HORAN Capital Advisors

First Quarter 2012 Investor Letter

 April 25 2012     David Templeton
The first quarter of 2012 ended a period where the equity markets generated two consecutive quarters of strong market returns. Most investors would find the returns generated in the first quarter acceptable for returns in an entire year. The S&P 500 Index was up 12.5%, the MSCI Developed Equities Index was up 11.7% and the MSCI Emerging Markets Index was higher by 14.1%. Recent earnings reports fo...

Apple's Stock Trading Far Above Its Trend Line

 April 22 2012     David Templeton
Apple (AAPL) stock continues to dominate headlines from day to day. Of particular importance will be the company's earnings report on Tuesday after the market's close. Over the last nine trading days, the price of Apple's stock has declined from an all time high of $644/share to close on Friday at $572/share, just above its 50 day moving average of $569/share.From The Blog of HORAN Capital Advisor...

Game Theory Strategy Displayed

 April 21 2012     David Templeton
An interesting display of game theory in the below video. Source: Business Insider

Procter & Gamble Increases Dividend 7% And Payout Ratio Continues To Increase

 April 14 2012     David Templeton
On Friday, Procter & Gamble (PG) announced a 7.05% increase in the company's quarterly dividend. The dividend increases to 56.2 cents per quarter versus 52.5 cents in the same quarter last year. The 7% increase is one of the lowest rate of increases in recent years. The payout ratio increases to 56.8% based on fiscal year 2012 estimated earnings of $3.96. Earnings for FY 2013 are estimated at $4.3...

Dividend Payers Experience Multiple Expansion At Low Nominal Interest Rates

 April 10 2012     David Templeton
A recent report from Fidelity Investments shows that multiples expand for dividend paying stocks with high payout ratios when nominal interest rates are at extremely low levels as rates are today.From The Blog of HORAN Capital AdvisorsFrom The Blog of HORAN Capital AdvisorsEssentially, the report indicates investors view high dividend payout equities as bond substitutes. The report states:In a mar...

Low Expectations For Earnings In Q1 2012

 April 8 2012     David Templeton
A low bar has been set for year over year earnings exceptions for the first quarter. According to ThomsonReuters, "the earnings growth rate for the S&P 500 for Q1 2012 is 3.2%. Excluding Apple (AAPL), the overall growth rate declines to 1.8%. The Industrials (10.6%) and Consumer Discretionary (6.6%) sectors have the highest growth rates for the quarter, while Materials (-14.7%) has the weakest gro...

Buybacks Decline Along With Earnings In Q4 2011

 March 30 2012     David Templeton
Standard & Poor's fourth quarter 2011 preliminary buyback report for the S&P 500 Index shows buybacks declined in Q4 along with reported earnings. Preliminary earnings were reported at $186.76 in Q4 2011 versus $206.08 in Q3 2011 and $187.67 billion in Q4 2010, while buybacks declined to $91.46 billion versus $118.41 billion in the prior quarter.From The Blog of HORAN Capital AdvisorsS&P's Howard ...

The Number Of Dividend Payers In S&P 500 Index At 12-Year High

 March 25 2012     David Templeton
In a dividend report released by Factset this past Friday, it is noted the number of dividend paying companies in the S&P 500 Index has reached a 12-year high. The report notes,"The number of dividend-paying companies was 393 at the end of Q4 2011 (January 2012), which marks a 12-year high. Aggregate quarterly dividend payments amounted to $260.8 billion over the trailing twelve months. On a per-s...

The Disconnect Between The Economic Data And Sentiment

 March 19 2012     David Templeton
Recent unemployment data released by the Labor Department continues to indicate the economy is adding 200,000 jobs per month. This has been the case for the last three months. What is interesting about the continued job growth figures is the GDP growth rate is suggesting a much lower rate of job additions. A recent article in the Wall Street Journal, Piecing Together the Job-Picture Puzzle ($), no...

Unlocking The Risk Associated With Stock Concentrations

 March 14 2012     David Templeton
Various techniques are available to investors in order to customize an effective approach to reducing a concentrated investment. Investors must continually evaluate the investment landscape, concentrated position risk, opportunity cost, time horizon and taxable consequence related to concentrated holdings. We recently prepared a report titled, Unlocking Concentrated Risk (PDF), that we feel is tim...
Page 98 of 102First   Previous   93  94  95  96  97  [98]  99  100  101  102  Next   Last