Paul Cerro's avatar
$18.1m follower assets
Power behind Costco’s private label brand, Kirkland Signature
$59 billion+: Total 2021 sales of Kirkland Signature brands, a 13.5% change from last year. Costco’s $COST total revenues for 2021 equaled $192 billion, a year-over-year increase of 18%. Kirkland is the biggest consumer packaged goods brand in the US by sales, larger than Hershey $HSY, Campbell Soup $CPB, or Kellogg $K, per CNN.

31%: Kirkland Signature’s percentage of Costco sales, per RetailWire. Online, Costco carries 125 private label SKUs, which represent 8.1% of total SKUs.

$75 billion: Kirkland Signature’s valuation in 2019, according to UBS, per Insider. According to the Private Label Manufacturing Association, private label sales have grown nearly 40% from 2019 to 2021, so that $75 billion valuation is likely more.

15% to 20%: How much less Kirkland Signature products cost than branded alternatives, according to Jim Sinegal, co-founder and former CEO at Costco. According to an EY survey from October 2021, 58% of respondents are more focused on value than they were pre-pandemic.

89.7%: The percentage of US adults who cited better value as the reason they switched from a national brand to a private label brand. Other reasons include better assortment/selection (52.0%), deal/membership rewards offered with purchase (47.9%), and national brand was not available (41.1%).
Amazing.

This is unfortunately one of those companies that I am fascinated by, and seems like an obvious buy -- but have never gotten around to making it a holding.

May change that soon after seeing this data laid out . 🙏🙏
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Edmund Simms's avatar
$7.5m follower assets
The Hershey Company (NYSE: HSY), valuation on May 9, 2022
Last week I polled the community to see which stock you wanted to get my value-oriented take on. Joey (@joeyhirendernath) nominated $HSY, which brought the most votes. You can see the post here.

I'm not too fond of short term predictions and am no good at them; however, I will add one below using Commonstock's prediction feature. I have predicted that the price of Hershey's shares will drop to the median price on my Monte Carlo simulation. Let's see what happens!

•••

The Hershey Company (NYSE: HSY), valuation on May 9, 2022

Summary
  • Stock: The Hershey Company (NYSE: HSY) common equity
  • Market cap: $46.5bn
  • Rating: Hold
  • Price: $226.00
  • Target: $189.48
  • 1-month prediction: <$195

source: S&P Capital IQ

Setting the stage
The Hershey Company (NYSE: HSY, $46.5bn market cap), founded in 1894, is a global confectionery business in the United States. The company makes money by manufacturing and selling branded chocolates, confectionery, gum, pantry items, and other snacks. Despite being the largest chocolate producer in North America and getting 87% of its $9.3bn of revenue there, the firm distributes its products to 80 other countries.

America’s confectionery and snack markets have been stagnant for the last decade. Despite total industry sales increasing at 2.5% per year in line with the rise in the consumer price index (CPI), the volume consumed per person has fallen. Americans, on average, now devour just 87.5kg of confectionery and snacks per year compared to 91kg in 2014.

Changing consumer preferences and shrinkflation, making products smaller while continuing to market them at the same price, are to blame. Packaged Facts, a packaged food market research organisation, in a 2017 study, found that vegetable and pulse-based snacks and yoghurt were the most rapidly expanding segments of the snack market. American households are becoming more health aware and are swapping chocolates and sweets for yoghurts and granola bars. Further, by tracking product sizes over the last five years, the British Office of National Statistics (ONS) found that four-fifths of packaged food products had shrunk despite prices going up. Consumers are switching what they buy and getting less value.

source: Statista

Hershey’s has expanded its range of non-confectionery products by buying other firms to keep up with what consumers want. Over the last five years, the company has ingested popcorn, puffed rice, protein bar, and pretzel businesses to beef up its offering and stem the decay of its slice of the snack industry. It worked. More Americans ate Hershey’s products. The company’s share of the local confectionery and snack market, which had dropped from 3.23% in 2014 to 3.06% in 2020, rose to 3.29% last year. Consequently, the firm’s revenues jumped by 10% in 2021, a fete that had previously taken six years.

sources: company financials, Statista, Valuabl

More of Hershey’s turnover filters through to the bottom line than for almost any other food company. Of the 1,219 food companies I sampled, Hershey’s average gross profit margin over the last two decades put it in the top 10% of all firms, and its average operating profit (EBIT) margin put it in the top 2%. Famous brands, economies of scale, and a substantial cost-advantage help the firm deliver huge margins. These competitive advantages allow the company to raise prices, negotiate lower costs for raw materials, and decrease the all-in cost per unit. The outcome of these advantages is a business that delivers high and stable returns on invested capital (ROIC), the average of which has been 26.1% over the last two decades, while the worst was a still-impressive 16.9% in the depths of the GFC.

sources: company financials, S&P Capital IQ

Story & valuation
As food producers raise prices and consumers switch to healthier bites, the global confectionery and snack market will expand by 2.5% per year and reach $1.73trn in 2027. Hershey's will expand production capacity and buy more non-confectionery snack businesses to diversify its range, especially abroad. Inflationary pressures are mounting, and costs will rise. Hershey's economies of scale and brand recognition will help the company weather the storm as customers tolerate higher prices. International growth comes with increased country risk, but the firm's robust credit rating and little debt keep the chance of distress low.

  • Revenues: Economists forecast the global confectionery and snack market, propelled by price increases and larger health-snack volumes, to expand at 2.5% per year and be worth $1.73trn by 2027. By expanding manufacturing capacity, raising prices, and buying more non-confectionery snack businesses, particularly ones with a presence abroad, Hershey's will grow at 5.6% per year and take a larger share of the global market. I forecast its global share to go from 0.6% to 0.7% and sales to pass $12bn in 2026.
  • Margins: Inflationary pressures are mounting, and costs will rise. But the company has a cost advantage, brand recognition, and a high starting platform from which to defend margins and raise prices. I forecast these factors to offset each other and for margins to remain at 23.74%.
  • Taxes & investment: I expect the company's tax rate to trend from its current effective rate to the underlying marginal rate of its operating regions. I also expect the company to continue delivering high returns on incremental invested capital as it expands production and seeks out acquisitions.
  • Free cash flows: Hershey's will continue delivering positive free cash flows and will not need to raise capital to fund its expansion.
  • Cost of capital: Hershey's is a large food products company getting 87% of its revenue from America and the remaining 13% from the rest of the world. Moody's, a rating agency, has assigned the company an A1 credit rating, and based on historical default data, I have ascribed a 1% cumulative chance of distress within ten years. The company has a 10.8% debt-to-equity ratio. I estimate the firm's cost of equity to be 7.37%, its pre-tax cost of debt to be 4.17%, and its weighted average cost of capital (WACC) to be 6.95%.
  • Non-operating assets: Hershey's has $338m of cash and equivalents, and investments I estimate are worth $286m.
  • Debts & other claims: The company owes creditors and landlords $5.3bn, and 1.3bn employee options are outstanding worth $50m.

source: Valuabl

Each share has an intrinsic value of $189.48. At the current price, $226.00 the investment has a 16% downside.

Sensitivity analysis & rating
Monte-Carlo Simulation is used to model uncertainty by assuming that the inputs to the valuation model will come from probability distributions around the estimates.

source: Valuabl

Buy ••••••• 10th: $122.80
Add ••••••• 30th: $159.36
Hold •••••• 50th: $193.93
Reduce ••• 70th: $240.17
Sell ••••••• 90th: $316.03

The Hershey Company (NYSE: HSY) common equity price is $226.00 and is at the 65th percentile of the Monte Carlo sample of intrinsic values. For this reason, it has a rating of Hold.

I do not own the stock. If I did, I would not be buying any more, and I would look to trim the position if the price got above $240 per share. I will place a small limit order at $122 per share. I'm not too fond of short term predictions and am no good at them; however, I will add one below using Commonstock's prediction feature. I have predicted that the price of Hershey's shares will drop to the median price on my Monte Carlo simulation. Let's see what happens!
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Prediction:
$HSY will be under $195/share on 6/8/2022
12 Votes
Edmund Simms's avatar
$7.5m follower assets
Stock valuation #2
Is there a company you would like me to value?

Post the name and ticker in the comments, and upvote and repost this memo. I'll value and write up the stock with the most upvotes by the end of the week.

•••

Last time:
Chipotle Mexican Grill, Inc. $CMG, nominated by @investmenttalk, was the most upvoted stock. See the votes here and the writeup here.

Summary:
  • Date: March 23, 2022
  • Stock: Chipotle Mexican Grill, Inc. (NYSE: CMG) common equity
  • Market cap: $43.0bn
  • Rating: Reduce
  • Price: $1,590
  • Target: $1,192

•••

UPDATE on May 6:
Joey (@joeyhirendernath) nominated $HSY, which brought the most votes. I'll value it next week and post the write-up and valuation. Thanks to everyone who contributed and made suggestions.

UPDATE on May 9:
I have finished my valuation and posted it here.
I'll nominate $HSY

Although Hershey's needs no introduction I feel like it helps to have context generally. Hershey's, is an American multinational company and one of the largest chocolate manufacturers in the world. It was founded by Milton S Hershey in 1894 as the Hershey Chocolate Company, a subsidiary of his Lancaster Caramel Company.

I currently have the stock on my watchlist and have been following it ever since @scorebdinvestor posted it.

Look forward to your valuation.
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European DGI's avatar
$557.4k follower assets
Q1 2022 earnings reports from many Dividend Stocks
Buckle up everyone, this will be a crazy week! There are so many earnings coming up and this list isn't even complete!

Having said that, what's your favorite company reporting their earnings this week?


#Earnings #stockmarket
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This is my watch list, what is yours?
I recently asked CS content creators to suggest me stocks for me to add to watchlist. Thank to suggestions from fellow creators, I have this watch list. In coming week, I will be diving deep into them and see if I like any of them to invest in them.

Thanks fellow creators for the following:
@strib for $ZIM and $ROKU
@seasnar for $NVDA
@strat for $BBQ and $BOWL
@stonkmetal for $TXN
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2022 Birthday Buys - 3 Months Later
Just wanted to give a quick update on my Birthday Buys from this year and report out on their performance through 1 quarter.

Taxable Brokerage
Purchase Price $285.88
Current Price $263.06 (-8%)
Dividends Collected $1.24

$TGT (Trades aren't showing in my history list)
Purchase Price $220.01
Current Price $237.20 (+8%)
Dividends Collected $3.60

Roth IRA
Purchase Price $142.49
Current Price $126.42 (-11%)
Dividends Collected $2.32

Purchase Price $198.13
Current Price $225.98 (14%)
Dividends Collected $0.90

$HSY is the clear winner thus far, but we are playing the long game. I have already added more to my $KMB and $TGT positions. $HSY is at the top of my list to add to, currently.

Way-Too-Early 2023 Birthday Buy Watchlist

Taxable

I am rounded out on my sector/industry diversification. Looking for strong businesses with growth potential. Dividends are a plus, but not necessary!

Roth IRA

Looking for Healthcare & Utility exposure in my Roth. Open to any suggestions! Dividend is a requirement in this account!

Any recommendations?
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Portfolio Bracketology - $AAPL is the Champ!
Portfolio Bracketology has concluded and you have chosen $AAPL as your champ! $AAPL beat $VTI 21 - 16 in the final poll results (combined between Twitter and Commonstock poll).

Below is the final bracket:

The bracket was made up of all 55 of my active holdings - as verified here on @commonstock. Seeding was based on total return since initial acquisition date through 2/28/22. Final rankings are based on poll results - ranked in each round by initial seeding.

Here are final rankings of all 55 holdings based off the results of the bracket (Initial in Parentheses):

  1. $AAPL (3)
  2. $VTI (8)
  3. $O (21)
  4. $HD (42)
  5. $VDE (4)
  6. $BAM (11)
  7. $LOW (32)
  8. $TGT (47)
  9. $XLE (5)
  10. $ABBV (9)
  11. $SCHD (16)
  12. $KO (19)
  13. $VWO (20)
  14. $PFE (26)
  15. $SCHB (27)
  16. $PEP (31)
  17. $CMA (1)
  18. $CARR (2)
  19. $DD (6)
  20. $FUN (7)
  21. $RTX (10)
  22. $SCHF (15)
  23. $VEA (17)
  24. $MCD (24)
  25. $VNQ (28)
  26. $LEG (29)
  27. $SBUX (30)
  28. $HAS (40)
  29. $UL (43)
  30. $DIS (51)
  31. $COIN (52)
  32. $CTRE (53)
  33. $RVT (12)
  34. $VIG (13)
  35. $IEMG (14)
  36. $IEUR (18)
  37. $HASI (22)
  38. $PG (23)
  39. $CNA (25)
  40. $BUD (33)
  41. $CL (34)
  42. $HE (35)
  43. $TIPX (36)
  44. $VTEB (37)
  45. $PPL (38)
  46. $HSY (39)
  47. $CSX (41)
  48. $NSC (44)
  49. $LQD (45)
  50. $KMB (46)
  51. $BLV (48)
  52. $EMB (49)
  53. $T (50)
  54. $CRON (54)
  55. $CHWY (55)

Are there any surprises? Anything that stands out to you?

What are your overall thoughts on Portfolio Bracketology?

I had tons of fun putting this together and getting insight into people's perspective and thoughts on these companies holdings!
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That seems rad to me! I’ve never thought of putting your holdings head to head in a bracketed to-the-death tournament before! How do you determine the lineup to begin with?
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Q1 Portfolio 2022
As the third month of this project comes to an end, I will share my activity for March. As a reminder to readers, the first year of this project will be a build-out phase until I conduct the necessary research on single stocks I want to own and construct the desired weightings of the portfolio. Interested readers can find more details about this project in "Maiden Post of Reasonable Yield", and the previous two months of updates on my blog.

As a further reminder, this project was born in January 2022, with the goal of documenting the maxing out of the UK ISA annual limit (£20K) each year, with a DGI portfolio

In March, £900 was deposited and invested, meaning a total of £3,335 has been invested this year, excluding the initial £10,000 or so that was allocated pre-2022 to pre-fund the account and kick start this project. Thus, bringing the total value of the DGI portfolio to approximately £15,500. As of April 5th, there is a newly refreshed £20K ISA limit for the tax year, and the goal will be to contribute ~£5K per quarter during the next year.

As the portfolio is currently concentrated in ETFs, the bulk of dividends are weighted towards the end of each quarter. This month, dividends were collected in the sum of £47.89, from the following sources.

At the conclusion of the first quarter of this project, the total dividend income stands at £53.04, and that is now our benchmark from which to compound quarterly, yearly, bi-annually, and so forth. As a reminder, the dividend goal for 2022 is ~£350.

Activity in March

Buying activity in March has been confined to existing positions with a focus on individual stocks. The share of ETFs as a % of the basket is now 67.5%, down from 71.8% in February, and 77.7% in March. Buying in April thus far has included additional shares of Dollar General, Hasbro, Starbucks, and the FTSE 100 Index.

An updated table of the holdings and their relative weightings, value, and returns can be found below.

There are a number of companies on my watchlist (below), and so Q2 will be focused on expanding my watchlist, and locating any potential new entrants to the DGI portfolio. $AAPL $COST $WMT $CINF $MGP $ALLY $O $HSY $JPM. I am also looking to add some broad tech exposure maybe through QQQ ETF. I am not a tech investor, so don't wish to optimise to stock picking in that category.

Company Commentary

Below is some brief commentary on a select few of the names in the DGI portfolio.

London Stock Exchange ($LSEG): The London Stock Exchange (LSEG) had fantastic full-year results back in early March. Revenues expanded to £6.8B (+6.1%), and adjusted EBITA of £3.3B (+8.3%) for a margin of 48.2%. Great cost synergies are being realised, net debt is trickling down ahead of schedule, and a healthy dividend hike of 27%. Free cash flow of £1.4B is expected to increase as the near-term CapEx requirements fade in the coming years.

LSEG's revenue composition has grown in quality after its acquisition of Refinitiv, with 73% of total revenue now being recurring. Still some work to do in terms of tying the two businesses together, however.

LSEG is a company I intend to add weight to at the right moment. I am following the Refinitiv integration closely.

Disney ($DIS): Disney is not a dividend-paying company, and I am aware it may continue to lack yield for the foreseeable future. I agree with management's decision to axe their dividend; partly to free up liquidity during the covid crisis, but also to lean aggressively into streaming, a capital-hungry endeavour. When there is an opportunity to attain attractive ROI on your money and venture into a business-model-shifting tangent, I am all for finding additional firepower at the expense of dividends. The caveat is that I assume Disney pays a dividend at some point in the next 5-years.

The DTC business has been doing well. From 27M Disney+ subscribers in Q1 FY20 to 130M as of Q1 FY22, the remaining subscriber counts (from ESPN+ and Hulu) have grown from 37M to 66M over the same time period. Equally impressive is the geographic dispersion of Disney+ which, beginning with 25M domestic subscribers in Q1 FY20 and 2M internationals, now boasts 43M domestic, 41M international, and 46M Disney+ Hotstar subscribers. Back in Q3 of FY21, Netflix would suggest Disney+ has a 1% market share of US TV time (compared to 6% in YouTube, and 6% in Netflix). While I think it's ignorant to suggest Disney ever competes with Netflix's extensive library, there is a great deal of runway for Disney to run yet.

The resurgance of the Parks & Resorts business (posting record revenues and EBIT in Q1) is another tailwind in itself but catalysed by the fact that the per capita spending of guests has been advancing (above pre-covid norms) despite operating at reduced capacity. Parks & Resorts EBIT margins in the first quarter stood at 32%, compared to 25% across 2018 and 2019. Leaving me to believe it will emerge from the pandemic stronger than it has ever been. As such, I have 3x'd my position in Disney.

Hasbro ($HAS): After submitting a well-articulated proposal to the Hasbro board, Alta Fox was ultimately dismissed by the Hasbro Board. For anyone who follows Hasbro, it would appear the board is not bowled over with their proposals, laid out in their well-researched piece "Hasbro, Let Wizards Go". Alta Fox, who owns a 2.5% stake in Hasbro, was shocked.
When founder Connor Haley caught up with Yahoo Finance he would say: "We've got a world-class slate of advisors. And they are all collectively stunned at the level of entrenchment of the current Hasbro board. I think we went well out of our way to offer a beyond reasonable settlement."But it's not just Alta Fox that is taken aback by Hasbro's refusal to listen to new ideas.

Adirondack Retirement Specialists, a Meaningful Shareholder of Hasbro, had the following statement:

"We were dismayed to see media reports indicating that the current Board of Directors rejected what appears to be a step forward toward adding value for Hasbro shareholders via a very reasonable settlement proposal from Alta Fox. If true, it is troubling to us that the current directors would reject a well-researched 2.5% shareholder’s input and candidates who have records of adding value at a time when Hasbro seems to have lost the market’s confidence. The Company’s shares are at a new 52-week low point, and it has a strategy that has led the business to lag the overall market and its major competitor over the past five years. For shareholders, we insist on a strategy that prioritizes the highest and best long-term allocation of capital and resources. In our view, Alta Fox’s proposal takes shareholders toward that goal. We intend to support the entire dissident slate as we believe that would be in the best long-term interests of shareholders if a contested vote is held at the 2022 Annual Meeting of Shareholders."

I suspect that the momentum for Alta Fox's proposals has impressed current shareholders, will continue to grow, and will eventually pressure Hasbro's board into action. Part of the proposal by Alta Fox was putting forward board members. The 5 proposed members include;

  • A founder and CEO of a publicly-traded tech/software business
  • A CFO who has experienced 5 spin-offs
  • A professional Magic the Gathering player, and seasoned investor
  • An expert in corporate strategy and;
  • An operationally minded former CEO

I think the board can only hold off Alta for so long and am interested to see how this plays out through 2022.

Starbucks ($SBUX): Howard's first act as CEO was to axe the share repurchase component of Starbucks' $20B capital program. Share repurchases were expected to be ~2/3 of the total allocation, and with $3.5B already used, one wonders what the extra $9.5B is going to be used for. He remarked that it would be used to "invest more into our people and our stores" but with CapEx for store count growth already accounted for, I suspect he is actually signalling that the cost of labour is going to increase at Starbucks. No doubt, because of this unionisation battle they face.

Nevertheless, these are short-term (and by short term I mean 2-3 years) headwinds for Starbucks. It may no longer be a vessel for beating the market, but it's still an income-investors delight. With an expected dividend increase coming next quarter, I plan to continue adding whilst the turbulence thunders on.

Dollar General ($DG): A recent dividend hike of 31% was pleasing. Dollar General now pays 55 cents per share in dividends each quarter, up from 42 cents. At 18.1K units (up from 12.5K units in 2015, and 9.4K in 2010), I believe there is still ample room for growth across the United States. Having shown consistent mid-single-digit YoY growth in store count over the last decade, as well as firm revenue per store growth, I can see a future where there are as many as 28K locations across the States before we begin to ponder saturation. In 2010, the average Dollar General store was expected to earn ~$1.4M in sales each year. T

Today, that has advanced to $1.9M, up 36% despite a 93% increase in total units. That tells me this business box model is highly efficient and will continue to be scalable. Whatsmore, DG have shaved ~32% of their outstanding share count over that period and continued to pay dividends. The potential of DG's retail concept stores, Popshelf, which management opined could reach 1K stores by 2025 (currently projected to hit ~200 by end of the year) is exciting. Is a recession coming? I have no idea. Can DG survive a recession and continue to pay dividends? I am confident they can.

Other News

In other news, I expect to be adding ~£5K per quarter for the remainder of the year, meaning the value of this portfolio should reach between £30K and £35K at the year's close. The following year, a further £20K will be invested, and the year following that, and the one following... you get my point. This project will take a number of years before it starts to kick out some meaty dividends, it will also take a number of years before it grows to any reputable size. Such is the nature of Dividend Growth investing. I have other, more active, investments, to keep me busy while I grow this portfolio.

I thank you for following me on this journey. That will be all for this month.
Thank you,
R.Y
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I’m mostly a dividend guy. I’ll have to share a few of my spreadsheets with you. Nothing too detailed, just a nice starting spot. I started with dividends aristocrats, so it’d include kings. Then added metrics that were important to me. The dividend yield (least important for growth, more important for current income), 3 & 5 year DGR, payout ratio, div amount, current price, 52 week low, and 52 week high, consecutive years of dividend increase, industry, sector, and P/E ratio. I really need to add about 12 more columns and have two master spreadsheets. With dividends and without. Because I’m looking at EV/EBIT & EV/EBITDA more now. But I added rules to give best cells Coker’s, for every category. It’s basic; green is go, yellow is slow down, orange a little more cautious, and red is usually a no go. Helps me easily find great dividend stocks with long term stability and track record, good dividend, growth, low payout ratio, double digit DGR, fairly valued, and trading off 52 week highs (I’m value not momentum). Recent addiction was $TROW. $LOW and $CINF we’re a close 2nd and 3rd.
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Q2 Portfolio Alignment
I do my best to stick to a routine cadence when it comes to investing. I have written about some of my methodology here, if you are interested.

Just like doing routine maintenance on your car, I do routine maintenance on my portfolio. The first weekend of each quarter I review my holdings and make updates to conviction ratings, reinvestment strategy and make any sales to trim positions. This routine alignment ensures I am on my intended path, but is also scheduled, so I don't go off the rails and make drastic changes on a whim.

Some of my rules for my portfolio alignment:

  • Sales - My rule is to trim overweight positions that I have held for 3+ years or sell positions that are <1% of my portfolio after 3+ years of holding.
  • Dividend Reinvestment - Reinvest dividends of S&P beaters in Taxable. Reinvest dividends of underweight holdings in Roth IRA.
  • Conviction Rating - Review each holding and record gut conviction (blind to previous rating)- either Low, Medium or High.

Taxable Brokerage

Sales:
None. $CMA and $VTI were candidates for me to sell, but I do not feel the need to trim these positions right now.

Dividend Reinvestment (Changes Only):

Conviction Rating (Changes Only):
  • $ABBV - Medium to High
  • $BUD - Medium to Low
  • $T - Low to Medium
  • $COIN - Medium to High
  • $DD - High to Medium
  • $MCD - High to Medium
  • $PEP - High to Medium
  • $PFE - High to Medium
  • $PG - High to Medium
  • $RTX - Medium to High
  • $RVT - Low to Medium
  • $SCHD - High to Medium
  • $UL - Medium to Low
  • $VIG - High to Medium

Roth IRA

Sales:
None. Could have trimmed $VWO and $VEA but didn't feel the need.

Dividend Reinvestment (Changes Only):

Conviction Rating (Changes Only):
  • $DD - High to Medium
  • $HSY - Medium to High
  • $KMB - High to Medium
  • $VIG - High to Medium
  • $VNQ - High to Medium

Reviewing my Conviction changes in both accounts, I am definitely leaning more conservative in most areas.

What are your thoughts? Do you do any portfolio maintenance activities? Would love to hear!

Have a great Sunday!
Commonstock is a social network that amplifies the knowledge of the best investors, verified by actual track records for signal over noise. Community members can link their existing brokerage accounts and share their real time portfolio, performance and trades (by percent only, dollar amounts never shared). Commonstock is not a brokerage, but a social layer on top of existing brokerages helping to create more engaged and informed investors.