageo (DEO) Ecolab (ECL) FedEx (FDX) Genuine Parts (GPC) Merck (MRK) Nike [...]
Based on the Q3 and FY2022 results released on October 27, 2022, S&P Global (SPGI) is attractively valued with strong recurring revenue and expense discipline. In contrast, following the release of Q2 and YTD 2022 results, I concluded in my August 2, 2022 post, that it would be wise to wait for a better valuation. [...]
In my July 29, 2022 Automatic Data Processing (ADP) post, I conclude that a share price pullback to the mid $220 range was not unreasonable once the euphoria waned following the release of ADP's strong FY2022 results and FY2023 outlook. ADP's share price rose after that post. In mid-August, however, the share price commenced a [...]
I last reviewed Fortive (FTV) in this May 2, 2022 post at which time it had recently released Q1 2022 results and its FY2022 outlook. With the release of Q3 and YTD2022 results and updated FY2022 outlook, I now revisit FTV. Business Overview A good explanation of FTV, including high-level information about acquisitions and divestitures, [...]
I last reviewed Merck & Co., Inc. (MRK) in this January 13, 2022 guest post at Dividend Power. At the time of that post, MRK's Q3 2021 results were the most recent. With the release of Q3 and YTD2022 results and a revised FY2022 outlook on October 27, 2022, I take this opportunity to revisit [...]
Benefit from Blackstone's (BX) durable model. This durable model along with the benefits of thematic investing enables BX to invest on behalf of pension funds and other leading institutions so as to continue expanding even in the most difficult of times. With $950.9B in total Assets Under Management (AUM) at the end of Q3 2022, [...]
I initiated a 200 Union Pacific (UNP) share position @ ~$142/share on March 11, 2020 through one of the 'Side' accounts within the FFJ Portfolio. In hindsight, I should have acquired more shares because that was the last time, up until just recently, that I considered UNP to be undervalued. My prior UNP review [...]
In early January 2022 I initiated a Danaher (DHR) position and shared the following in my January 6 post: Based on DHR's track record and the extent to which the Life Sciences and Diagnostics segments have grown, I would not be surprised to learn of another spin-off in the future. Fast forward to September [...]
I last reviewed Intuitive Surgical (ISRG) in my July 23, 2022 post at which time it had just released Q2 2022 results. In that post, I disclosed the purchase of additional shares on July 22 at ~$210.24. Following that purchase, ISRG got caught up in the broad market sell-off. This gave investors a wonderful opportunity [...]
Lockheed Martin's irrational share price surge (~$35 increase on October 18 from the prior day's ~$397 closing share price) should make investors question whether this is due to irrational exuberance or due to a significant improvement in underlying fundamentals. I last reviewed Lockheed Martin (LMT) on July 19, 2022 at which time it had just [...]