I reached a decision on how to handle buyouts. I decided to treat them similar to a dividend cut event. The stock will be sold on the day of the buyout (9/29 for HGIC), and depending on the premium, the proceeds + any cash will be invested in one or two replacement stocks. In general, each stock is around 3.3% of the total portfolio. In this case, HGIC had 100% premium, allowing for 2 replacements. The first will be CBU (Community Bank System; 465 sh @ $23.24). CINF and PBCT rated higher on the screen, but both have rather high payout ratios, and earnings or CF below div payout, so I skipped them. CBU has a 4.5% div and 50% payout. The other stock will be Pepsi, as the model called for another Cons Staple if it was expanded to 31 stocks. (173 sh@$62.58) At the January rebalance, the portfolio will return to 30 stocks. This rebalance will occur on the first Friday, assuming I have access to the Dec DCC data to run the screen. These transacations minimally affect the Q3 results, so I am not going to update the results to reflect the changes.