Technology & Industrial Portfolio 08-18-14

Technology & Industrial Portfolio 08-18-14

The Q2-14 dividend is used for yield calculations. This is another sector where the fiscal and calendar years are not in sync. ACN and BBL pay dividends only twice per year - and that quirk is accounted for in the yield calculation and the dividend/EPS ratio. CAT and DE have increased their Q3-14 dividend - which is temporarily encoded as the Q2-14 dividend.


		12-31-13	Current	Dividend	Current	Div/EPS	Percent Change
Company		Price	Price	/Quarter	Yield	Ratio	Price	Pr+Div	14 EPS	Target	Div*

Accenture PLC	ACN	82.22	79.81	0.930	2.33	41%	-2.93	-1.80	0.44	5.53	14.81
Apple Inc.	AAPL	561.02	694.12	3.290	1.90	30%	23.72	25.48	1.37	24.86	7.87
Applied Materials, Inc.	AMAT	17.68	22.10	0.100	1.81	38%	25.00	26.13	-1.85	29.49	0.00
Automatic Data Processing	ADP	80.80	83.25	0.480	2.31	61%	3.03	4.22	-0.95	8.05	10.34
Broadcom Corp.	BRCM	29.65	38.13	0.120	1.26	17%	28.60	29.41	14.06	37.76	9.09
Cisco Systems, Inc.	CSCO	22.43	24.63	0.190	3.09	37%	9.81	12.35	3.03	11.96	11.76
International Business Machines	IBM	187.57	189.36	1.100	2.32	25%	0.95	2.13	-0.61	0.90	15.79
Intel Corporation	INTC	25.95	34.41	0.225	2.62	41%	32.60	34.34	15.34	37.76	0.00
Microchip Technology Inc.	MCHP	44.75	47.03	0.355	3.02	58%	5.09	6.68	1.24	9.87	0.85
MicroSoft Corporation	MSFT	37.41	45.11	0.280	2.48	41%	20.58	22.08	1.87	29.05	21.74
Maxim Integrated Products, Inc.	MXIM	27.90	30.80	0.260	3.38	63%	10.39	12.26	-1.79	3.26	8.33
National Instruments Corporation	NATI	32.02	32.98	0.150	1.82	67%	3.00	3.94	-6.32	2.13	7.14
QUALCOMM Incorporated	QCOM	74.25	75.03	0.420	2.24	32%	1.05	2.18	5.77	8.89	20.00
Texas Instruments Inc.	TXN	43.91	47.56	0.300	2.52	50%	8.31	10.36	12.09	23.63	7.14
BHP Billiton plc	BBL	62.12	69.52	1.180	3.39	59%	11.91	13.81	-17.62	8.67	3.51
Caterpillar Inc.	CAT	90.81	106.98	0.710	2.65	45%	17.81	20.15	8.09	25.00	18.33
Deere & Company	DE	91.33	86.11	0.600	2.79	29%	-5.72	-4.40	0.24	1.42	17.65
E. I. du Pont de Nemours & Co.	DD	64.97	65.87	0.450	2.73	45%	1.39	2.77	-6.73	6.98	0.00
General Dynamics Corp.	GD	95.55	121.18	0.620	2.05	33%	26.82	28.77	4.43	36.12	10.71
General Electric Company	GE	28.03	26.07	0.220	3.38	52%	-6.99	-5.42	-1.75	3.15	15.79
Honeywell International Inc.	HON	91.37	95.26	0.450	1.89	32%	4.26	5.24	0.00	13.10	9.76
3M Company	MMM	140.25	144.12	0.855	2.37	46%	2.76	3.98	0.27	11.36	34.65
Monsanto Company	MON	116.55	119.43	0.430	1.44	33%	2.47	3.21	-0.76	17.48	14.67
United Technologies Corp.	UTX	113.80	108.09	0.590	2.18	34%	-5.02	-3.98	0.59	6.94	10.28

Average					2.42	44 %	9.12	10.58	1.27	15.14	13.11

The SPY [S&P 500 EFT] is up 6.86% year to date.
The SPY [S&P 500 EFT] - with unreinvested dividends - is up 7.81% year to date.
With the 10 Treasury at 2.38% and the sector average yield [on Q2 Divs] at 2.42% - the spread is 14 basis points.
* The change in the dividend is for the last twelve months and not year to date.

Dividend dates are:

ACN: 05-14-14	AAPL: 08-13-14	AMAT: 09-10-14	ADP: 09-30-14	BRCM: 06-15-14
CSCO: 06-22-14	IBM: 09-09-14	INTC: 08-31-14	MCHP: 09-03-14	MSFT: 09-10-14
MXIM: 09-03-14	NATI: 09-01-14	QCOM: 09-23-14	TXN: 08-17-14
BBL: 3-25-14	CAT: 08-19-14	DE: 07-31-14	DD: 09-11-14	GD: 08-13-14
GE: 07-24-14	HON: 09-09-14	MMM: 09-11-14	MON: 10-30-14	UTX: 09-09-14

Price/Earnings Ratios 08-18
Companies that have fiscal years that match calendar years: BRCM, IBM, INTC, NATI, TXN, CAT, DD, GD, GE, HON, MMM & UTX


	EPS / Share					% EPS Growth				Price/EPS			14 EPS Range			YearEnd
Co.	2011	2012	2013	2014	2015	11-12	12-13	13-14	14-15	2013	2014	2015	High	Low	Range

ACN	3.40	3.84	4.21	4.53	4.93	12.94	9.64	7.60	8.83	18.96	17.62	16.19	4.56	4.50	1.32%	Aug
AAPL	27.68	44.15	39.75	44.31	49.21	59.50	-9.97	11.47	11.06	17.46	15.67	14.11	45.64	42.77	6.48%	Sep
AMAT	1.30	0.75	0.59	1.06	1.35	-42.31	-21.33	79.66	27.36	37.46	20.85	16.37	1.18	0.99	17.92%	Oct
ADP	2.52	2.72	2.89	3.14	3.52	7.94	6.25	8.65	12.10	28.81	26.51	23.65	3.16	3.13	0.96%	Jun
BRCM	2.79	2.92	2.72	2.84	3.26	4.66	-6.85	4.41	14.79	14.02	13.43	11.70	2.96	2.25	25.00%	Dec
CSCO	1.62	1.85	2.02	2.04	2.16	14.20	9.19	0.99	5.88	12.19	12.07	11.40	2.06	2.03	1.47%	Jul
IBM	13.38	15.25	16.28	17.90	19.83	13.98	6.75	9.95	10.78	11.63	10.58	9.55	18.07	17.47	3.35%	Dec
INTC	2.45	2.13	1.89	2.18	2.29	-13.06	-11.27	15.34	5.05	18.21	15.78	15.03	2.21	1.76	20.64%	Dec
MCHP	2.35	1.89	1.89	2.45	2.82	-19.57	0.00	29.63	15.10	24.88	19.20	16.68	2.88	2.68	8.16%	Mar
MSFT	2.69	2.73	2.65	2.72	3.20	1.49	-2.93	2.64	17.65	17.02	16.58	14.10	2.76	2.61	5.51%	Jun
MXIM	1.72	1.57	1.77	1.65	1.98	-8.72	12.74	-6.78	20.00	17.40	18.67	15.56	1.71	1.66	3.03%	Jun
NATI	0.94	0.78	0.64	0.89	1.12	-17.02	-17.95	39.06	25.84	51.53	37.06	29.45	0.85	0.79	6.74%	Dec
QCOM	3.20	3.71	4.51	5.32	5.56	15.94	21.56	17.96	4.51	16.64	14.10	13.49	5.27	5.07	3.76%	Sep
TXN	2.20	1.64	1.91	2.41	2.75	-25.45	16.46	26.18	14.11	24.90	19.73	17.29	2.50	2.12	15.77%	Dec
BBL	8.54	6.42	4.42	4.02	4.64	-24.82	-31.15	-9.05	15.42	15.73	17.29	14.98	5.37	2.70	66.42%	Jun
CAT	6.79	8.90	5.79	6.28	7.22	31.08	-34.94	8.46	14.97	18.48	17.04	14.82	6.51	5.87	10.19%	Dec
DE	6.63	7.63	9.09	8.37	6.90	15.08	19.13	-7.92	-17.56	9.47	10.29	12.48	8.83	7.94	10.63%	Oct
DD	3.95	3.33	3.88	4.02	4.64	-15.70	16.52	3.61	15.42	16.98	16.39	14.20	4.40	3.95	11.19%	Dec
GD	7.23	6.48	7.03	7.55	8.08	-10.37	8.49	7.40	7.02	17.24	16.05	15.00	7.50	7.10	5.30%	Dec
GE	1.37	1.52	1.64	1.68	1.83	10.95	7.89	2.44	8.93	15.90	15.52	14.25	1.78	1.65	7.74%	Dec
HON	4.04	4.48	4.97	5.54	6.17	10.89	10.94	11.47	11.37	19.17	17.19	15.44	5.60	5.50	1.81%	Dec
MMM	5.91	6.32	6.72	7.48	8.26	6.94	6.33	11.31	10.43	21.45	19.27	17.45	7.55	7.39	2.14%	Dec
MON	2.96	3.70	4.56	5.22	6.14	25.00	23.24	14.47	17.62	26.19	22.88	19.45	5.45	5.12	6.32%	Aug
UTX	5.48	5.35	6.21	6.86	7.52	-2.37	16.07	10.47	9.62	17.41	15.76	14.37	6.90	6.75	2.19%	Dec

Average						2.13	2.28	12.48	11.93	20.38	17.73	15.71

Yield + CAGR Total Return Expectations


Company		Q2-14	My	Total	Bonds	Acc	My	Total Rtn	Consensus	Pr Impl	Div
		Yield	CAGR	Return	Rate	Rate	RRRs	- RRR	Ratings	CAGR	/ EPS

Accenture PLC	ACN	2.33%	8.50%	10.83%	none	1.5	10.20	0.63	2.2	7.87	41.06
Apple Inc.	AAPL	1.90%	10.00%	11.90%	AA+	2.2	11.00	0.90	2.0	9.10	29.70
Applied Materials, Inc.	AMAT	1.81%	8.00%	9.81%	A-	1.2	10.50	-0.69	2.3	8.69	37.74
Automatic Data Processing	ADP	2.31%	8.00%	10.31%	none	1.8	10.50	-0.19	2.6	8.19	61.15
Broadcom Corp.	BRCM	1.26%	9.00%	10.26%	A-	2.0	10.70	-0.44	2.3	9.44	16.90
Cisco Systems, Inc.	CSCO	3.09%	7.50%	10.59%	AA-	1.7	10.20	0.39	2.4	7.11	37.25
International Business Machines	IBM	2.32%	8.50%	10.82%	AA-	1.0	10.00	0.82	2.8	7.68	24.58
Intel Corporation	INTC	2.62%	5.50%	8.12%	A+	2.7	11.50	-3.38	2.7	8.88	41.28
Microchip Technology Inc.	MCHP	3.02%	3.00%	6.02%	none	1.0	9.00	-2.98	2.3	5.98	57.96
MicroSoft Corporation	MSFT	2.48%	8.20%	10.68%	AAA	1.8	10.20	0.48	2.6	7.72	41.18
Maxim Integrated Products, Inc.	MXIM	3.38%	7.40%	10.78%	BBB+	1.0	10.50	0.28	2.3	7.12	63.03
National Instruments Corporation	NATI	1.82%	7.00%	8.82%	none	5.0	12.00	-3.18	2.5	10.18	67.42
QUALCOMM Incorporated	QCOM	2.24%	9.20%	11.44%	none	1.0	10.00	1.44	2.0	7.76	31.58
Texas Instruments Inc.	TXN	2.52%	8.00%	10.52%	A+	3.0	11.00	-0.48	2.6	8.48	49.79
BHP Billiton plc	BBL	3.39%	7.00%	10.39%	BBB+	5.0	12.50	-2.11	1.0	9.11	58.71
Caterpillar Inc.	CAT	2.65%	8.20%	10.85%	A	4.0	11.20	-0.35	2.4	8.55	45.22
Deere & Company	DE	2.79%	8.30%	11.09%	A	2.5	11.00	0.09	3.2	8.21	28.67
E. I. du Pont de Nemours & Co.	DD	2.73%	6.00%	8.73%	A	4.5	10.00	-1.27	2.7	7.27	44.78
General Dynamics Corp.	GD	2.05%	8.20%	10.25%	A	2.5	10.50	-0.25	2.1	8.45	32.85
General Electric Company	GE	3.38%	7.50%	10.88%	AA+	1.2	10.00	0.88	2.3	6.62	52.38
Honeywell International Inc.	HON	1.89%	9.80%	11.69%	A	1.0	10.00	1.69	2.0	8.11	32.49
3M Company	MMM	2.37%	7.90%	10.27%	AA-	1.0	10.00	0.27	2.6	7.63	45.72
Monsanto Company	MON	1.44%	10.00%	11.44%	BBB+	1.4	10.50	0.94	2.0	9.06	32.95
United Technologies Corp.	UTX	2.18%	9.00%	11.18%	A	1.8	10.40	0.78	2.0	8.22	34.40

Average		2.42%	7.90%	10.32%					2.33

Analyst's Disclosure: The author is long AAPL, CSCO, IBM, QCOM.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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