It is that time of the year when investors should consider upcoming dividend changes for General Electric (GE). Though many investors are still smarting from the dividend cut of several years ago, those with faith in the future of General Electric have been buying since the price lows of 2009. After the dividend reduction in 2008 from 31 cents a quarter to 10 cents, it has been increased four times since 2010. The table below shows the increases since the cut in 2008, which clearly indicates a desire on the part of GE management to steadily increase the dividend payments.

Dividend Increases Since 2010

Over the two-and-a-half-year period from the first increase in June 2009, the dividend has increased by 70% -- not counting the possible new

Johnson & Johnson (JNJ) continues to trade at a historical high yield approaching 4%. A recent dividend boost from $0.57 a quarter to $0.61-- a 7% increase, was the 50th consecutive year of increased dividend payments paid by Johnson & Johnson. This report is based on the historical value of the shares of this company.

It is the preference of many dividend investors, and growth investors as well, to focus on those companies that rarely disappoint the investing community. Johnson & Johnson is such a company which has a consistent history of increasing earnings, as presented in the EPS chart found in this report. The chart immediately below graphs the historical PE and yield from 1980 to present. Only the period during the bear market in the early 1980s have the shares traded at this high of a yield level. Additionally, the PE is also at historical low levels signaling

At the end of last year I submitted an article pointing out that the historical levels of valuation, as measured by yield and PE, reflected poor valuation in the shares of Kinder Morgan Energy (KMP), Buckeye Partners (BPL) and Enterprise Products (EPD). Since that date, the market as measured by the S&P500, has climbed approximately 9%, while two of these stocks, even adjusted for dividends have fared worse. This article is an update on the status of the current valuation of these companies. Investors should be aware that ownership of shares of MLP's require additional tax filings due to the tax consequences of distributions paid to stockholders.

As I stated in my first article the purpose was not for one to sell these securities if owned, but to postpone a purchase until the shares approached a better valuation, thereby increasing the margin of safety. To date the valuation levels

In this report on Thomson Reuters (TRI), I discuss an extreme valuation opportunity that is somewhat rare. As with most securities selling at excellent valuation levels there are conditions that have created the valuation opportunity. Thomson is no exception.

Thomson Reuters is a financial powerhouse headquartered in New York providing services worldwide.

Markets are weak, so economic pressure has skewed earnings and revenue growth for Thomson to fall into the 2% range. Management has confirmed that sales are negative thereby signaling a continued challenging environment for strong earnings growth. Current estimates are for 2012 are in the $2.11 area that is only about 13 cents higher than 2011. A recent dividend increase was announced that increased the annual distribution by 3%.

The graph below shows the PE ratio and yield of the shares over the past 20 years. Due to charge-offs in 2011, there exists a current negative PE, however,

One of the great virtues of successful investors is a pattern of waiting for opportunities to present themselves. One of the many ways that value can develop in the shares of a company is for fundamentals to remain intact while price declines. Such is the case for Hasbro (HAS). The wait has rewarded investors with a valuation opportunity.

Hasbro sits high, but not at the top, on the list of companies that have rewarded investors with years of steadily increasing dividend payments. In 2001 Hasbro cut the dividend in half with no further increases until 2004. However, over the past ten years the dividend has increased at a 25% rate, despite the reduction in 2001. The earnings have only grown by a 16% rate during this ten year period so the dividend investor should expect a slowdown in annual dividend increases going forward.

My reason for recommending Hasbro, as mentioned

Heretofore most of my articles have focused on finding value in dividend growth stocks that presented what I considered to be rare valuations worthy of current purchase in one's portfolio. However, there usually comes a time when price outpaces growth causing shares to become fully valued. Such times are not the backbone of superior performance.

First off, I wish to clearly state that I am not recommending that these shares be sold if owned. The primary point of this report is to suggest that the three MLPs selected for this report are not trading at points that are considered to be good valuations for current purchase. Those investors who have held these shares in a taxable for a long period of time should closely examine the tax consequences of selling as a large gain may present one with an unpleasant surprise on tax day due to the accounting in limited

One of the decisions facing dividend investors is the choice between buying high current yield with a low growth rate, or purchasing a security with a lower yield but with faster growth potential. That decision involves several factors such as current age of the investor and current income needs. In this article we will examine two different situations often facing the dividend growth investor. Though I have taken some liberty with stable growth percentages in my examples, the end results justify the means.

In the tables below I prepared a 17 year study based on the current life expectancy of the typical male retiree at age 65. Our study examines the choice of buying a stock currently yielding 6% with a 3% estimate of future dividend growth compared to a stock yielding 3% but with an 11% growth factor.

The 6% Yield with a 3% Growth Rate

An example

It is the usual practice of AT&T (T) to increase the dividend during the first several weeks of December. This year should be no exception and the amount of the dividend increase should roughly equal the past two years' amount. The street guess is for a 1 to 1.5 cent per share increase pushing the yield above 6% based on current prices. This article will examine the current valuation of the shares for investors.

AT&T is the largest telecommunications company in the United States offering land, wireless and internet services through out the country.

One of the keys for dividend investors is the yield level of shares and the future earnings and dividend growth rates. In the case of AT&T the company is expected to grow both in the 2-4% range for the next several years. With growth rates at levels around the historical annual inflation rates, investor should be

General Electric (GE) is a company in recovery. I am optimistic that GE will continue to buy back shares, retire debt, increase dividends, and GE Capital will begin paying a dividend to its parent in 2012. Furthermore, the prevailing opinion among wall street analyst's is for a 13% dividend increase in early December, which would increase the current yield to 4.63% at current prices of $14.70.

General Electric is a diversified international company that operates in two basic divisions, which are GE Capital and Industrial products. GE Capital is expected to contribute 45-47% of GE's earnings in 2012, a reduction from the expected 50% in 2011. Recent weakness in the shares is largely the concern of GE's 300 million dollar loans in Italian and Greek debt. The current exposure to PIIGS (Portugal, Ireland, Italy, Greece, Spain) is presently $17B, reduced from $25B in 2010. GE has $91 billion in cash

Over my 30 plus years in portfolio management I have witnessed three different types of retirees. I have observed the good, the bad, and the ugly behavior of managing one's retirement finances. In this article I will point out the differences of each.

The Good: This individual or couple has a goal in place. They live on a budget, limit their spending to an income flow, and control their emotions during times of market turbulence.

The following are five characteristics of this retiree:

1. A budget somewhat like the one here.

There are cases in which they might raid principal for special occasions or unexpected conditions, such as a child losing their job, but not for ordinary expected expenses. House maintenance, such as new roof, is included in a yearly budget plan. Funds, not included for income, are reserved for out-of-the-blue emergencies. They usually produce more income than

As the title indicates one might wish to wait for a further pullback in Waste Management's (WM) price to purchase the shares. The recent earnings release produced the slowest growth over the past five years. The shares are approaching both strong technical support levels as well as excellent valuation levels as measured by a forward PE of 13.5 and a current yield of 4.3%.

From Yahoo Finance: "Waste Management, Inc., through its subsidiaries, provides waste management services to residential, commercial, industrial, and municipal customers in North America. It offers collection, transfer, recycling, and disposal services. The company also owns, develops, and operates waste-to-energy and landfill gas-to-energy facilities in the United States".

Recent Events: At the end of October Waste Management reported third quarter earnings per share of $0.63. Consensus estimates were in the $0.60 to $0.61 range. However, the earnings were aided by 3 cents per share of

As one approaches retirement, if you're lucky enough to be the beneficiary of a pension plan, there is often a big decision to make regarding choosing an annuity or taking a rollover of a lump sum from a defined benefit plan. Of the companies left that still provide a defined benefit plan offering a pension, some offer the choice, many do not. For this analysis I will examine my own benefit as I can calculate my pension or lump sum payment anytime I wish. I have found that the road to the eventual decision is complicated, with many cross currents to muddy the choice. I will examine each side of the choice and hopefully the process can help those facing this decision themselves.

First off, I went to my benefit section and sourced the numbers that would be my personal choice based on a retirement at age 65. I then

AstraZeneca Plc. (AZN) is one of the world's largest pharmaceutical companies. Headquartered in England, it is the result of a merger between Zeneca Group and Astra, which was domiciled in Sweden. Key products of the company include Crestor, Flumist, Nexium, Arimidex, Seroquel, and Symbicort. The primary purpose in this article to show estimated growth, current valuation, and a technical update for the shares.

Growth Outlook: The major risk to current earnings are decreasing sales of Nexium, largely due to generic competition. However, Crestor and other newer drugs are seeing higher sales volume.

Estimates for earnings for the remainder of 2011 are in the $7.05 to $7.15 range, a significant increase over EPS of $5.57 in 2010. Due to continued competition from generic it is expected that earnings for 2012 might drop to the $5.60 area. However, the company just announced that net profit in the third quarter was $3.48

My TV watching is dominated by stations such as ESPN, History, Travel and the Discovery channels. I usually occupy my down time by doing something on the computer while the TV blares on in the opposite corner of my room. I rarely give it my full attention and therefore find it nearly impossible to watch a TV drama as I'm clueless of the plot ten minutes into the show. A show about catching Alaska King Crab or what the latest "Dirty Job" involves doesn't require my full attention. However, on one particular night a show about living bridges drew my attention. It become for me one of those "Ah ha" moments. It occurred to me that building one of these living bridges is akin to building an income portfolio as we build an income portfolio to live on, and as such, is a "living portfolio".

As the following picture shows,

In this article I will examine the reasons to consider shares of Sysco (SYY) as part of one's income portfolio. An illustration of the long term earnings and dividend history will provide evidence of the historical trends that one desires in a steady growing and income producing security. Valuation measures will be presented to clarify reasons to consider purchase of the shares.

The Company: Sysco is a food distributor to restaurants, convenience stores, grocery, hospital, schools, and caterers. The company was founded in 1969 and operates out of 180 distribution centers. The company began paying dividends in 1973 with annual increases for the last 41 years.

Current Fundamentals: As a large part of Sysco's sales are to restaurants, the slowing economy has limited current growth for the corporation. The company should continue to benefit from acquisitions and better management of operations and consolidated purchasing. Projected earning for the

Medtronic is the global leader in medical technology — alleviating pain, restoring health, and extending life for millions of people around the world. We are committed to offering market-leading therapies to restore patients to fuller, healthier lives. With beginnings in the treatment of heart disease, we have expanded well beyond our historical core business and today provide a wide range of products and therapies that help solve many challenging, life-limiting medical conditions. We hold market-leading positions in almost all of the major markets in which we operate. (Company Description)

Medtronic (MDT) has a long history of producing steadily increasing earnings per share. Over the last five years the earning growth rate has been 9.2%. Recent growth has been slower than historical rates due mainly to fewer medical procedures being performed and a slower economic environment. New products coming to market should help growth rise at a faster pace

Raytheon Company (RTN) is a defense contractor providing a host of services to the military. Perhaps its most famous product is the Patriot Air and Missile System used by 12 countries, which includes the U.S. and five NATO countries.

The primary focus in this report is the valuation of the shares and whether or not they present a buying opportunity for dividend growth investors. The shares currently yield 4.3% and trade at a PE of only 7.5. Estimates are for earning to grow between 8-10% over the next five years. The primary risk to the growth rate are budget cuts from governments world-wide.

Price and EPS: The first chart is a long term graph of Raytheon plotted with the EPS since 1980. Earnings have trended upward except for the 4-5 year period from the late 1990s to 2004. The stock declined 50% in 1999 due to the exit

The current yield on Pitney Bowes (PBI) is 7.9% with a PE of 8.5 based on estimated EPS for 2011. Clearly on the surface, Pitney appears as a excellent candidate for dividend investors with the high yield that share holders receive. However, the dividend was only increased by one half of a cent in both 2010 and 2011 representing increases of less than 0.4% each year. Many companies, such as Paychex (PAYX), Excelon (EXC), and Merck (MRK) have frozen their dividends for several years or more, which makes the small increases in Pitney's payment superior to many other income stocks.

Pitney Bowes: The company is in the business of providing equipment, software, and facilities services for mail processing equipment to companies for mail distribution. Since 2000, Pitney continues to expand as they have acquired over 83 companies world-wide to enhance their existing business.

Most estimates of Pitney's growth

Given enough time, any investor can be successful through the ups and downs of the market. One only needs to view a long term chart of the Dow Jones with its steady upward trend to verify the truth of long term investing. Market timing aside, few-- if any-- have accomplished this with much success, and would be better off turning their efforts to find good stocks at good prices. Earlier I wrote an article using the I-GARP (Income Growth At a Reasonable Price) as an investment method of selecting stocks. In that article I made a comparison between a stock with little growth and value to one with good growth and value as an illustration of the process. The investment strategy behind this requires more than running a screen, reading a random research report, or waiting for a "hot" tip. It requires time, effort, and the necessary data.

I maintain

As defined in previous articles, a ruler stock is one in which earnings, when plotted on a graph, forms a upward-sloping straight line, as if drawn with a ruler. In light of my fondness for these types of stocks, I decided to start a series reviewing many of them. The following graph illustrates a ruler stock, as the green line is the plot of the earnings of this example over the last 30 years.

Today's article is Clorox (CLX). There are three issues to be considered:

1. Fundamentals and growth
2. Value
3. Carl Ichan and his "tender" offer.

Clorox manufactures and markets consumer products sold primarily through food and large retail stores. Products include bleach, trash bags, and the brands Glad, Hidden Valley and Kingsford Charcoal.

Fundamental Factors: Recent earnings releases have come in below Wall Street estimates and most analyst have lowered expectations and growth targets for the year,