sure dividend · sure dividend long-term investing in high-quality dividend stocks july 2018...

Sure Dividend

LONG-TERM INVESTING IN HIGH-QUALITY DIVIDEND STOCKS

July 2018 Edition

By Ben Reynolds, Nick McCullum, & Bob Ciura

Edited by Brad Beams

Published on July 1st, 2018

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Table of Contents

Opening Thoughts - What To Do When The Bull Market Ends - ........................................... 3

The Sure Dividend Top 10 – July 2018 ....................................................................................... 4

Analysis of Top 10 Stocks ............................................................................................................. 5

Kimberly-Clark Corp. (KMB) .................................................................................................... 5

Southwest Airlines Co. (LUV) ................................................................................................. 10

Altria Group Inc. (MO) ............................................................................................................. 15

Cardinal Health Inc. (CAH) ...................................................................................................... 20

Aflac Inc. (AFL) ....................................................................................................................... 25

Owens & Minor Inc. (OMI) ...................................................................................................... 30

Ameriprise Financial Inc. (AMP) ............................................................................................. 35

Franklin Resources Inc. (BEN) ................................................................................................. 40

Procter & Gamble Co. (PG) ...................................................................................................... 45

Mondelez Intl. Inc. (MDLZ) ..................................................................................................... 50

Special Recommendation: Walgreens Boots Alliance (WBA) ............................................... 55

Closing Thoughts –Sleeping Well At Night– ............................................................................ 60

Portfolio Building Guide ............................................................................................................ 61

Examples ................................................................................................................................... 61

Performance of the Sure Dividend Strategy ............................................................................. 62

List of Stocks by Sector .............................................................................................................. 63

List of Stocks by Rank ................................................................................................................ 69

3

Opening Thoughts - What To Do When The Bull Market Ends -

The S&P 500 bottomed out in March of 2009. Over the last 9+ years we’ve experienced a near

uninterrupted bull market. The S&P 500 has generated positive total returns since 2008; 9 consecutive

years of market gains.

With data dating back to 1926, the S&P 500 has never generated 10 consecutive years of positive total

returns. From 1991 through 1999 the S&P 500 saw another 9-year streak, followed by 3 consecutive

years of negative total returns.

Does this mean we are due for a bear market or recession? The exact timing of another recession is

impossible to identify. Maybe it will be in 1 year, maybe 5 or 10 years… It’s not possible to predict

the movements of a complex dynamic system like the stock market.

One thing is certain, though. There will be another bear market in the future. We have not reached a

“permanently high plateau.” It’s much better to prepare for difficult times now than to wait for them to

occur to think about what to do. A game plan is essential for minimizing the financial impacts of a

recession on your portfolio.

The Sure Dividend Newsletter features many stocks that are recession-resistant. In this edition, as an

example; Altria, Kimberly-Clark, Procter & Gamble, Mondelez, and Cardinal Health are all likely to

see their Earnings Per Share (EPS) either not decline at all or only decline modestly during a recession.

While corporate EPS in many high-quality dividend growth stocks will not fall off a cliff during even a

severe recession, share prices will decline. And we must be prepared to hold high-quality dividend

growth stocks during price declines.

The single biggest mistake that can be made during a recession is panic selling. At its core,

investing is simple. The goal is to ‘buy low, sell high’ (or buy low and hold for the long run). Panic

selling during recessions does the exact opposite. It means selling at the height of pessimism – the

worst possible time.

The stock market is mostly rational, most of the time. That rationality goes out the window during

severe recessions. As an example, in March of 2009 American Express (AXP) was trading for under

$10 per share. It was trading at ~$60/share at the beginning of 2007. American Express did not cut its

dividend during the Great Recession and remained profitable throughout – and yet its share price

absolutely collapsed.

Paying a dividend and having a strong competitive advantage does not protect these businesses from

the whims of market pessimism during recessions. Selling American Express at under $10/share would

have been a catastrophic investing mistake. We can’t control stock prices. High-quality dividend

growth stocks have historically performed better during recessions but have still seen price declines.

Here’s what to do before the next recession comes: (1) invest in high quality stocks that are likely to

generate strong business results during a recession, and (2) prepare yourself to judge your holdings

based on their underlying business performance and dividend income stream, and not on what the stock

prices do during a recession.

4

The Sure Dividend Top 10 – July 2018

Name Price Fair

Value Score Months P/E Yield Payout1 Growth Beta

Kimberly-Clark (KMB) $103 $128 1.00 7 14.8 3.9% 58% 4.0% 0.2

Southwest Air. (LUV) $50 $68 0.95 6 11.3 1.3% 15% 8.0% 0.2

Altria Group (MO) $56 $65 0.94 3 14.2 4.9% 70% 7.0% 0.8

Cardinal Health (CAH) $53 $83 0.90 27 10.2 3.8% 39% 9.0% 1.4

Aflac (AFL) $44 $45 0.89 5 11.4 2.4% 27% 8.0% 0.1

Owens & Minor (OMI) $18 $29 0.89 7 8.7 5.9% 51% 8.0% 1.8

Ameriprise Fin. (AMP) $139 $181 0.87 4 9.6 2.6% 25% 8.0% 1.3

Franklin Res. (BEN) $32 $49 0.85 2 9.4 2.9% 27% 6.0% 0.6

Procter & Gamble (PG) $78 $78 0.82 5 18.6 3.7% 69% 6.0% 0.4

Mondelez (MDLZ) $41 $47 0.80 3 16.5 2.2% 38% 7.0% 0.9

Notes: The ‘Score’ column shows how close the composite rankings are between the top 10. The highest

ranked stock will always have a score of 1. The ‘Months’ column shows the number of consecutive months a

stock has been in the Top 10. The ‘Price’ column shows the price near the date the newsletter was published.

The ‘Fair Value’ column gives a rough estimate of the fair value of each stock. Real fair value is unknowable.

The ‘Growth’ column shows the expected future growth rate of intrinsic value on a per-share basis used in

rankings. ‘P/E’ shows current price divided by expected current fiscal year adjusted earnings-per-share.

There were no changes in the top 10 this month versus last month. Only the order of the top 10

changed, not the top 10 constituents. This is unusual and is unlikely to occur again next month.

The stability of the top 10 list shows the ranking method is consistent, not based on rapid swings.

Stocks that fall out of the top 10 are holds, not sells. Selling occurs rarely; only when a stock

becomes extremely overvalued, or if it reduces its dividend. Extremely overvalued is qualified as a

stock with a price-to-earnings ratio (P/E) over 40.

An equally weighted portfolio of the top 10 has the following characteristics:

Top 10 S&P500

Dividend Yield: 3.4% 1.8%

Growth Rate: 7.1% 7.4%

Expected Total Returns2: 10.5% 9.2%

Note: Data for the newsletter is from between market open 6/27/18 and market close 6/29/18.

1 Payout ratios in this table reflect the company’s anticipated payout ratio in the upcoming fiscal year. 2 Before valuation multiple changes. The Sure Dividend Top 10 is (by our estimates) significantly undervalued relative to the rest of

the market.

5

Analysis of Top 10 Stocks Kimberly-Clark Corp. (KMB)

Overview & Current Events

Kimberly-Clark is a global consumer products giant that operates in 175 countries. It sells disposable

consumer goods, including paper towels, diapers, and tissues. The Personal Care segment includes

many of its flagship brands, such as Huggies, Pull-Ups, Kotex, Depend, and Poise. The Consumer

Tissue segment includes the Kleenex, Scott, Cottonelle, and Viva brands, among others. Kimberly-

Clark also services business customers through its K-C Professional operating segment.

On 4/23/18, Kimberly-Clark posted first-quarter earnings results. Revenue of $4.70 billion rose 4.9%

year-over-year and beat expectations by $90 million. Adjusted earnings-per-share increased 9% from

the same quarter a year ago, to $1.71. Organic revenue increased 2% for the quarter, including 3%

growth in North American consumer products. Consumer tissue was a bright spot, with 5% organic

growth for the quarter. Outside North America, organic sales rose 2% in developed markets, and 1% in

developing markets. Volumes increased 3% for the quarter, showing healthy consumer demand.

Competitive Advantages & Recession Performance

Kimberly-Clark’s main competitive advantage is its strong brand portfolio. It has a number of leading

tissue, paper towel, and diaper brands that can be found in millions of households, both in the U.S. and

around the world. Strong brands provide the company with steady profits, even when the economy

enters a downturn.

The combination of strong brands, pricing power, and selling products that are necessary for modern

life, make Kimberly-Clark an extraordinarily recession-resistant company. It experienced only a minor

4.5% decline in earnings-per-share during the worst of the 2007-2009 financial crisis and resumed

healthy earnings growth in subsequent years.

Growth Prospects, Valuation, & Catalyst

Kimberly-Clark expects earnings-per-share growth of 11% to 16% in 2018. While higher raw

materials costs will be a headwind this year, Kimberly-Clark is aggressively cutting costs elsewhere to

offset the impact of cost inflation. The company expects over $2 billion of cost savings through 2021.

Annual earnings growth of 3% to 5% is a reasonable long-term expectation for Kimberly-Clark.

The combination of earnings growth, plus its nearly 4% dividend yield, result in expected annual

returns of 7% to 9%, before valuation multiple changes. From a valuation standpoint, Kimberly-

Clark’s average price-to-earnings ratio over the past 10 years is 17.4. The stock is currently trading at

a price-to-earnings ratio of 14.8 using expected 2018 earnings-per-share. An expanding price-to-

earnings ratio would add 3% to annual returns. Including dividends, valuation multiple expansion, and

growth, we expect total returns of 12% a year over the next 5 years from Kimberly-Clark.

Key Statistics, Ratios, & Metrics Maximum Drawdown3: 61.0% 10 Year EPS Growth Rate: 3.9%

Dividend Yield: 3.9% 10 Year Dividend Growth Rate: 6.4%

Most Recent Dividend Increase: 3.1% 10 Year Historical Avg. P/E Ratio: 17.4

Estimated Fair Value: $128 10 Year Annualized Total Return: 9.9%

Dividend History: 46 years of increases Next Ex-Dividend Date: 9/7/18 (est.)

3 Maximum drawdown occurred in October of 1974.

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Kimberly-Clark Corporation (KMB) Fundamentals

Payout Ratio (TTM) - right axis Dividends (TTM) - left axis Earnings (TTM) - left axis

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Kimberly-Clark Corporation (KMB): Valuation Analysis

Average Annual PE Ratio Current PE 10-Year Average

10

Southwest Airlines Co. (LUV) Overview & Current Events

Southwest is the 2nd largest U.S. airline based on market cap, and it carries more than 120 million

passengers annually. On 4/26/18 Southwest announced first-quarter earnings results. The company

reported quarterly revenue of $4.94 billion, which increased 1.9% year-over-year, but missed analyst

expectations by $70 million. Revenue growth was driven largely by record first-quarter passenger

revenue of $4.6 billion. For the quarter, earnings-per-share of $0.75 beat expectations by $0.01.

Southwest reported strong traffic metrics for May. Capacity expanded 5.2%, while revenue passenger

miles increased 4.2% in May. Trips flown increased 2.9% as well. For the second quarter, Southwest

expects revenue per available seat mile to decline 3%. Southwest attributes the weak expected

performance this quarter to sluggish demand and reduced marketing efforts after the incident on Flight

1380 in April. However, we do not expect the incident to affect Southwest’s long-term growth.

Competitive Advantage & Recession Performance

Southwest’s scale, cost focus, and brand give it a strong competitive advantage. It has remained

profitable for 45 consecutive years, which is remarkable considering the many bankruptcies that have

transpired in the airline industry over that period of time. Southwest also has a very strong financial

position for an airline. In 2017, the company’s credit rating was upgraded to A3 with Moody's

Investors Service, and BBB+ with Standard & Poor's. These are firmly investment-grade ratings,

which will allow the company to keep its cost of capital lower than its competitors.

While Southwest is arguably the most recession-resistant airline, it would still see considerable

declines during a recession. Southwest’s earnings-per-share plummeted 74% from 2006 to 2009.

However, it did remain profitable during the Great Recession, and maintained its dividend.


Southwest has positive growth potential moving forward, through new technology and new routes, to

stay ahead of the competition. In 2017, Southwest deployed the largest technology initiative in its

history, with a new reservation system. On 5/3/18, Southwest announced plans to fly to Hawaii

nonstop from California airports in Oakland, San Diego, San Jose, and Sacramento. It also plans to fly

between the Hawaiian Islands, which is currently a high-priced market and is serviced by only one

carrier, Hawaiian Airlines. Southwest’s ability to offer lower fares than its competitors could give it a

dominant position in a flight category that is seeing rising demand.

We project Southwest will grow earnings-per-share by 8% per year moving forward. Growth will

come from new routes, margin gains, and share repurchases. We expect total returns of approximately

14% each year, from growth and dividends (9%), and a 5% tailwind from valuation multiple gains if

Southwest’s price-to-earnings ratio rises to 15. For comparison, the company’s current (using expected

2018 earnings-per-share) and historical 10-year price-to-earnings ratios are 11.3 and 21.2, respectively.

Key Statistics, Ratios, & Metrics Maximum Drawdown4: 78% 10 Year EPS Growth Rate: 19.1%




Dividend History: Steady or rising Since 1985 Next Ex-Dividend Date: 8/22/18 (est.)

4 Maximum drawdown occurred in March of 2009.

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Southwest Airlines (LUV) Fundamentals


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Southwest Airlines (LUV): Valuation Analysis


15

Altria Group Inc. (MO) Overview & Current Events

Altria Group is a giant in the consumable products industry. Its core product segment is tobacco,

which houses the company’s flagship Marlboro cigarette brand. In recent years Altria has diversified

its portfolio, to include non-smokable brands such as Skoal and Copenhagen chewing tobacco, Ste.

Michelle wine, and it acquired a 10% ownership stake in global beer giant Anheuser Busch Inbev.

On 4/26/18, Altria released strong first-quarter earnings. Quarterly revenue of $4.67 billion increased

1.7%, and earnings-per-share of $0.95 rose 30% year-over-year. Revenue and earnings-per-share both

beat analyst expectations, by $40 million and $0.03 per share, respectively. Revenue in Altria’s

smokable products declined 0.8% for the quarter. Elsewhere, Ste. Michelle grew volume and revenue

with wine shipment volume up 6.1%. In beer, equity earnings from its Anheuser Busch InBev

investment were $225 million in the first quarter.


Altria has tremendous competitive advantages. It operates in a highly regulated industry, which

virtually eliminates the threat of new competitors. In addition, it has the most valuable cigarette brand

in the U.S., and massive economies of scale through low production and distribution costs. This is why

legendary value investor Warren Buffett is a big fan of the tobacco business model. The “Oracle of

Omaha”, as Buffett is known, once said “I’ll tell you why I like the cigarette business. It cost a penny

to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.”

Another benefit of Altria’s business model is that it is highly resistant to recessions. Altria’s product

line includes cigarettes and alcohol. These products typically hold up very well during recessions,

which keeps Altria’s profitability and dividend growth intact.


Altria’s biggest risk is the declining U.S. smoking rate. Last quarter, Altria’s cigarette shipment

volume declined 4.2%. In response, Altria has invested heavily in non-combustible products that it

believes are reduced-risk, such as e-vapor and e-cigarettes. Altria is awaiting regulatory approval from

the Food & Drug Administration for its new “reduced-risk” product line called IQOS. Altria believes

its reduced-risk products result in fewer harmful side effects by heating tobacco instead of burning it.

Altria’s stock trades for a price-to-earnings (PE) ratio of 14.2, compared with an average of 16.2 over

the past 10 years. We believe the 10-year average valuation is a reasonable estimate of fair value,

meaning Altria has a fair value price of $65. If Altria stock returns to a PE ratio of 16.2, the expanding

valuation would add ~3% to Altria’s annual returns. In addition, we expect 7% annual earnings growth

from new products, price increases, and share repurchases. Including the current dividend yield of

nearly 5%, we expect 15% annualized returns for Altria shareholders over the next 5 years.



Most Recent Dividend Increase: 15% 10 Year Historical Avg. P/E Ratio: 16.2


Dividend History: 52 increases in 49 years Next Ex-Dividend Date: 9/14/18 (est.)

5 Maximum drawdown occurred in February of 2000.

https://www.definitions.net/definition/cigarette

https://www.definitions.net/definition/penny

https://www.definitions.net/definition/fantastic

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Altria Group (MO): Valuation Analysis


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Cardinal Health Inc. (CAH) Overview & Current Events

Cardinal Health is one of the ‘Big 3’ companies that dominates the healthcare distribution industry,

along with McKesson (MCK) and AmerisourceBergen (ABC). On 5/3/18 the company reported fiscal

third-quarter financial results. Revenue increased 6% to $33.6 billion in the quarter. In GAAP terms,

operating earnings declined by 10% to $546 million. Adjusted earnings-per-share decreased by 9% to

$1.39. Cardinal Health saw price deflation in the pharmaceutical segment, due to generics, which

drove down segment operating profit by 4% last quarter.

More recently, on 6/28/18 Cardinal Health stock sank in tandem with the other healthcare distributor

stocks, on news that Amazon had acquired PillPack, an online pharmacy startup that packages and

delivers pre-sorted doses of medications. The prospect of Amazon entering healthcare distribution has

long been feared, as the e-commerce giant’s huge reach could allow it to instantly compete with the

established incumbents.


Despite the pressure of Amazon as a formidable competitor, we still view Cardinal Health positively,

because it has an entrenched position in the healthcare distribution industry. Cardinal Health serves

over 24,000 pharmacies and more than 85% of hospitals in the U.S. This kind of scale should allow

Cardinal Health to retain its competitive position.

Another benefit of Cardinal Health’s business model is that it is resistant to recessions. Pharmaceutical

and medical product distribution enjoys steady demand from year to year. Cardinal Health’s earnings-

per-share declined during the Great Recession of 2007-2009, due to the large spin-off of CareFusion,

its medication management and infection reduction segment. Adjusting for the spin-off, Cardinal

Health managed to grow revenue, operating profits, and dividends during the Great Recession.


We still believe Cardinal Health has growth potential. Acquisitions will help drive Cardinal Health’s

future growth. For example, in 2017 Cardinal Health acquired the Patient Recovery business from

Medtronic (MDT) for $6.1 billion, to broaden the company’s product offerings. Cardinal Health

management expects the Patient Recovery acquisition to add $0.21 of earnings-per-share in 2018, and

$0.55 in 2019. Overall, we expect Cardinal Health to grow earnings-per-share by 9% per year.

We view Cardinal Health stock as significantly undervalued. It currently trades at a price-to-earnings

ratio of 10.2. Our fair value estimate for the stock is a share price of $83, and a price-to-earnings ratio

of nearly 17 based on 2018 earnings-per-share forecasts. If Cardinal Health trades up to our fair value

estimate, the valuation expansion could add 10.6% per year to shareholder returns. Adding in the

3.8% dividend yield, and this stock’s total return outlook is very positive.

Key Statistics, Ratios, & Metrics Maximum Drawdown6: 63% 10 Year EPS Growth Rate: N/A (CareFusion spin-off)





6 Maximum drawdown occurred in November of 2008.

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Cardinal Health (CAH): Valuation Analysis


25

Aflac Inc. (AFL) Overview & Current Events

Aflac is a diversified insurance corporation. Its products include accident, short-term disability, critical

illness, dental, vision, and life insurance. Approximately 70% of Aflac’s premium income is derived

from Japan, with the remaining 30% from the U.S.

In late April, Aflac announced (4/25/18) 2018 first-quarter financial results. Revenue of $5.5 billion

increased 2.8% but missed analyst expectations by $10 million. Earnings-per-share of $1.05 beat

expectations by $0.08 per share for the quarter. Excluding the impact of the stronger yen, adjusted

earnings-per-share increased 21.4% last quarter, driven largely by tax reform. Aflac also reaffirmed its

2018 financial guidance, continuing to expect full year sales growth of 3% to 5%, 2% to 3% growth in

earned premiums, $1.1 to $1.4 billion of share repurchases, and adjusted diluted earnings-per-share

between $3.72 and $3.88. Aflac’s earnings release was well-received by the markets and shares rose

modestly following the announcement.


Aflac’s main competitive advantage is its strong brand. The insurance industry is highly competitive,

but Aflac’s high brand recognition helps retain customers and bring in new ones. The company

maintains its brand image with advertising, where it invests heavily each year, thanks to its immense

financial resources.

In addition, Aflac is a recession-resistant business. Insurance is a product many consumers want, even

during recessions. This helps Aflac remain consistently profitable. During the Great Recession,

Aflac’s earnings-per-share declined 20% in 2008, but rose 49% in 2009, and 31% in 2010.


Aflac’s most important growth catalyst is new products. Earned premium income is expected to rise

2% to 3% in 2018. Aflac is also expanding its offerings of “third-sector” products in Japan, which

include non-traditional products such as cancer insurance. Aflac expects 2% to 3% growth in third-

sector products in Japan this year. Another growth catalyst for Aflac is rising interest rates. Aflac

ended last quarter with $132.7 billion of cash and investments, up from $120.5 billion last year. The

ability to invest this capital in fixed income securities with higher yields should be a tailwind for Aflac.

Aflac expects an additional 12% earnings growth in 2018. We believe the company can reasonably be

expected to grow earnings by 8% per year over the long-term. The stock is not currently undervalued,

but earnings growth and dividends can drive satisfactory returns for shareholders. Aflac stock trades

for a price-to-earnings ratio of 11.4. We believe a reasonable value for Aflac is a price-to-earnings

ratio of 12, which results in a fair value price of $45. While investors may not see continued expansion

of the price-to-earnings ratio, earnings growth and the 2.4% current dividend yield could generate total

returns of 10%+ per year for Aflac shareholders.







27

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Aflac (AFL) Dividend Yield History

28

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Aflac (AFL) Fundamentals


29

4.04

1.91

2.15

1.621.36

1.82

1.48 1.481.34

1.24

0

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1

1.5

2

2.5

3

3.5

4

4.5

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Aflac (AFL): Valuation Analysis

Average Annual PB Ratio Current PB 10-Year Average

30

Owens & Minor Inc. (OMI) Overview & Current Events

Owens & Minor is a healthcare logistics company that provides packaged healthcare products for

hospitals, medical centers, group purchasing organizations, product manufacturers, the federal

government, and at-home healthcare patients. It offers a range of services including distribution,

transportation, inventory management, and data analytics.

On 5/10/18, Owens & Minor announced first-quarter 2018 financial results. Earnings-per-share of

$0.43 declined by 2% from the same quarter a year ago. Quarterly revenue of $2.37 billion increased

1.7% year-over-year. While both revenue and earnings-per-share were below analyst estimates, the

results showed stabilization. Revenue in the core Global Solutions Group, which represents 99% of

total revenue, increased 2.3% for the quarter.


Owens & Minor benefits from a clear and durable competitive advantage, which is its leading position

in healthcare logistics. Owens & Minor has close and long-lasting relationships with its customers,

with an on-time delivery rate of 99%. It also has a large and diversified group of product offerings. It

distributes ~220,000 different medical and surgical supplies to ~4,400 hospital systems worldwide.

In addition, healthcare distribution is a steady industry with consistent demand from year to year,

which makes Owens & Minor very recession-resistant. It increased its adjusted earnings-per-share

each year from 2007 to 2009, during the Great Recession. Owens & Minor’s dividend is also quite

safe. The company is expected to report adjusted earnings-per-share of about $2.00 for 2018, which

will likely result in a dividend payout ratio of 52% in 2018.


Owens & Minor is in the middle of a prolonged downturn, due to falling prices and profit margins in

healthcare distribution. However, demand for healthcare is only poised to grow, particularly since the

U.S. is an aging population. To help boost its growth opportunities, Owens & Minor acquired Byram

Healthcare and the surgical and infection prevention business of Halyard Health. Owens & Minor

made these deals to expand its portfolio, to include new product categories like sterilization wraps,

surgical drapes and gowns, facial protection, protective apparel, and medical exam gloves. We expect

8% annual earnings-per-share growth for Owens & Minor.

Based on 2018 expected earnings-per-share of $2.00, Owens & Minor stock trades for a price-to-

earnings ratio of just 8.7. We believe the stock deserves a price-to-earnings ratio of 14-15, which

results in a fair value price of $29. The stock appears to be significantly undervalued and an expanding

valuation could add 11% to annual shareholder returns. In addition, Owens & Minor has a dividend

yield of 5.9%. The combination of earnings growth, dividends, and valuation changes could produce

annual returns of approximately 25% each year over the next five years.




Estimated Fair Value: $29 10 Year Annualized Total Return: -2.6%


8 Maximum drawdown occurred in December of 1974.

32

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8Owens & Minor (OMI) Dividend Yield History

33

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Owens & Minor (OMI) Fundamentals


34

17.9

15 14.916

16.7

19.3

21.3 21

19.5

25.8

0

5

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25

30

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Owens & Minor (OMI): Valuation Analysis


35

Ameriprise Financial Inc. (AMP) Overview & Current Events

Ameriprise Financial is one of the largest financial services companies in the United States. The

company trades with a market capitalization of $20.5 billion and has nearly 10,000 employees and

approximately $900 billion in assets under management. Ameriprise Financial’s operating segments

include Advice & Wealth Management, Asset Management, Annuities, and Protection (which includes

life, health, home, and auto insurance products).

In late April, Ameriprise Financial reported (4/23/18) financial results for the first quarter of 2018.

Revenue of $3.4 billion rose 8.4% from last year while earnings-per-share of $3.70 soared 37% year-

over-year. Growth was primarily due to fund inflows and the continued strength of the U.S. financial

markets. In addition, per-share earnings growth was bolstered by share buybacks and tax reform.


Ameriprise Financial’s two most important competitive advantages are its top industry position, and

financial strength. Ameriprise Financial is one of the largest asset managers in the United States,

which allows it to advertise to help build and retain its client base. Its immense resources also allow

the company to recruit top investment advisors. In addition, Ameriprise Financial is in good financial

condition. The company has a credit rating of ‘A’ and ‘A3’ from Standard & Poor’s and Moody’s,

respectively.

Ameriprise was able to bounce back quickly from the Great Recession. One might assume that a

financial services firm would be among the hardest hit from the Great Recession of 2007-2009.

Indeed, the company reported a loss in 2008. But Ameriprise Financial returned to strong profitability

in 2009, and by 2010 its earnings-per-share were higher than in 2007.


Ameriprise Financial’s future earnings growth will be driven by continued growth in assets under

management, which will drive higher fee income. In addition, tax reform is a major catalyst. In 2017,

Ameriprise Financial had an effective tax rate of 23%. The company estimates that its ongoing

effective tax rate will drop to 17%-19% thanks to tax reform. Over the long term, we believe that

Ameriprise Financial is capable of delivering long-term annualized earnings-per-share growth of 8%.

Ameriprise Financial trades at an attractive valuation and has excellent total return potential. Based on

2018 earnings estimates ($14.45), the stock trades at a price-to-earnings ratio of just 9.6. For

comparison, the company’s 10-year average price-to-earnings ratio is 12.5, which gives a fair value

estimate of $181. If the company can revert to its (still low) long-term average valuation multiple of

12.5 over a period of 5 years, this will add about 5% to the company’s annualized returns during this

time. Between earnings-per-share growth (8%), valuation expansion (5%), and dividend payments

(~2.6%), Ameriprise Financial’s total returns could reach ~15% per year.






9 Maximum drawdown occurred in November of 2008.

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Ameriprise Financial (AMP) Dividend Yield History

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Ameriprise Financial (AMP) Fundamentals


39

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2007 2009 2010 2011 2012 2013 2014 2015 2016 2017

Ameriprise Financial (AMP): Valuation Analysis


40

Franklin Resources Inc. (BEN) Overview & Current Events

Franklin Resources is a global investment management organization. The company’s primary offering

is its suite of mutual funds and ETFs under the Franklin Templeton name. Franklin Resources was

founded in 1947, has offices in 33 countries, and trades with a market capitalization of $17.4 billion.

In late April, Franklin Resources reported (4/26/18) financial results for the second quarter of fiscal

2018. Earnings-per-share expanded by 5% in the quarter. The company’s performance was driven by

rising assets under management (AUM), which grew 3% versus the prior year’s period. Franklin

Resources’ performance beat analyst expectations on both the top and bottom lines in the quarter.

Prior to that, Franklin Resources announced (4/12/18) they will repurchase an additional 80 million

shares. For context, the company had 541.7 million shares outstanding on March 31. The additional

share repurchase authorization, which has no expiration, amounts to 14.8% of the company’s share

count at the end of the most recent quarter.


Franklin Resources’ competitive advantage is not as strong as many of its fellow Dividend Aristocrats.

The asset management industry is highly competitive. Underperforming funds can cause investors to

sell, even though performance is measured over irrationally short time periods. Still, Franklin

Resources does have competitive strength thanks to the Franklin Templeton brand. This gives the

company prestige and authority relative to smaller and less-established competitors.

Franklin Resources’ earnings-per-share declined by 45% during the worst of the Great Recession. The

combination of declining asset values and fund outflows serves to significantly reduce the company’s

earnings during recessions. With that said, the company was still very profitable during the Great

Recession and returned to new earnings-per-share highs by 2011.


Franklin Resources reduced its share count by 2.8% per year over the last decade. Earnings-per-share

grew by 2.4% per year over the same time frame. Share repurchases accounted for all of the

company’s growth over the last decade, and then some. This trend is unlikely to continue. Growth

should pick up with the launch of a host of country-specific ETFs as well as the acquisition of U.K.-

based Edinburgh Partners. We expect earnings-per-share growth of 6% over full economic cycles.

Franklin Resources is expected to generate earnings-per-share of about $3.40 in fiscal 2018. The

company is trading at a price-to-earnings (PE) ratio of 9.4 using this estimate. The company’s

historical 10-year average PE ratio is 14.5. Franklin Resources is significantly undervalued today. We

believe that Franklin Resources should easily deliver double-digit total returns for today’s investors

through earnings growth (~6%), dividend payments (~3%), and meaningful valuation expansion.







42

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Franklin Resources (BEN) Dividend Yield History

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Franklin Resources (BEN) Fundamentals


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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Franklin Resources (BEN): Valuation Analysis


45

Procter & Gamble Co. (PG) Overview & Current Events

Procter & Gamble is one of the largest consumer goods corporations based on its market capitalization

of $197 billion. Procter & Gamble has been in operation for 180 years and distributes products to more

than 180 countries in 10 different product categories.

In mid-April, Procter & Gamble reported (4/19/18) financial results for the third quarter of fiscal 2018.

Quarterly net sales of $16.3 billion increased by 4% versus the prior year while organic net sales

increased by 1%. Diluted earnings-per-share (EPS) of $0.95 increased by 2% year-on-year while core

earnings-per-share grew 4%. While the company’s earnings-per-share and revenue both came in

higher than expected, the markets pummeled Procter & Gamble’s stocks due to pricing headwinds.

Pricing was 2% lower than the prior year, although this was more than offset by volume growth.

Before the earnings release, Procter & Gamble increased (4/10/18) its quarterly dividend payment for

the 62nd consecutive year. The new payout is 4.0% higher than the previous profit distribution.

More recently, Procter & Gamble announced (5/9/18) a tender offer to repurchase a $1.25 billion

basket of debt securities. The company later announced (5/22/18) early results of the debt tender offer

and increased the tender’s value to approximately $1.40 billion. Pricing was finalized the next day

(5/23/18) and the total amount offered was $1.404 billion.


Procter & Gamble’s strongest competitive advantage is its brand power. The company has 22 brands

that have over $1 billion in annual sales and another 19 brands generating over $500 million in annual

sales. Procter & Gamble’s brand power is a result of consistent and deliberate investments in

marketing. The company’s advertising spend has exceeded $7 billion in each of the past 6 fiscal years.

Procter & Gamble’s leadership within the consumer goods sector means that the business is very

recession-resilient. The company’s earnings-per-share declined by just 3% during the Great Recession

of 2007-2009. Moreover, the company has a conservatively financed balance sheet that has earned an

Aa3 rating from Moody’s and an AA- rating from Standard & Poor’s.


Procter & Gamble is expecting to generate 6% to 8% growth in core earnings-per-share in fiscal 2018.

Applying these growth rates to 2017’s earnings-per-share of $3.92 gives an earnings-per-share

guidance band of $4.16 to $4.23. Using the midpoint of this guidance band ($4.20), Procter & Gamble

is trading at a forward price-to-earnings ratio of 18.6. This is equal to Procter & Gamble’s 10-year

average price-to-earnings ratio. The company appears to be trading at fair value today. Still, we

believe that Procter & Gamble is positioned to deliver solid total returns (with low minimal risk) based

on our estimates of 5%-7% long-term earnings-per-share growth, and the company’s 3.7% yield.







47

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Procter & Gamble (PG) Fundamentals


49

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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Procter & Gamble (PG): Valuation Analysis


50

Mondelez Intl. Inc. (MDLZ) Overview & Current Events

Mondelez International was created when Kraft Foods Inc. spun off its North American grocery

business from its North American snacks and international businesses. The North American grocery

business merged with Heinz to form Kraft-Heinz (KHC), while the North American

snacks/international business trades as Mondelez International. Mondelez is a diversified food

company with a market capitalization of $60.6 billion. The company’s product line includes cookies,

chocolate, gum, and candy. Its core brands are Oreo, belVita, Cadbury, Ritz, Triscuit, and Trident.

In early May, Mondelez reported (5/1/18) first-quarter results. Organic sales increased 2.4% year-

over-year. International growth more than offset a 1.8% decline in North America. Overall,

Mondelez’s adjusted earnings-per-share increased 9.6% from the same quarter a year ago. For 2018,

Mondelez expects organic sales growth of 1% to 2%, along with 10%+ adjusted earnings growth. In

addition to sales growth, earnings will be driven by margin expansion.

More recently, Mondelez selected (6/19/18) Senior VP of Corporate Finance Luca Zaramella to assume

the Chief Executive Officer position starting on August 1st. Zaramella is replacing Brian Gladden, who

has decided to pursue an opportunity “outside of the fast-moving consumer goods sector.”


Mondelez’s main competitive advantages are its brand strength and global scale. With brands that are

consumed everyday by people worldwide, it generates steady cash flow and can raise prices over time.

These qualities also allow Mondelez to hold up very well during recessions. During the Great

Recession, the company remained highly profitable and actually grew earnings-per-share by 8% in

2009. While this was prior to the spin-off from Kraft, it can be reasonably assumed that Mondelez

would perform similarly well during the next recession, since people will always enjoy snacks.


Mondelez’s biggest growth opportunity is international markets. Sales are declining in the U.S. due to

changing consumer eating habits, but Mondelez is still enjoying high growth abroad. Nearly 75% of

the company’s annual revenue is derived from outside North America. The company can also grow

through acquisitions. On May 6th, Mondelez announced the $500 million acquisition of Tate's Bake

Shop, which makes cookies and other baked goods. The brand’s sales have quadrupled over the past

five years. The deal will boost Mondelez’s exposure to the premium snacks category.

Our fair value estimate for Mondelez is a share price of $47. With a current share price of $41, we

believe shares are undervalued, and Mondelez stock could return 4% per year just from expansion of

the valuation multiple. In addition, we believe annual earnings growth and dividends will combine for

annual returns of 9%. As a result, total returns could reach 13% per year.

Key Statistics, Ratios, & Metrics Maximum Drawdown12: 38% 10 Year EPS Growth Rate: N/A (Kraft spin-off)

Dividend Yield: 2.2% 10 Year Dividend Growth Rate: N/A (Kraft spin-off)



Dividend History: 5 increases since spin-off Next Ex-Dividend Date: 6/28/18


52

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Mondelez International (MDLZ) Fundamentals


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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Mondelez International (MDLZ): Valuation Analysis


55

Special Recommendation: Walgreens Boots Alliance (WBA)

Walgreens is the largest retail pharmacy in both the United States and Europe. Through its flagship

Walgreens business and other business ventures (including equity method investments), Walgreens has

a presence in more than 25 countries and employs more than 385,000 people. In its leading retail

pharmacy business, Walgreens operates approximately 13,200 stores in 11 countries. The company

also operates one of the largest global pharmaceutical wholesale and distribution networks, with more

than 390 centers that deliver to over 230,000 pharmacies, health centers, and pharmacies each year.

In late June, Walgreens reported (6/28/18) financial results for the third quarter of fiscal 2018.

Revenue increased by 14.0% while GAAP earnings-per-share increased 26.2% and adjusted earnings-

per-share increased by 15.0%. The company’s strong financial performance was driven by the

recently-closed acquisition of a basket of Rite Aid pharmacy stores. On the same day, Amazon

announced the acquisition of online pharmacy company PillPack, marking the eCommerce giant’s first

true foray into the pharmacy space. Walgreens’ stock fell by as much as 10% following the

announcement and several sell-side analysts downgraded the stock. We believe the reaction to this

acquisition has been overblown and Walgreens’ investment thesis is sound nonetheless.


Walgreens has a number of competitive advantages, the first being scale. The company’s diversified

group of distribution centers allow it to supply its retail stores at minimal cost. Moreover, Walgreens’

robust retail presence gives the company a large number of convenient locations that encourage

consumers to use Walgreens instead of its competitors.

As a pharmacy retailer, Walgreens is very recession-resistant. Consumers are very unlikely to cut

spending on prescriptions and other healthcare products, even when disposable income declines

noticeably. Walgreens’ adjusted earnings-per-share declined by just 7% during 2009 – the worst of the

global financial crisis – and the company actually grew its adjusted earnings-per-share from 2007-

2010, following this up with 20%+ earnings growth in 2011.


With the release of its third quarter financial results, Walgreens updated its 2018 financial guidance.

The company now expects to generate adjusted earnings-per-share between $5.90 and $6.05 for fiscal

2018. Using the midpoint of this guidance band ($5.975), Walgreens is trading at a price-to-earnings

ratio of 9.9. For context, the company’s average price-to-earnings ratio over the last decade has been

16.7, which implies a fair value of $99. Through valuation expansion, earnings-per-share growth of

around 9% per year, and the company’s 3% dividend yield, we believe Walgreens is capable of

delivering ~20% expected total annual returns from current levels.





Dividend History: 43 years of increases Next Ex-Dividend Date: 8/17/18

13 Maximum drawdown occurred in December of 1974.

57

0.00%

0.50%

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Walgreens Boots Alliance (WBA) Dividend Yield History

58

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$-

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Walgreens Boots Alliance (WBA) Fundamentals


59

17.1

13.9

15.9

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0

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25

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Walgreens Boots Alliance (WBA): Valuation Analysis


60

Disclaimer

Nothing presented herein is, or is intended to constitute, specific investment advice. Nothing in this newsletter should be construed as a recommendation to follow any investment strategy or allocation. Any forward-looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements

or forecasts. No reliance should be placed on any such statements or forecasts when making any investment decision. While Sure Dividend has used reasonable efforts to

obtain information from reliable sources, we make no representations or warranties as to the accuracy, reliability or completeness of third-party information presented herein. No guarantee of investment performance is being provided and no inference to the contrary should be made. There is a risk of loss from an investment in securities.

Past performance is not a guarantee of future performance.

Closing Thoughts –Sleeping Well At Night–

Too many investment marketers (especially online) try to separate potential investors from their hard-

earned money by promising massive gains – and then underdelivering.

It’s easy to understand why this scenario plays out. If compounding your account at 10% a year is

good, how great would 30%, 40%, or 100% a year be?

The only type of strategies that ‘consistently’ generate returns like those mentioned above utilize high

degrees of leverage – and risk potentially losing everything (or nearly everything). While risk and

reward aren’t perfectly correlated in the market, there tends to be much higher risk when overreaching

for exceptionally high returns.

The reality is that there are no ‘magic bullets’ when investing in the market. Yes, you can compound

your wealth over time. But getting massively wealthy quickly is something that is very unlikely to

occur with investing.

The best we can do is to make intelligent investment decisions that tilt the odds in our favor, minimize

frictional costs like transaction fees and taxes, and develop a long-term mindset and sensible saving (or

withdrawal) strategies.

At Sure Dividend, we advocate for investing in individual high-quality dividend growth stocks. This

strategy means investing in stocks that generate real income that is likely to grow. It also eliminates

investing in highly speculative enterprises because most dividend growth stocks are well established

companies.

Investing in dividend growth stocks for the long run also minimizes frictional costs. There are no asset

management fees, and brokerage costs and capital gains taxes (for taxable accounts) are minimized.

Finally, there’s something to be said for sleeping well at night in regard to your investment account.

Overbetting on risky strategies that are ‘almost guaranteed’ not to fail can cause undue stress. For me,

there’s something much less stressful about knowing that my portfolio is filled with high-quality

dividend growths stocks like Aflac, Walgreens, and Cardinal Health (among others). These are stocks

that – when purchased while they are out of favor – are likely to generate strong returns without the

excessive risk from trying a ‘new’ strategy or overusing leverage.

Thanks,

Ben Reynolds.

The next newsletter publishes on Sunday, August 5th, 2018

61

Portfolio Building Guide

The process of building a high-quality dividend growth portfolio is not complex: Each month invest in the

top ranked security in which you own the smallest dollar amount out of the Top 10. Over time, you will

build a well-diversified portfolio of great businesses purchased at attractive prices. Alternatively, the Top 10

list is also useful as an idea generation tool for those with a different portfolio allocation plan. If you are

looking to add additional yield to your portfolio, The Sure Retirement Newsletter offers a Top 10 list with 4%+

dividend yields. The Sure Dividend International Newsletter provides additional geographic diversification.

Examples Portfolio 1 Portfolio 2

Ticker Name Amount Ticker Name Amount

KMB Kimberly-Clark $ 1,002 KMB Kimberly-Clark $ 4,374

LUV Southwest Airlines $ - LUV Southwest Airlines $ 4,878

MO Altria Group $ - MO Altria Group $ 4,353

CAH Cardinal Health $ - CAH Cardinal Health $ 7,428

AFL Aflac $ - AFL Aflac $ 3,309

OMI Owens & Minor $ - OMI Owens & Minor $ 8,099

AMP Ameriprise Financial $ - AMP Ameriprise Financial $ 5,629

BEN Franklin Resources $ - BEN Franklin Resources $ 2,176

PG Procter & Gamble $ - PG Procter & Gamble $ 1,079

MDLZ Mondelez $ - MDLZ Mondelez $ 4,864

- If you had portfolio 1, you would buy LUV, the top-ranked security you own least.

- If you had portfolio 2, you would buy PG, the top-ranked security you own least.

If you have an existing portfolio or a large lump sum to invest, switch over to the Sure Dividend strategy over

20 months. Each month take 1/20 of your initial portfolio value and buy the top-ranked security you own the

least out of the Top 10. When you sell a security use the proceeds to purchase the top-ranked security you own

the least. Reinvest dividends in the same manner.

This simple investing process will build a diversified portfolio of high-quality dividend securities over a period

of less than 2 years. Further, higher ranked securities will receive proportionately more investment dollars as

they will stay in the Top 10 rankings longer. You will build up large positions in the highest quality securities

over your investing career.

If your portfolio grows too large to manage comfortably (for example, you are not comfortable holding 40+

securities – which would happen after around 4 years of the Sure Dividend system), you will need to sell

holdings. I recommend eliminating positions that have the lowest yields if you are in or near retirement. If you

are not near retirement, eliminate positions that rank the lowest in the newsletter until you are comfortable with

the number of positions in your portfolio. Reinvest the proceeds into the highest ranked securities you currently

own, until your highest ranked holding makes up 10% of your portfolio’s total value. Then add to the next

highest ranked holding, and so on.

https://www.suredividend.com/retirement-subscribe/

https://www.suredividend.com/international-subscribe/

62

Performance of the Sure Dividend Strategy

The portfolio building guide is designed to build a high-quality dividend growth portfolio over time. We expect

this approach to slightly underperform the market during bull markets, and significantly outperform the

market during bear markets (on a relative basis, absolute returns are likely to be negative during recessions).

Hypothetical returns from investing $1,000 per month since Sure Dividend’s inception (April 2014) into the

highest ranked security you own the least out of the Top 10 is shown below. Once the portfolio reaches 30

holdings, the highest ranked security you already own is purchased, if the purchase does not push ownership of

any security above 10% of total portfolio value. Transaction costs are not included but are minimal for either

strategy. S&P 500 and Dividend Aristocrat returns are calculated using the ETFs SPY and NOBL respectively

and assume purchasing $1,000 per month. Returns assume dividends are reinvested.

Sure Dividend S&P 500 (SPY) Dividend Arist. (NOBL)

Cumulative Return of $1.0014: $1.61 $1.61 $1.55

Compound Annual Growth Rate: 11.9% 12.0% 11.0%

Annualized Volatility: 8.0% 10.3% 8.8%

Sharpe Ratio15: 1.25 0.97 1.03

The performance of the Sure Dividend strategy has exceeded expectations so far. It has kept pace with (very

slightly underperformed) the S&P 500 over the last 4 years (with significantly lower volatility), despite a near

constant bull market. As can be seen in the image above, the strategy significantly outperformed during the

mini bear markets of early 2016 and 2018. Additionally, the strategy has outperformed the Dividend

Aristocrats ETF while keeping a similar bull/bear market profile.

14 Data from before market close on 6/29/18 15 2% risk-free rate used

63

List of Stocks by Sector

All the stocks in the Sure Dividend database are sorted by rank below in order based on The 8

Rules of Dividend Investing (highest to lowest) based on sector. Dividend yield is included next to

each stock’s ticker symbol. MLPs, REITs, and BDCs are included in The Sure Retirement

Newsletter. Investors looking for additional geographic diversification should see The Sure

Dividend International Newsletter.

Basic Materials 1. Ecolab Inc. (ECL) - 1.2%

2. Sensient Technologies Corp. (SXT) - 1.9%

3. Air Products & Chemicals Inc. (APD) - 2.8%

4. PPG Industries Inc. (PPG) - 1.7%

5. Johnson Controls Intl. plc (JCI) - 3.1%

6. Sherwin-Williams Co. (SHW) - 0.9%

7. MDU Resources Grp. Inc. (MDU) - 2.7%

8. Praxair Inc. (PX) - 2.1%

9. RPM Intl. Inc. (RPM) - 2.4%

10. NewMarket Corp. (NEU) - 1.8%

11. Martin Marietta Materials Inc. (MLM) - 0.8%

12. International Flavors & Fragrances Inc. (IFF) - 2.2%

13. Masco Corp. (MAS) - 1.1%

14. Eastman Chemical Co. (EMN) - 2.3%

15. Albemarle Corp. (ALB) - 1.4%

16. Stepan Co. (SCL) - 1.2%

17. Westlake Chemical Corp. (WLK) - 0.8%

18. H.B. Fuller Co. (FUL) - 1.1%

19. Royal Gold Inc. (RGLD) - 1.1%

20. LyondellBasell Industries N.V. (LYB) - 3.7%

21. Nucor Corp. (NUE) - 2.4%

22. Weyerhaeuser Co. (WY) - 3.6%

23. Vulcan Materials Co. (VMC) - 0.9%

24. FMC Corp. (FMC) - 0.7%

25. DowDuPont Inc. (DWDP) - 2.3%

26. CF Industries Holdings Inc. (CF) - 2.7%

27. Hawkins Inc. (HWKN) - 2.5%

28. Compass Minerals Intl. Inc. (CMP) - 4.5%

29. Newmont Mining Corp. (NEM) - 1.5%

30. Mosaic Co./The (MOS) - 0.4%

Communication Services 1. Vodafone Grp. plc (VOD) - 7.4%

2. BCE Inc. (BCE) - 5.7%

3. AT&T Inc. (T) - 6.3%

4. Verizon Communications Inc. (VZ) - 4.8%

5. Comcast Corp. (CMCSA) - 2.4%

6. American Tower Corp. (AMT) - 2.2%

7. Telephone & Data Systems Inc. (TDS) - 2.4%

8. ATN Intl. Inc. (ATNI) - 1.3%

9. CenturyLink Inc. (CTL) - 11.6%

10. Consolidated Communications Hldgs. Inc. (CNSL) - 12.5%

11. IDT Corp. (IDT) - 6.4%

Consumer Cyclical 1. McDonald's Corp. (MCD) - 2.6%

2. Wendy's Co./The (WEN) - 2%

3. Harley-Davidson Inc. (HOG) - 3.6%

4. Yum! Brands Inc. (YUM) - 1.8%

5. Polaris Industries Inc. (PII) - 2%

6. Lowe's Companies Inc. (LOW) - 2%

7. The Home Depot Inc. (HD) - 2.1%

8. Bemis Co. Inc. (BMS) - 3%

9. Walt Disney Co./The (DIS) - 1.6%

10. Best Buy Co. Inc. (BBY) - 2.4%

11. Leggett & Platt Inc. (LEG) - 3.5%

12. H&R Block Inc. (HRB) - 4.4%

13. Williams-Sonoma Inc. (WSM) - 2.8%

14. Starbucks Corp. (SBUX) - 2.9%

15. Ross Stores Inc. (ROST) - 1.1%

16. NIKE Inc. (NKE) - 1.1%

17. TJX Companies Inc./The (TJX) - 1.7%

18. VF Corp. (VFC) - 2.3%

19. Tiffany & Co. (TIF) - 1.7%

20. CBS Corp. (CBS) - 1.3%

21. International Paper Co. (IP) - 3.6%

22. Carlisle Companies Inc. (CSL) - 1.4%

23. GUESS? Inc. (GES) - 4.2%

24. GameStop Corp. (GME) - 10.4%

25. Sonoco Products Co. (SON) - 3.2%

26. AptarGroup Inc. (ATR) - 1.4%

27. Whirlpool Corp. (WHR) - 3.2%

28. Weyco Grp. Inc. (WEYS) - 2.5%

29. Hasbro Inc. (HAS) - 2.8%

30. Signet Jewelers Ltd (SIG) - 2.6%

31. Marriott Intl. Inc. (MAR) - 1.3%

32. L Brands Inc. (LB) - 6.5%

33. Darden Restaurants Inc. (DRI) - 2.8%

34. Meredith Corp. (MDP) - 4.2%

35. WestRock Co. (WRK) - 3%

36. Royal Caribbean Cruises Ltd (RCL) - 2.3%

37. Genuine Parts Co. (GPC) - 3.1%

38. John Wiley & Sons Inc. (JW.A) - 2.1%

39. Carnival Corp. (CCL) - 3.4%

40. Cracker Barrel Old Country Store Inc. (CBRL) - 3.1%

41. Matthews Intl. Corp. (MATW) - 1.3%

42. Nordstrom Inc. (JWN) - 2.9%

43. Ball Corp. (BLL) - 1.1%

44. Tractor Supply Co. (TSCO) - 1.6%

http://www.suredividend.com/retirement-subscribe/




64

45. Omnicom Grp. Inc. (OMC) - 3.2%

46. Wolverine World Wide Inc. (WWW) - 0.9%

47. Interpublic Grp. of Companies Inc./The (IPG) - 3.6%

48. Macy's Inc. (M) - 4%

49. Tailored Brands Inc. (TLRD) - 2.7%

50. Kohl's Corp. (KSS) - 3.3%

51. Columbia Sportswear Co. (COLM) - 1%

52. DineEquity Inc. (DIN) - 3.3%

53. Foot Locker Inc. (FL) - 2.6%

54. Expedia Inc. (EXPE) - 1%

55. Tapestry Inc. (TPR) - 2.9%

56. Ford Motor Co. (F) - 5.3%

57. International Speedway Corp. (ISCA) - 1.1%

58. Las Vegas Sands Corp. (LVS) - 4%

59. Twenty-First Century Fox Inc. (FOXA) - 0.7%

60. Gap Inc./The (GPS) - 2.9%

61. Monro Inc. (MNRO) - 1.4%

62. Fortune Brands Home & Security Inc. (FBHS) - 1.5%

63. D.R. Horton Inc. (DHI) - 1.3%

64. Hanesbrands Inc. (HBI) - 2.8%

65. Sealed Air Corp. (SEE) - 1.5%

66. PulteGroup Inc. (PHM) - 1.3%

67. Ralph Lauren Corp. (RL) - 2%

68. Goodyear Tire & Rubber Co./The (GT) - 2.3%

69. National CineMedia Inc. (NCMI) - 8.1%

70. BorgWarner Inc. (BWA) - 1.5%

71. Abercrombie & Fitch Co. (ANF) - 3.2%

72. General Motors Co. (GM) - 3.8%

73. NACCO Industries Inc. (NC) - 1.9%

74. Wynn Resorts, Ltd (WYNN) - 1.8%

75. Barnes & Noble Inc. (BKS) - 9.9%

76. PVH Corp. (PVH) - 0.1%

77. Hilton Worldwide Holdings Inc. (HLT) - 0.8%

78. News Corp. (NWSA) - 1.3%

79. Lennar Corp. (LEN) - 0.3%

80. News Corp. (NWS) - 1.3%

81. Viacom Inc. (VIAB) - 2.7%

82. Gannett Co. Inc. (GCI) - 6.1%

83. Advance Auto Parts Inc. (AAP) - 0.2%

84. Mattel Inc. (MAT) - 0%

85. Buckle Inc./The (BKE) - 3.7%

Consumer Defensive 1. Kimberly-Clark Corp. (KMB) - 3.9%

2. Altria Grp. Inc. (MO) - 5%

3. Procter & Gamble Co./The (PG) - 3.7%

4. Mondelez Intl. Inc. (MDLZ) - 2.2%

5. Archer-Daniels-Midland Co. (ADM) - 2.9%

6. Vector Grp. Ltd (VGR) - 8.5%

7. PepsiCo Inc. (PEP) - 3.4%

8. Coca-Cola Co./The (KO) - 3.6%

9. Church & Dwight Co. Inc. (CHD) - 1.7%

10. J. M. Smucker Co./The (SJM) - 2.8%

11. Brown-Forman Corp. (BF.B) - 1.3%

12. Philip Morris Intl. Inc. (PM) - 5.7%

13. Kraft-Heinz Co./The (KHC) - 4%

14. Sysco Corp. (SYY) - 2.1%

15. Flowers Foods Inc. (FLO) - 3.5%

16. Colgate-Palmolive Co. (CL) - 2.6%

17. Unilever plc (UL) - 3.5%

18. Hormel Foods Corp. (HRL) - 2%

19. General Mills Inc. (GIS) - 4.3%

20. Universal Corp. (UVV) - 4.5%

21. Hershey Co./The (HSY) - 2.8%

22. Target Corp. (TGT) - 3.3%

23. Walgreens Boots Alliance Inc. (WBA) - 2.4%

24. Clorox Co./The (CLX) - 2.9%

25. Nu Skin Enterprises Inc. (NUS) - 1.9%

26. Andersons Inc./The (ANDE) - 1.9%

27. Kellogg Co. (K) - 3.1%

28. Lancaster Colony Corp. (LANC) - 1.7%

29. Wal-Mart Stores Inc. (WMT) - 2.4%

30. McCormick & Co. (MKC) - 2%

31. Tyson Foods Inc. (TSN) - 1.7%

32. Diageo plc (DEO) - 2.4%

33. Bunge Ltd (BG) - 2.9%

34. Costco Wholesale Corp. (COST) - 1.1%

35. Estée Lauder Companies Inc./The (EL) - 1.1%

36. Casey's General Stores Inc. (CASY) - 1.1%

37. Molson Coors Brewing Co. (TAP) - 2.4%

38. Tootsie Roll Industries Inc. (TR) - 1.2%

39. Kroger Co./The (KR) - 1.7%

40. Dr Pepper Snapple Grp. Inc. (DPS) - 1.9%

41. J&J Snack Foods Corp. (JJSF) - 1.2%

42. Campbell Soup Co. (CPB) - 3.5%

43. Newell Brands Inc. (NWL) - 3.5%

44. Constellation Brands Inc. (STZ) - 1.3%

45. Dollar General Corp. (DG) - 1.2%

46. Conagra Brands Inc. (CAG) - 2.4%

47. Coty Inc. (COTY) - 3.5%

Energy 48. Enbridge Inc. (ENB) - 6.5%

49. Royal Dutch Shell plc (RDS.A) - 5.4%

50. Royal Dutch Shell plc (RDS.B) - 5.2%

51. ONEOK Inc. (OKE) - 4.4%

52. Exxon Mobil Corp. (XOM) - 4%

53. Chevron Corp. (CVX) - 3.6%

54. Cabot Oil & Gas Corp. (COG) - 1%

55. Helmerich & Payne Inc. (HP) - 4.3%

56. Schlumberger Ltd (SLB) - 3%

57. Andeavor (ANDV) - 1.8%

58. Phillips 66 (PSX) - 2.9%

59. Valero Energy Corp. (VLO) - 2.9%

60. TOTAL S.A. (TOT) - 4.8%

61. Marathon Petroleum Corp. (MPC) - 2.7%

62. National Fuel Gas Co. (NFG) - 3.2%

63. Targa Resources Corp. (TRGP) - 7.4%

64. Occidental Petroleum Corp. (OXY) - 3.7%

65. BP plc (BP) - 5.3%

66. Imperial Oil Ltd (IMO) - 1.8%

67. Apache Corp. (APA) - 2.2%

65

68. Halliburton Co. (HAL) - 1.6%

69. EOG Resources Inc. (EOG) - 0.6%

70. Vermilion Energy Inc. (VET) - 5.9%

71. Range Resources Corp. (RRC) - 0.5%

72. PBF Energy Inc. (PBF) - 2.9%

73. Kinder Morgan Inc. (KMI) - 4.5%

74. ConocoPhillips (COP) - 1.7%

75. National Oilwell Varco Inc. (NOV) - 0.5%

76. Hess Corp. (HES) - 1.5%

77. EQT Corp. (EQT) - 0.2%

78. Williams Companies Inc./The (WMB) - 5%

79. Cimarex Energy Co. (XEC) - 0.6%

80. Noble Energy Inc. (NBL) - 1.2%

81. Anadarko Petroleum Corp. (APC) - 1.4%

82. Pioneer Natural Resources Co. (PXD) - 0.2%

83. Devon Energy Corp. (DVN) - 0.7%

84. Marathon Oil Corp. (MRO) - 0.9%

Financial Services 1. Aflac Inc. (AFL) - 2.4%

2. Ameriprise Financial Inc. (AMP) - 2.6%

3. Franklin Resources Inc. (BEN) - 2.9%

4. Assurant Inc. (AIZ) - 2.2%

5. S&P Global Inc. (SPGI) - 1%

6. Hartford Financial Srvcs. Grp. Inc./The (HIG) - 2%

7. Bank of Nova Scotia/The (BNS) - 4.5%

8. Mastercard Inc. (MA) - 0.5%

9. Axis Capital Holdings Ltd (AXS) - 2.9%

10. Invesco Ltd (IVZ) - 4.5%

11. The Toronto-Dominion Bank (TD) - 3.7%

12. Old Republic Intl. Corp. (ORI) - 4%

13. State Street Corp. (STT) - 1.8%

14. American Intl. Grp. Inc. (AIG) - 2.4%

15. The Travelers Companies Inc. (TRV) - 2.5%

16. Royal Bank of Canada (RY) - 4%

17. Bank of Montreal (BMO) - 3.9%

18. Raymond James Financial Inc. (RJF) - 1.3%

19. Canadian Imperial Bank of Commerce (CM) - 4.9%

20. M&T Bank Corp. (MTB) - 1.9%

21. Comerica Inc. (CMA) - 1.5%

22. Erie Indemnity Co. (ERIE) - 2.9%

23. Visa Inc. (V) - 0.6%

24. SEI Invs. Co. (SEIC) - 1%

25. BlackRock Inc. (BLK) - 2.3%

26. Unum Grp. (UNM) - 2.5%

27. W. R. Berkley Corp. (WRB) - 0.8%

28. American Express Co. (AXP) - 1.4%

29. Torchmark Corp. (TMK) - 0.8%

30. Everest Re Grp. Ltd (RE) - 2.3%

31. Marsh & McLennan Companies Inc. (MMC) - 2.1%

32. Moody's Corp. (MCO) - 1%

33. FactSet Research Systems Inc. (FDS) - 1.3%

34. The Goldman Sachs Grp. Inc. (GS) - 1.5%

35. Discover Financial Srvcs. (DFS) - 2%

36. 1st Source Corp. (SRCE) - 1.8%

37. Aon plc (AON) - 1.2%

38. Lincoln National Corp. (LNC) - 2.1%

39. UMB Financial Corp. (UMBF) - 1.5%

40. SunTrust Banks Inc. (STI) - 2.4%

41. Chubb Ltd (CB) - 2.3%

42. Commerce Bancshares Inc. (CBSH) - 1.5%

43. American Financial Grp. Inc. (AFG) - 1.3%

44. Northern Trust Corp. (NTRS) - 1.6%

45. CNO Financial Grp. Inc. (CNO) - 2.1%

46. Mercury General Corp. (MCY) - 5.6%

47. Bank of the Ozarks Inc. (OZRK) - 1.7%

48. Wells Fargo & Co. (WFC) - 2.9%

49. First Financial Bankshares Inc. (FFIN) - 1.6%

50. Arthur J. Gallagher & Co. (AJG) - 2.5%

51. T. Rowe Price Grp. Inc. (TROW) - 2.4%

52. KeyCorp (KEY) - 2.5%

53. Regions Financial Corp. (RF) - 2%

54. Cullen/Frost Bankers Inc. (CFR) - 2.5%

55. RenaissanceRe Holdings Ltd (RNR) - 1.1%

56. Eaton Vance Corp. (EV) - 2.4%

57. Western Union Co./The (WU) - 3.7%

58. BOK Financial Corp. (BOKF) - 1.9%

59. PNC Financial Srvcs. Grp. Inc./The (PNC) - 2.2%

60. Farmers & Merchants Bancorp (FMCB) - 1.9%

61. Total System Srvcs. Inc. (TSS) - 0.6%

62. RLI Corp. (RLI) - 1.4%

63. First Financial Corp. (THFF) - 2.3%

64. Allstate Corp./The (ALL) - 2%

65. Infinity Property & Casualty Corp. (IPCC) - 1.7%

66. Prosperity Bancshares Inc. (PB) - 2.1%

67. Fifth Third Bancorp (FITB) - 2.5%

68. Tompkins Financial Corp. (TMP) - 2.2%

69. Principal Financial Grp. Inc. (PFG) - 3.8%

70. U.S. Bancorp (USB) - 2.4%

71. MetLife Inc. (MET) - 3.8%

72. Community Bank System Inc. (CBU) - 2.3%

73. Cincinnati Financial Corp. (CINF) - 3.2%

74. Westpac Banking Corp. (WBK) - 6.7%

75. Charles Schwab Corp. (SCHW) - 0.8%

76. Hercules Capital Inc. (HTGC) - 9.7%

77. United Bankshares Inc. (UBSI) - 3.7%

78. BancFirst Corp. (BANF) - 1.4%

79. People's United Financial Inc. (PBCT) - 3.9%

80. HSBC Holdings plc (HSBC) - 5.5%

81. American Equity Inv. Life Holding Co. (AEL) - 0.7%

82. JPMorgan Chase & Co. (JPM) - 2.2%

83. XL Grp. Ltd (XL) - 1.6%

84. Nasdaq Inc. (NDAQ) - 1.9%

85. Cboe Global Markets Inc. (CBOE) - 1%

86. Morgan Stanley (MS) - 2.1%

87. Huntington Bancshares Inc. (HBAN) - 3%

88. Banco Latinoamericano de Comercio (BLX) - 6.1%

89. Bank of New York Mellon Corp./The (BK) - 1.8%

90. BB&T Corp. (BBT) - 3%

91. Prudential Financial Inc. (PRU) - 3.9%

92. Loews Corp. (L) - 0.5%

93. Eagle Financial Srvcs. Inc. (EFSI) - 2.6%

94. Westamerica Bancorporation (WABC) - 2.8%

66

95. Harleysville Financial Corp. (HARL) - 3.8%

96. Westwood Holdings Grp. Inc. (WHG) - 4.6%

97. Citizens Financial Grp. Inc. (CFG) - 2.2%

98. AmTrust Financial Srvcs. Inc. (AFSI) - 4.7%

99. Chesapeake Financial Shares Inc. (CPKF) - 2%

100. Southside Bancshares Inc. (SBSI) - 3.6%

101. Brown & Brown Inc. (BRO) - 1.1%

102. Citigroup Inc. (C) - 2%

103. Intercontinental Exchange, Inc. (ICE) - 1.3%

104. Community Trust Bancorp Inc. (CTBI) - 2.6%

105. Zions Bancorporation (ZION) - 1.8%

106. Hanover Insurance Grp. Inc./The (THG) - 1.8%

107. Bank of America Corp. (BAC) - 1.7%

108. Progressive Corp./The (PGR) - 1.9%

109. Capital One Financial Corp. (COF) - 1.7%

110. CME Grp. Inc. (CME) - 1.7%

111. First Republic Bank (FRC) - 0.8%

112. Willis Towers Watson plc (WLTW) - 1.6%

113. Greenhill & Co. Inc. (GHL) - 0.7%

114. Associated Banc-Corp (ASB) - 2.2%

115. FS Inv. Corp. (FSIC) - 10.3%

116. Virtu Financial Inc. (VIRT) - 3.5%

117. New York Community Bancorp Inc. (NYCB) - 6.1%

118. Navient Corp. (NAVI) - 4.9%

119. Synchrony Financial (SYF) - 1.8%

Healthcare 1. Cardinal Health Inc. (CAH) - 3.6%

2. Owens & Minor Inc. (OMI) - 6%

3. Johnson & Johnson (JNJ) - 3%

4. Merck & Co. Inc. (MRK) - 3.2%

5. CVS Health Corp. (CVS) - 2.9%

6. AbbVie Inc. (ABBV) - 4.2%

7. Bristol-Myers Squibb Co. (BMY) - 2.9%

8. Becton, Dickinson & Co. (BDX) - 1.3%

9. Novo Nordisk A/S (NVO) - 2.8%

10. Baxter Intl. Inc. (BAX) - 1.1%

11. Pfizer Inc. (PFE) - 3.8%

12. Patterson Companies Inc. (PDCO) - 4.4%

13. Eli Lilly & Co. (LLY) - 2.7%

14. Humana Inc. (HUM) - 0.7%

15. UnitedHealth Grp. Inc. (UNH) - 1.5%

16. Abbott Laboratories (ABT) - 1.9%

17. Medtronic plc (MDT) - 2.3%

18. West Pharmaceutical Srvcs. Inc. (WST) - 0.6%

19. PerkinElmer Inc. (PKI) - 0.4%

20. Aetna Inc. (AET) - 1.1%

21. Anthem Inc. (ANTM) - 1.3%

22. AmerisourceBergen Corp. (ABC) - 1.7%

23. Quest Diagnostics Inc. (DGX) - 1.8%

24. Stryker Corp. (SYK) - 1.1%

25. Zoetis Inc. (ZTS) - 0.6%

26. Amgen Inc. (AMGN) - 2.9%

27. Dentsply Sirona Inc. (XRAY) - 0.8%

28. McKesson Corp. (MCK) - 0.9%

29. Perrigo Co. plc (PRGO) - 1%

30. National HealthCare Corp. (NHC) - 2.8%

31. ResMed Inc. (RMD) - 1.4%

32. Atrion Corp. (ATRI) - 0.8%

33. Zimmer Biomet Holdings Inc. (ZBH) - 0.9%

34. Universal Health Srvcs. Inc. (UHS) - 0.4%

35. Agilent Technologies Inc. (A) - 1%

36. Danaher Corp. (DHR) - 0.7%

37. Cigna Corp. (CI) - 0%

38. The Cooper Companies Inc. (COO) - 0%

39. Gilead Sciences Inc. (GILD) - 3.3%

40. Thermo Fisher Scientific Inc. (TMO) - 0.3%

Industrials 1. Southwest Airlines Co. (LUV) - 1.3%

2. Illinois Tool Works Inc. (ITW) - 2.2%

3. General Dynamics Corp. (GD) - 2%

4. Raytheon Co. (RTN) - 1.8%

5. United Technologies Corp. (UTX) - 2.3%

6. CSX Corp. (CSX) - 1.4%

7. Waste Mgmt. Inc. (WM) - 2.3%

8. ABM Industries Inc. (ABM) - 2.4%

9. Eaton Corp. plc (ETN) - 3.5%

10. Republic Srvcs. Inc. (RSG) - 2%

11. Lindsay Corp. (LNN) - 1.3%

12. Northrop Grumman Corp. (NOC) - 1.6%

13. R.R. Donnelley & Sons Co. (RRD) - 9.3%

14. Donaldson Co. Inc. (DCI) - 1.7%

15. Pentair plc (PNR) - 1.7%

16. United Parcel Service Inc. (UPS) - 3.4%

17. Stanley Black & Decker Inc. (SWK) - 1.9%

18. 3M Co. (MMM) - 2.8%

19. Aaron's Inc. (AAN) - 0.3%

20. HNI Corp. (HNI) - 3.2%

21. Parker-Hannifin Corp. (PH) - 2%

22. Cummins Inc. (CMI) - 3.3%

23. Dover Corp. (DOV) - 2.6%

24. Flowserve Corp. (FLS) - 1.9%

25. A. O. Smith Corp. (AOS) - 1.2%

26. Jack Henry & Associates Inc. (JKHY) - 1.2%

27. Honeywell Intl. Inc. (HON) - 2.1%

28. Toro Co./The (TTC) - 1.4%

29. C.H. Robinson Worldwide Inc. (CHRW) - 2.2%

30. Norfolk Southern Corp. (NSC) - 1.9%

31. L3 Technologies Inc. (LLL) - 1.7%

32. Emerson Electric Co. (EMR) - 2.8%

33. Lincoln Electric Holdings Inc. (LECO) - 1.8%

34. Lockheed Martin Corp. (LMT) - 2.7%

35. Brady Corp. (BRC) - 2.2%

36. Union Pacific Corp. (UNP) - 2.1%

37. Snap-on Inc. (SNA) - 2%

38. Automatic Data Processing Inc. (ADP) - 2.1%

39. FedEx Corp. (FDX) - 1.1%

40. Caterpillar Inc. (CAT) - 2.6%

41. Xylem Inc. (XYL) - 1.3%

42. Macquarie Infra. Corp. (MIC) - 9.5%

43. Healthcare Srvcs. Grp. Inc. (HCSG) - 1.8%

67

44. Iron Mountain Inc. (IRM) - 6.8%

45. Boeing Co./The (BA) - 2.1%

46. Tennant Co. (TNC) - 1.1%

47. Delta Air Lines Inc. (DAL) - 2.5%

48. Roper Technologies Inc. (ROP) - 0.6%

49. Gorman-Rupp Co./The (GRC) - 1.4%

50. Ryder System Inc. (R) - 3%

51. Expeditors Intl. of Washington Inc. (EXPD) - 1.3%

52. Rockwell Automation Inc. (ROK) - 2.2%

53. MSC Industrial Direct Co. Inc. (MSM) - 2.7%

54. J.B. Hunt Transport Srvcs. Inc. (JBHT) - 0.8%

55. Nordson Corp. (NDSN) - 1%

56. Graco Inc. (GGG) - 1.2%

57. Compass Diversified Holdings LLC (CODI) - 8.4%

58. Ingersoll-Rand plc (IR) - 2.4%

59. Robert Half Intl. Inc. (RHI) - 1.7%

60. W.W. Grainger Inc. (GWW) - 1.8%

61. Regal Beloit Corp. (RBC) - 1.4%

62. Rollins Inc. (ROL) - 1.1%

63. Cintas Corp. (CTAS) - 0.9%

64. Avery Dennison Corp. (AVY) - 2.1%

65. Paychex Inc. (PAYX) - 3.4%

66. Deere & Co. (DE) - 2%

67. MSA Safety Inc. (MSA) - 1.6%

68. Franklin Electric Co. Inc. (FELE) - 1.1%

69. Nielsen Holdings plc (NLSN) - 4.6%

70. Rockwell Collins Inc. (COL) - 1%

71. Fidelity National Information Srvcs. Inc. (FIS) - 1.2%

72. AMETEK Inc. (AME) - 0.8%

73. Fluor Corp. (FLR) - 1.7%

74. Herman Miller Inc. (MLHR) - 2.1%

75. Kansas City Southern (KSU) - 1.4%

76. Equifax Inc. (EFX) - 1.3%

77. McGrath RentCorp (MGRC) - 2.2%

78. Fastenal Co. (FAST) - 3%

79. Alaska Air Grp. Inc. (ALK) - 2.1%

80. Allegion plc (ALLE) - 1.1%

81. Cass Information Systems Inc. (CASS) - 1.5%

82. BWX Technologies Inc. (BWXT) - 1%

83. Textron Inc. (TXT) - 0.1%

84. Global Payments Inc. (GPN) - 0%

85. General Electric Co. (GE) - 3.4%

86. PACCAR Inc. (PCAR) - 1.8%

87. Costamare Inc. (CMRE) - 5%

88. American Airlines Grp. Inc. (AAL) - 1.1%

89. H&E Equipment Srvcs. Inc. (HEES) - 2.9%

90. Arconic Inc. (ARNC) - 1.4%

Real Estate 1. National Health Investors Inc. (NHI) - 5.4%

2. Taubman Centers Inc. (TCO) - 4.4%

3. Simon Property Grp. Inc. (SPG) - 4.6%

4. Public Storage (PSA) - 3.5%

5. Digital Realty Trust Inc. (DLR) - 3.7%

6. Mid-America Apartment Communities Inc. (MAA) - 3.7%

7. AvalonBay Communities Inc. (AVB) - 3.5%

8. Alexandria Real Estate Equities Inc. (ARE) - 3%

9. New Residential Inv. Corp. (NRZ) - 11.2%

10. Ventas, Inc. (VTR) - 5.6%

11. DDR Corp. (DDR) - 8.6%

12. Macerich Co. (MAC) - 5.2%

13. SL Green Realty Corp. (SLG) - 3.2%

14. Host Hotels & Resorts Inc. (HST) - 3.8%

15. The GEO Grp. Inc. (GEO) - 7.1%

16. Regency Centers Corp. (REG) - 3.6%

17. Prologis Inc. (PLD) - 3%

18. Duke Realty Corp. (DRE) - 2.8%

19. Equity Residential (EQR) - 3.5%

20. Boston Properties Inc. (BXP) - 2.6%

21. Xenia Hotels & Resorts Inc. (XHR) - 4.5%

22. Equinix Inc. (EQIX) - 2.1%

23. Uniti Grp. Inc. (UNIT) - 11.8%

24. Outfront Media Inc. (OUT) - 7.5%

25. Franklin Street Properties Corp. (FSP) - 7.8%

Technology 1. Corning Inc. (GLW) - 2.6%

2. Motorola Solutions Inc. (MSI) - 1.8%

3. KLA-Tencor Corp. (KLAC) - 3%

4. Computer Srvcs. Inc. (CSVI) - 2.9%

5. International Business Machines Corp. (IBM) - 4.6%

6. QUALCOMM Inc. (QCOM) - 4.5%

7. Texas Instruments Inc. (TXN) - 2.3%

8. TE Connectivity Ltd (TEL) - 1.9%

9. Microsoft Corp. (MSFT) - 1.7%

10. Applied Materials Inc. (AMAT) - 1.8%

11. Intel Corp. (INTC) - 2.5%

12. Intuit Inc. (INTU) - 0.8%

13. Xilinx Inc. (XLNX) - 2.2%

14. Maxim Integrated Products Inc. (MXIM) - 2.9%

15. Accenture plc (ACN) - 1.7%

16. Analog Devices Inc. (ADI) - 2%

17. Apple Inc. (AAPL) - 1.6%

18. Microchip Technology Inc. (MCHP) - 1.6%

19. Broadcom Ltd (AVGO) - 2.8%

20. Activision Blizzard Inc. (ATVI) - 0.5%

21. Harris Corp. (HRS) - 1.6%

22. Cisco Systems Inc. (CSCO) - 3.1%

23. Badger Meter Inc. (BMI) - 1.2%

24. Amphenol Corp. (APH) - 1.1%

25. Skyworks Solutions Inc. (SWKS) - 1.3%

26. NetApp Inc. (NTAP) - 1.3%

27. FLIR Systems Inc. (FLIR) - 1.2%

28. Oracle Corp. (ORCL) - 1.8%

29. Seagate Technology plc (STX) - 4.5%

30. DXC Technology Co. (DXC) - 1%

31. Western Digital Corp. (WDC) - 2.6%

32. Garmin Ltd (GRMN) - 3.5%

33. NVIDIA Corp. (NVDA) - 0.3%

34. CA Inc. (CA) - 2.9%

35. Lam Research Corp. (LRCX) - 2.6%

68

36. Fortive Corp. (FTV) - 0.4%

37. Hewlett Packard Enterprise Co. (HPE) - 3.1%

38. Juniper Networks Inc. (JNPR) - 2.7%

39. Symantec Corp. (SYMC) - 1.5%

40. Acuity Brands Inc. (AYI) - 0.4%

41. HP Inc. (HPQ) - 2.4%

42. Xerox Corp. (XRX) - 4.1%

Utilities 1. South Jersey Industries Inc. (SJI) - 3.3%

2. Southern Co. (SO) - 5.2%

3. Dominion Energy Inc./VA (D) - 4.9%

4. NextEra Energy Inc. (NEE) - 2.6%

5. PPL Corp. (PPL) - 5.7%

6. CenterPoint Energy Inc. (CNP) - 4%

7. SCANA Corp. (SCG) - 6.7%

8. WGL Holdings Inc. (WGL) - 2.3%

9. UGI Corp. (UGI) - 2%

10. Otter Tail Corp. (OTTR) - 2.8%

11. Vectren Corp. (VVC) - 2.5%

12. Duke Energy Corp. (DUK) - 4.5%

13. Black Hills Corp. (BKH) - 3.1%

14. Sempra Energy (SRE) - 3.1%

15. Chesapeake Utilities Corp. (CPK) - 1.9%

16. Consolidated Edison Inc. (ED) - 3.7%

17. Alliant Energy Corp. (LNT) - 3.2%

18. New Jersey Resources Corp. (NJR) - 2.5%

19. Xcel Energy Inc. (XEL) - 3.3%

20. Northwest Natural Gas Co. (NWN) - 3%

21. Eversource Energy (ES) - 3.5%

22. Atmos Energy Corp. (ATO) - 2.2%

23. WEC Energy Grp. Inc. (WEC) - 3.5%

24. OGE Energy Corp. (OGE) - 3.8%

25. CMS Energy Corp. (CMS) - 3%

26. American Water Works Company Inc. (AWK) - 2.1%

27. Spire Inc. (SR) - 3.2%

28. Connecticut Water Service Inc. (CTWS) - 1.9%

29. NorthWestern Corp. (NWE) - 3.9%

30. Aqua America Inc. (WTR) - 2.3%

31. American Electric Power Co. Inc. (AEP) - 3.6%

32. American States Water Co. (AWR) - 1.8%

33. DTE Energy Co. (DTE) - 3.4%

34. Public Service Enterprise Grp. Inc. (PEG) - 3.3%

35. Middlesex Water Co. (MSEX) - 2.1%

36. Edison Intl. (EIX) - 3.9%

37. Portland General Electric Co. (POR) - 3.4%

38. York Water Co./The (YORW) - 2%

39. Southwest Gas Holdings Inc. (SWX) - 2.7%

40. Pinnacle West Capital Corp. (PNW) - 3.4%

41. California Water Service Grp. (CWT) - 1.9%

42. MGE Energy Inc. (MGEE) - 2.1%

43. Entergy Corp. (ETR) - 4.4%

44. Ameren Corp. (AEE) - 3%

45. AES Corp./The (AES) - 3.9%

46. Avista Corp. (AVA) - 2.8%

47. Pattern Energy Grp. Inc. (PEGI) - 8.9%

48. SJW Grp. (SJW) - 1.7%

49. NiSource Inc. (NI) - 3%

50. PG&E Corp. (PCG) - 0%

51. Exelon Corp. (EXC) - 3.3%

52. FirstEnergy Corp. (FE) - 4%

53. NRG Energy Inc. (NRG) - 0.4%

69

List of Stocks by Rank

All the stocks in the Sure Dividend database are sorted by rank below in order based on The 8

Rules of Dividend Investing (highest to lowest). Dividend yield is included next to each

stock’s ticker symbol. MLPs, REITs, and BDCs are included in The Sure Retirement

Newsletter. Investors looking for additional geographic diversification should see The Sure

Dividend International Newsletter.

1. Kimberly-Clark Corp. (KMB) - 3.9%

2. Southwest Airlines Co. (LUV) - 1.3%

3. Altria Grp. Inc. (MO) - 5%

4. Cardinal Health Inc. (CAH) - 3.6%

5. Aflac Inc. (AFL) - 2.4%

6. Owens & Minor Inc. (OMI) - 6%

7. Ameriprise Financial Inc. (AMP) - 2.6%

8. Franklin Resources Inc. (BEN) - 2.9%

9. Procter & Gamble Co./The (PG) - 3.7%

10. Mondelez Intl. Inc. (MDLZ) - 2.2%

11. McDonald's Corp. (MCD) - 2.6%

12. Illinois Tool Works Inc. (ITW) - 2.2%

13. Vodafone Grp. plc (VOD) - 7.4%

14. Wendy's Co./The (WEN) - 2%

15. Assurant Inc. (AIZ) - 2.2%

16. General Dynamics Corp. (GD) - 2%

17. Raytheon Co. (RTN) - 1.8%

18. Corning Inc. (GLW) - 2.6%

19. S&P Global Inc. (SPGI) - 1%

20. Motorola Solutions Inc. (MSI) - 1.8%

21. Harley-Davidson Inc. (HOG) - 3.6%

22. Yum! Brands Inc. (YUM) - 1.8%

23. Polaris Industries Inc. (PII) - 2%

24. Lowe's Companies Inc. (LOW) - 2%

25. Ecolab Inc. (ECL) - 1.2%

26. Archer-Daniels-Midland Co. (ADM) - 2.9%

27. Vector Grp. Ltd (VGR) - 8.5%

28. BCE Inc. (BCE) - 5.7%

29. The Home Depot Inc. (HD) - 2.1%

30. Hartford Financial Srvcs. Grp. Inc./The (HIG) - 2%

31. Sensient Technologies Corp. (SXT) - 1.9%

32. Bank of Nova Scotia/The (BNS) - 4.5%

33. South Jersey Industries Inc. (SJI) - 3.3%

34. Air Products & Chemicals Inc. (APD) - 2.8%

35. Enbridge Inc. (ENB) - 6.5%

36. United Technologies Corp. (UTX) - 2.3%

37. PepsiCo Inc. (PEP) - 3.4%

38. Coca-Cola Co./The (KO) - 3.6%

39. Mastercard Inc. (MA) - 0.5%

40. Axis Capital Holdings Ltd (AXS) - 2.9%

41. Invesco Ltd (IVZ) - 4.5%

42. Bemis Co. Inc. (BMS) - 3%

43. The Toronto-Dominion Bank (TD) - 3.7%

44. Church & Dwight Co. Inc. (CHD) - 1.7%

45. J. M. Smucker Co./The (SJM) - 2.8%

46. Old Republic Intl. Corp. (ORI) - 4%

47. Royal Dutch Shell plc (RDS.A) - 5.4%

48. CSX Corp. (CSX) - 1.4%

49. AT&T Inc. (T) - 6.3%

50. Waste Mgmt. Inc. (WM) - 2.3%

51. Johnson & Johnson (JNJ) - 3%

52. State Street Corp. (STT) - 1.8%

53. PPG Industries Inc. (PPG) - 1.7%

54. ABM Industries Inc. (ABM) - 2.4%

55. Eaton Corp. plc (ETN) - 3.5%

56. American Intl. Grp. Inc. (AIG) - 2.4%

57. Brown-Forman Corp. (BF.B) - 1.3%

58. Republic Srvcs. Inc. (RSG) - 2%

59. Philip Morris Intl. Inc. (PM) - 5.7%

60. The Travelers Companies Inc. (TRV) - 2.5%

61. Johnson Controls Intl. plc (JCI) - 3.1%

62. Walt Disney Co./The (DIS) - 1.6%

63. Best Buy Co. Inc. (BBY) - 2.4%

64. Royal Bank of Canada (RY) - 4%

65. Bank of Montreal (BMO) - 3.9%

66. KLA-Tencor Corp. (KLAC) - 3%

67. Leggett & Platt Inc. (LEG) - 3.5%

68. Lindsay Corp. (LNN) - 1.3%

69. Northrop Grumman Corp. (NOC) - 1.6%

70. Southern Co. (SO) - 5.2%

71. R.R. Donnelley & Sons Co. (RRD) - 9.3%

72. Raymond James Financial Inc. (RJF) - 1.3%

73. Computer Srvcs. Inc. (CSVI) - 2.9%

74. Donaldson Co. Inc. (DCI) - 1.7%

75. H&R Block Inc. (HRB) - 4.4%

76. Merck & Co. Inc. (MRK) - 3.2%

77. CVS Health Corp. (CVS) - 2.9%

78. Kraft-Heinz Co./The (KHC) - 4%

79. Sysco Corp. (SYY) - 2.1%

80. Flowers Foods Inc. (FLO) - 3.5%

81. Canadian Imperial Bank of Commerce (CM) - 4.9%

82. Colgate-Palmolive Co. (CL) - 2.6%

83. Royal Dutch Shell plc (RDS.B) - 5.2%

84. International Business Machines Corp. (IBM) - 4.6%

85. M&T Bank Corp. (MTB) - 1.9%

86. Unilever plc (UL) - 3.5%

87. Pentair plc (PNR) - 1.7%

88. Comerica Inc. (CMA) - 1.5%

89. Williams-Sonoma Inc. (WSM) - 2.8%

90. United Parcel Service Inc. (UPS) - 3.4%

91. ONEOK Inc. (OKE) - 4.4%

92. Erie Indemnity Co. (ERIE) - 2.9%

93. Stanley Black & Decker Inc. (SWK) - 1.9%

94. 3M Co. (MMM) - 2.8%





70

95. Visa Inc. (V) - 0.6%

96. SEI Invs. Co. (SEIC) - 1%

97. Dominion Energy Inc./VA (D) - 4.9%

98. Sherwin-Williams Co. (SHW) - 0.9%

99. AbbVie Inc. (ABBV) - 4.2%

100. Aaron's Inc. (AAN) - 0.3%

101. HNI Corp. (HNI) - 3.2%

102. Exxon Mobil Corp. (XOM) - 4%

103. Starbucks Corp. (SBUX) - 2.9%

104. Parker-Hannifin Corp. (PH) - 2%

105. Hormel Foods Corp. (HRL) - 2%

106. Chevron Corp. (CVX) - 3.6%

107. Cummins Inc. (CMI) - 3.3%

108. Bristol-Myers Squibb Co. (BMY) - 2.9%

109. BlackRock Inc. (BLK) - 2.3%

110. Unum Grp. (UNM) - 2.5%

111. Ross Stores Inc. (ROST) - 1.1%

112. Becton, Dickinson & Co. (BDX) - 1.3%

113. NIKE Inc. (NKE) - 1.1%

114. Dover Corp. (DOV) - 2.6%

115. Flowserve Corp. (FLS) - 1.9%

116. W. R. Berkley Corp. (WRB) - 0.8%

117. Novo Nordisk A/S (NVO) - 2.8%

118. General Mills Inc. (GIS) - 4.3%

119. NextEra Energy Inc. (NEE) - 2.6%

120. Universal Corp. (UVV) - 4.5%

121. MDU Resources Grp. Inc. (MDU) - 2.7%

122. A. O. Smith Corp. (AOS) - 1.2%

123. Jack Henry & Associates Inc. (JKHY) - 1.2%

124. QUALCOMM Inc. (QCOM) - 4.5%

125. TJX Companies Inc./The (TJX) - 1.7%

126. American Express Co. (AXP) - 1.4%

127. VF Corp. (VFC) - 2.3%

128. Torchmark Corp. (TMK) - 0.8%

129. Hershey Co./The (HSY) - 2.8%

130. Texas Instruments Inc. (TXN) - 2.3%

131. Everest Re Grp. Ltd (RE) - 2.3%

132. Tiffany & Co. (TIF) - 1.7%

133. Baxter Intl. Inc. (BAX) - 1.1%

134. Marsh & McLennan Companies Inc. (MMC) - 2.1%

135. Praxair Inc. (PX) - 2.1%

136. Honeywell Intl. Inc. (HON) - 2.1%

137. CBS Corp. (CBS) - 1.3%

138. Target Corp. (TGT) - 3.3%

139. National Health Investors Inc. (NHI) - 5.4%

140. PPL Corp. (PPL) - 5.7%

141. RPM Intl. Inc. (RPM) - 2.4%

142. Toro Co./The (TTC) - 1.4%

143. International Paper Co. (IP) - 3.6%

144. CenterPoint Energy Inc. (CNP) - 4%

145. Moody's Corp. (MCO) - 1%

146. C.H. Robinson Worldwide Inc. (CHRW) - 2.2%

147. Norfolk Southern Corp. (NSC) - 1.9%

148. SCANA Corp. (SCG) - 6.7%

149. Carlisle Companies Inc. (CSL) - 1.4%

150. Walgreens Boots Alliance Inc. (WBA) - 2.4%

151. TE Connectivity Ltd (TEL) - 1.9%

152. FactSet Research Systems Inc. (FDS) - 1.3%

153. Microsoft Corp. (MSFT) - 1.7%

154. The Goldman Sachs Grp. Inc. (GS) - 1.5%

155. Clorox Co./The (CLX) - 2.9%

156. L3 Technologies Inc. (LLL) - 1.7%

157. Emerson Electric Co. (EMR) - 2.8%

158. Discover Financial Srvcs. (DFS) - 2%

159. GUESS? Inc. (GES) - 4.2%

160. 1st Source Corp. (SRCE) - 1.8%

161. Lincoln Electric Holdings Inc. (LECO) - 1.8%

162. Aon plc (AON) - 1.2%

163. GameStop Corp. (GME) - 10.4%

164. Nu Skin Enterprises Inc. (NUS) - 1.9%

165. Andersons Inc./The (ANDE) - 1.9%

166. NewMarket Corp. (NEU) - 1.8%

167. Pfizer Inc. (PFE) - 3.8%

168. WGL Holdings Inc. (WGL) - 2.3%

169. Lincoln National Corp. (LNC) - 2.1%

170. UMB Financial Corp. (UMBF) - 1.5%

171. Applied Materials Inc. (AMAT) - 1.8%

172. Lockheed Martin Corp. (LMT) - 2.7%

173. SunTrust Banks Inc. (STI) - 2.4%

174. Kellogg Co. (K) - 3.1%

175. Sonoco Products Co. (SON) - 3.2%

176. Lancaster Colony Corp. (LANC) - 1.7%

177. Chubb Ltd (CB) - 2.3%

178. UGI Corp. (UGI) - 2%

179. Brady Corp. (BRC) - 2.2%

180. Union Pacific Corp. (UNP) - 2.1%

181. AptarGroup Inc. (ATR) - 1.4%

182. Snap-on Inc. (SNA) - 2%

183. Verizon Communications Inc. (VZ) - 4.8%

184. Otter Tail Corp. (OTTR) - 2.8%

185. Intel Corp. (INTC) - 2.5%

186. Martin Marietta Materials Inc. (MLM) - 0.8%

187. Whirlpool Corp. (WHR) - 3.2%

188. International Flavors & Fragrances Inc. (IFF) - 2.2%

189. Automatic Data Processing Inc. (ADP) - 2.1%

190. Commerce Bancshares Inc. (CBSH) - 1.5%

191. FedEx Corp. (FDX) - 1.1%

192. Wal-Mart Stores Inc. (WMT) - 2.4%

193. McCormick & Co. (MKC) - 2%

194. American Financial Grp. Inc. (AFG) - 1.3%

195. Masco Corp. (MAS) - 1.1%

196. Caterpillar Inc. (CAT) - 2.6%

197. Vectren Corp. (VVC) - 2.5%

198. Northern Trust Corp. (NTRS) - 1.6%

199. Tyson Foods Inc. (TSN) - 1.7%

200. Eastman Chemical Co. (EMN) - 2.3%

201. Duke Energy Corp. (DUK) - 4.5%

202. Intuit Inc. (INTU) - 0.8%

203. Cabot Oil & Gas Corp. (COG) - 1%

204. CNO Financial Grp. Inc. (CNO) - 2.1%

205. Mercury General Corp. (MCY) - 5.6%

206. Helmerich & Payne Inc. (HP) - 4.3%

207. Xylem Inc. (XYL) - 1.3%

208. Weyco Grp. Inc. (WEYS) - 2.5%

209. Patterson Companies Inc. (PDCO) - 4.4%

210. Macquarie Infra. Corp. (MIC) - 9.5%

211. Black Hills Corp. (BKH) - 3.1%

212. Healthcare Srvcs. Grp. Inc. (HCSG) - 1.8%

71

213. Iron Mountain Inc. (IRM) - 6.8%

214. Sempra Energy (SRE) - 3.1%

215. Boeing Co./The (BA) - 2.1%

216. Tennant Co. (TNC) - 1.1%

217. Bank of the Ozarks Inc. (OZRK) - 1.7%

218. Chesapeake Utilities Corp. (CPK) - 1.9%

219. Hasbro Inc. (HAS) - 2.8%

220. Comcast Corp. (CMCSA) - 2.4%

221. Wells Fargo & Co. (WFC) - 2.9%

222. First Financial Bankshares Inc. (FFIN) - 1.6%

223. Albemarle Corp. (ALB) - 1.4%

224. Delta Air Lines Inc. (DAL) - 2.5%

225. Taubman Centers Inc. (TCO) - 4.4%

226. Xilinx Inc. (XLNX) - 2.2%

227. Consolidated Edison Inc. (ED) - 3.7%

228. Roper Technologies Inc. (ROP) - 0.6%

229. Alliant Energy Corp. (LNT) - 3.2%

230. Arthur J. Gallagher & Co. (AJG) - 2.5%

231. Diageo plc (DEO) - 2.4%

232. Gorman-Rupp Co./The (GRC) - 1.4%

233. T. Rowe Price Grp. Inc. (TROW) - 2.4%

234. Ryder System Inc. (R) - 3%

235. Eli Lilly & Co. (LLY) - 2.7%

236. New Jersey Resources Corp. (NJR) - 2.5%

237. Expeditors Intl. of Washington Inc. (EXPD) - 1.3%

238. KeyCorp (KEY) - 2.5%

239. Humana Inc. (HUM) - 0.7%

240. Schlumberger Ltd (SLB) - 3%

241. Regions Financial Corp. (RF) - 2%

242. Signet Jewelers Ltd (SIG) - 2.6%

243. Xcel Energy Inc. (XEL) - 3.3%

244. UnitedHealth Grp. Inc. (UNH) - 1.5%

245. Cullen/Frost Bankers Inc. (CFR) - 2.5%

246. Rockwell Automation Inc. (ROK) - 2.2%

247. MSC Industrial Direct Co. Inc. (MSM) - 2.7%

248. Marriott Intl. Inc. (MAR) - 1.3%

249. J.B. Hunt Transport Srvcs. Inc. (JBHT) - 0.8%

250. RenaissanceRe Holdings Ltd (RNR) - 1.1%

251. Northwest Natural Gas Co. (NWN) - 3%

252. L Brands Inc. (LB) - 6.5%

253. Nordson Corp. (NDSN) - 1%

254. Eaton Vance Corp. (EV) - 2.4%

255. Eversource Energy (ES) - 3.5%

256. Simon Property Grp. Inc. (SPG) - 4.6%

257. Western Union Co./The (WU) - 3.7%

258. Graco Inc. (GGG) - 1.2%

259. Atmos Energy Corp. (ATO) - 2.2%

260. Maxim Integrated Products Inc. (MXIM) - 2.9%

261. WEC Energy Grp. Inc. (WEC) - 3.5%

262. BOK Financial Corp. (BOKF) - 1.9%

263. Public Storage (PSA) - 3.5%

264. OGE Energy Corp. (OGE) - 3.8%

265. PNC Financial Srvcs. Grp. Inc./The (PNC) - 2.2%

266. Compass Diversified Holdings LLC (CODI) - 8.4%

267. Ingersoll-Rand plc (IR) - 2.4%

268. Darden Restaurants Inc. (DRI) - 2.8%

269. Meredith Corp. (MDP) - 4.2%

270. CMS Energy Corp. (CMS) - 3%

271. WestRock Co. (WRK) - 3%

272. Farmers & Merchants Bancorp (FMCB) - 1.9%

273. Accenture plc (ACN) - 1.7%

274. Abbott Laboratories (ABT) - 1.9%

275. American Water Works Company Inc. (AWK) - 2.1%

276. Robert Half Intl. Inc. (RHI) - 1.7%

277. Total System Srvcs. Inc. (TSS) - 0.6%

278. American Tower Corp. (AMT) - 2.2%

279. Bunge Ltd (BG) - 2.9%

280. Spire Inc. (SR) - 3.2%

281. Analog Devices Inc. (ADI) - 2%

282. Royal Caribbean Cruises Ltd (RCL) - 2.3%

283. Genuine Parts Co. (GPC) - 3.1%

284. Connecticut Water Service Inc. (CTWS) - 1.9%

285. Stepan Co. (SCL) - 1.2%

286. RLI Corp. (RLI) - 1.4%

287. Westlake Chemical Corp. (WLK) - 0.8%

288. John Wiley & Sons Inc. (JW.A) - 2.1%

289. Digital Realty Trust Inc. (DLR) - 3.7%

290. Carnival Corp. (CCL) - 3.4%

291. First Financial Corp. (THFF) - 2.3%

292. Medtronic plc (MDT) - 2.3%

293. Andeavor (ANDV) - 1.8%

294. Apple Inc. (AAPL) - 1.6%

295. Mid-America Apartment Communities Inc. (MAA) -

3.7%

296. Cracker Barrel Old Country Store Inc. (CBRL) - 3.1%

297. Allstate Corp./The (ALL) - 2%

298. Phillips 66 (PSX) - 2.9%

299. Matthews Intl. Corp. (MATW) - 1.3%

300. NorthWestern Corp. (NWE) - 3.9%

301. W.W. Grainger Inc. (GWW) - 1.8%

302. H.B. Fuller Co. (FUL) - 1.1%

303. Nordstrom Inc. (JWN) - 2.9%

304. Regal Beloit Corp. (RBC) - 1.4%

305. Rollins Inc. (ROL) - 1.1%

306. Aqua America Inc. (WTR) - 2.3%

307. Telephone & Data Systems Inc. (TDS) - 2.4%

308. West Pharmaceutical Srvcs. Inc. (WST) - 0.6%

309. PerkinElmer Inc. (PKI) - 0.4%

310. Infinity Property & Casualty Corp. (IPCC) - 1.7%

311. American Electric Power Co. Inc. (AEP) - 3.6%

312. Ball Corp. (BLL) - 1.1%

313. American States Water Co. (AWR) - 1.8%

314. Prosperity Bancshares Inc. (PB) - 2.1%

315. Costco Wholesale Corp. (COST) - 1.1%

316. Fifth Third Bancorp (FITB) - 2.5%

317. DTE Energy Co. (DTE) - 3.4%

318. Tompkins Financial Corp. (TMP) - 2.2%

319. Public Service Enterprise Grp. Inc. (PEG) - 3.3%

320. AvalonBay Communities Inc. (AVB) - 3.5%

321. Valero Energy Corp. (VLO) - 2.9%

322. Aetna Inc. (AET) - 1.1%

323. Principal Financial Grp. Inc. (PFG) - 3.8%

324. Tractor Supply Co. (TSCO) - 1.6%

325. Microchip Technology Inc. (MCHP) - 1.6%

326. Broadcom Ltd (AVGO) - 2.8%

327. Middlesex Water Co. (MSEX) - 2.1%

328. Edison Intl. (EIX) - 3.9%

329. U.S. Bancorp (USB) - 2.4%

72

330. MetLife Inc. (MET) - 3.8%

331. Estée Lauder Companies Inc./The (EL) - 1.1%

332. Omnicom Grp. Inc. (OMC) - 3.2%

333. Alexandria Real Estate Equities Inc. (ARE) - 3%

334. Community Bank System Inc. (CBU) - 2.3%

335. Wolverine World Wide Inc. (WWW) - 0.9%

336. New Residential Inv. Corp. (NRZ) - 11.2%

337. TOTAL S.A. (TOT) - 4.8%

338. Ventas, Inc. (VTR) - 5.6%

339. Portland General Electric Co. (POR) - 3.4%

340. Cincinnati Financial Corp. (CINF) - 3.2%

341. Cintas Corp. (CTAS) - 0.9%

342. DDR Corp. (DDR) - 8.6%

343. Casey's General Stores Inc. (CASY) - 1.1%

344. Royal Gold Inc. (RGLD) - 1.1%

345. Westpac Banking Corp. (WBK) - 6.7%

346. Marathon Petroleum Corp. (MPC) - 2.7%

347. Activision Blizzard Inc. (ATVI) - 0.5%

348. Charles Schwab Corp. (SCHW) - 0.8%

349. Hercules Capital Inc. (HTGC) - 9.7%

350. Avery Dennison Corp. (AVY) - 2.1%

351. Macerich Co. (MAC) - 5.2%

352. Paychex Inc. (PAYX) - 3.4%

353. Molson Coors Brewing Co. (TAP) - 2.4%

354. Interpublic Grp. of Companies Inc./The (IPG) - 3.6%

355. LyondellBasell Industries N.V. (LYB) - 3.7%

356. United Bankshares Inc. (UBSI) - 3.7%

357. York Water Co./The (YORW) - 2%

358. BancFirst Corp. (BANF) - 1.4%

359. Harris Corp. (HRS) - 1.6%

360. Macy's Inc. (M) - 4%

361. Tailored Brands Inc. (TLRD) - 2.7%

362. National Fuel Gas Co. (NFG) - 3.2%

363. Southwest Gas Holdings Inc. (SWX) - 2.7%

364. Targa Resources Corp. (TRGP) - 7.4%

365. Cisco Systems Inc. (CSCO) - 3.1%

366. Occidental Petroleum Corp. (OXY) - 3.7%

367. Pinnacle West Capital Corp. (PNW) - 3.4%

368. California Water Service Grp. (CWT) - 1.9%

369. People's United Financial Inc. (PBCT) - 3.9%

370. Deere & Co. (DE) - 2%

371. HSBC Holdings plc (HSBC) - 5.5%

372. MGE Energy Inc. (MGEE) - 2.1%

373. Entergy Corp. (ETR) - 4.4%

374. Kohl's Corp. (KSS) - 3.3%

375. Ameren Corp. (AEE) - 3%

376. American Equity Inv. Life Holding Co. (AEL) - 0.7%

377. JPMorgan Chase & Co. (JPM) - 2.2%

378. Tootsie Roll Industries Inc. (TR) - 1.2%

379. Anthem Inc. (ANTM) - 1.3%

380. AmerisourceBergen Corp. (ABC) - 1.7%

381. XL Grp. Ltd (XL) - 1.6%

382. ATN Intl. Inc. (ATNI) - 1.3%

383. MSA Safety Inc. (MSA) - 1.6%

384. Quest Diagnostics Inc. (DGX) - 1.8%

385. Columbia Sportswear Co. (COLM) - 1%

386. Franklin Electric Co. Inc. (FELE) - 1.1%

387. Nasdaq Inc. (NDAQ) - 1.9%

388. Cboe Global Markets Inc. (CBOE) - 1%

389. Badger Meter Inc. (BMI) - 1.2%

390. DineEquity Inc. (DIN) - 3.3%

391. Stryker Corp. (SYK) - 1.1%

392. Morgan Stanley (MS) - 2.1%

393. Nielsen Holdings plc (NLSN) - 4.6%

394. Foot Locker Inc. (FL) - 2.6%

395. SL Green Realty Corp. (SLG) - 3.2%

396. Rockwell Collins Inc. (COL) - 1%

397. Huntington Bancshares Inc. (HBAN) - 3%

398. Fidelity National Information Srvcs. Inc. (FIS) - 1.2%

399. Zoetis Inc. (ZTS) - 0.6%

400. Amphenol Corp. (APH) - 1.1%

401. Host Hotels & Resorts Inc. (HST) - 3.8%

402. Kroger Co./The (KR) - 1.7%

403. The GEO Grp. Inc. (GEO) - 7.1%

404. AES Corp./The (AES) - 3.9%

405. Regency Centers Corp. (REG) - 3.6%

406. Amgen Inc. (AMGN) - 2.9%

407. Banco Latinoamericano de Comercio (BLX) - 6.1%

408. Nucor Corp. (NUE) - 2.4%

409. Bank of New York Mellon Corp./The (BK) - 1.8%

410. BB&T Corp. (BBT) - 3%

411. Weyerhaeuser Co. (WY) - 3.6%

412. Dr Pepper Snapple Grp. Inc. (DPS) - 1.9%

413. Expedia Inc. (EXPE) - 1%

414. AMETEK Inc. (AME) - 0.8%

415. Tapestry Inc. (TPR) - 2.9%

416. Prudential Financial Inc. (PRU) - 3.9%

417. Dentsply Sirona Inc. (XRAY) - 0.8%

418. Ford Motor Co. (F) - 5.3%

419. Loews Corp. (L) - 0.5%

420. Eagle Financial Srvcs. Inc. (EFSI) - 2.6%

421. J&J Snack Foods Corp. (JJSF) - 1.2%

422. Westamerica Bancorporation (WABC) - 2.8%

423. BP plc (BP) - 5.3%

424. International Speedway Corp. (ISCA) - 1.1%

425. Campbell Soup Co. (CPB) - 3.5%

426. Fluor Corp. (FLR) - 1.7%

427. Skyworks Solutions Inc. (SWKS) - 1.3%

428. Harleysville Financial Corp. (HARL) - 3.8%

429. Westwood Holdings Grp. Inc. (WHG) - 4.6%

430. Citizens Financial Grp. Inc. (CFG) - 2.2%

431. Las Vegas Sands Corp. (LVS) - 4%

432. AmTrust Financial Srvcs. Inc. (AFSI) - 4.7%

433. Avista Corp. (AVA) - 2.8%

434. Chesapeake Financial Shares Inc. (CPKF) - 2%

435. Herman Miller Inc. (MLHR) - 2.1%

436. Vulcan Materials Co. (VMC) - 0.9%

437. Pattern Energy Grp. Inc. (PEGI) - 8.9%

438. Imperial Oil Ltd (IMO) - 1.8%

439. Twenty-First Century Fox Inc. (FOXA) - 0.7%

440. Apache Corp. (APA) - 2.2%

441. Kansas City Southern (KSU) - 1.4%

442. McKesson Corp. (MCK) - 0.9%

443. FMC Corp. (FMC) - 0.7%

444. DowDuPont Inc. (DWDP) - 2.3%

445. NetApp Inc. (NTAP) - 1.3%

446. Newell Brands Inc. (NWL) - 3.5%

447. Gap Inc./The (GPS) - 2.9%

73

448. Equifax Inc. (EFX) - 1.3%

449. McGrath RentCorp (MGRC) - 2.2%

450. Southside Bancshares Inc. (SBSI) - 3.6%

451. Prologis Inc. (PLD) - 3%

452. SJW Grp. (SJW) - 1.7%

453. FLIR Systems Inc. (FLIR) - 1.2%

454. Fastenal Co. (FAST) - 3%

455. Monro Inc. (MNRO) - 1.4%

456. Brown & Brown Inc. (BRO) - 1.1%

457. Alaska Air Grp. Inc. (ALK) - 2.1%

458. Fortune Brands Home & Security Inc. (FBHS) - 1.5%

459. D.R. Horton Inc. (DHI) - 1.3%

460. Allegion plc (ALLE) - 1.1%

461. Hanesbrands Inc. (HBI) - 2.8%

462. Halliburton Co. (HAL) - 1.6%

463. Perrigo Co. plc (PRGO) - 1%

464. Sealed Air Corp. (SEE) - 1.5%

465. Oracle Corp. (ORCL) - 1.8%

466. PulteGroup Inc. (PHM) - 1.3%

467. Citigroup Inc. (C) - 2%

468. Duke Realty Corp. (DRE) - 2.8%

469. Intercontinental Exchange, Inc. (ICE) - 1.3%

470. Seagate Technology plc (STX) - 4.5%

471. Community Trust Bancorp Inc. (CTBI) - 2.6%

472. Constellation Brands Inc. (STZ) - 1.3%

473. Cass Information Systems Inc. (CASS) - 1.5%

474. Ralph Lauren Corp. (RL) - 2%

475. Zions Bancorporation (ZION) - 1.8%

476. Goodyear Tire & Rubber Co./The (GT) - 2.3%

477. CF Industries Holdings Inc. (CF) - 2.7%

478. National CineMedia Inc. (NCMI) - 8.1%

479. DXC Technology Co. (DXC) - 1%

480. Western Digital Corp. (WDC) - 2.6%

481. Hanover Insurance Grp. Inc./The (THG) - 1.8%

482. National HealthCare Corp. (NHC) - 2.8%

483. Garmin Ltd (GRMN) - 3.5%

484. Hawkins Inc. (HWKN) - 2.5%

485. ResMed Inc. (RMD) - 1.4%

486. NiSource Inc. (NI) - 3%

487. Atrion Corp. (ATRI) - 0.8%

488. BWX Technologies Inc. (BWXT) - 1%

489. NVIDIA Corp. (NVDA) - 0.3%

490. EOG Resources Inc. (EOG) - 0.6%

491. Bank of America Corp. (BAC) - 1.7%

492. CA Inc. (CA) - 2.9%

493. Vermilion Energy Inc. (VET) - 5.9%

494. BorgWarner Inc. (BWA) - 1.5%

495. PG&E Corp. (PCG) - 0%

496. Equity Residential (EQR) - 3.5%

497. Abercrombie & Fitch Co. (ANF) - 3.2%

498. Boston Properties Inc. (BXP) - 2.6%

499. Progressive Corp./The (PGR) - 1.9%

500. Exelon Corp. (EXC) - 3.3%

501. Lam Research Corp. (LRCX) - 2.6%

502. Zimmer Biomet Holdings Inc. (ZBH) - 0.9%

503. Capital One Financial Corp. (COF) - 1.7%

504. CME Grp. Inc. (CME) - 1.7%

505. General Motors Co. (GM) - 3.8%

506. Universal Health Srvcs. Inc. (UHS) - 0.4%

507. First Republic Bank (FRC) - 0.8%

508. Xenia Hotels & Resorts Inc. (XHR) - 4.5%

509. Agilent Technologies Inc. (A) - 1%

510. Dollar General Corp. (DG) - 1.2%

511. Compass Minerals Intl. Inc. (CMP) - 4.5%

512. Willis Towers Watson plc (WLTW) - 1.6%

513. Fortive Corp. (FTV) - 0.4%

514. Conagra Brands Inc. (CAG) - 2.4%

515. Greenhill & Co. Inc. (GHL) - 0.7%

516. Textron Inc. (TXT) - 0.1%

517. Danaher Corp. (DHR) - 0.7%

518. FirstEnergy Corp. (FE) - 4%

519. Cigna Corp. (CI) - 0%

520. Hewlett Packard Enterprise Co. (HPE) - 3.1%

521. Associated Banc-Corp (ASB) - 2.2%

522. The Cooper Companies Inc. (COO) - 0%

523. NACCO Industries Inc. (NC) - 1.9%

524. FS Inv. Corp. (FSIC) - 10.3%

525. Global Payments Inc. (GPN) - 0%

526. Wynn Resorts, Ltd (WYNN) - 1.8%

527. Juniper Networks Inc. (JNPR) - 2.7%

528. Equinix Inc. (EQIX) - 2.1%

529. Uniti Grp. Inc. (UNIT) - 11.8%

530. General Electric Co. (GE) - 3.4%

531. Virtu Financial Inc. (VIRT) - 3.5%

532. Barnes & Noble Inc. (BKS) - 9.9%

533. NRG Energy Inc. (NRG) - 0.4%

534. Range Resources Corp. (RRC) - 0.5%

535. Symantec Corp. (SYMC) - 1.5%

536. PBF Energy Inc. (PBF) - 2.9%

537. Acuity Brands Inc. (AYI) - 0.4%

538. PVH Corp. (PVH) - 0.1%

539. Kinder Morgan Inc. (KMI) - 4.5%

540. Gilead Sciences Inc. (GILD) - 3.3%

541. Hilton Worldwide Holdings Inc. (HLT) - 0.8%

542. ConocoPhillips (COP) - 1.7%

543. National Oilwell Varco Inc. (NOV) - 0.5%

544. CenturyLink Inc. (CTL) - 11.6%

545. Newmont Mining Corp. (NEM) - 1.5%

546. Consolidated Communications Hldgs. Inc. (CNSL) -

12.5%

547. Hess Corp. (HES) - 1.5%

548. Thermo Fisher Scientific Inc. (TMO) - 0.3%

549. EQT Corp. (EQT) - 0.2%

550. Coty Inc. (COTY) - 3.5%

551. PACCAR Inc. (PCAR) - 1.8%

552. Williams Companies Inc./The (WMB) - 5%

553. New York Community Bancorp Inc. (NYCB) - 6.1%

554. Cimarex Energy Co. (XEC) - 0.6%

555. Noble Energy Inc. (NBL) - 1.2%

556. News Corp. (NWSA) - 1.3%

557. Lennar Corp. (LEN) - 0.3%

558. Outfront Media Inc. (OUT) - 7.5%

559. News Corp. (NWS) - 1.3%

560. HP Inc. (HPQ) - 2.4%

561. Navient Corp. (NAVI) - 4.9%

562. Costamare Inc. (CMRE) - 5%

563. Franklin Street Properties Corp. (FSP) - 7.8%

564. Anadarko Petroleum Corp. (APC) - 1.4%

74

565. American Airlines Grp. Inc. (AAL) - 1.1%

566. Synchrony Financial (SYF) - 1.8%

567. Pioneer Natural Resources Co. (PXD) - 0.2%

568. Xerox Corp. (XRX) - 4.1%

569. H&E Equipment Srvcs. Inc. (HEES) - 2.9%

570. Viacom Inc. (VIAB) - 2.7%

571. Mosaic Co./The (MOS) - 0.4%

572. Devon Energy Corp. (DVN) - 0.7%

573. Marathon Oil Corp. (MRO) - 0.9%

574. Gannett Co. Inc. (GCI) - 6.1%

575. Advance Auto Parts Inc. (AAP) - 0.2%

576. Mattel Inc. (MAT) - 0%

577. Arconic Inc. (ARNC) - 1.4%

578. IDT Corp. (IDT) - 6.4%

579. Buckle Inc./The (BKE) - 3.7%

sure dividend · sure dividend long-term investing in high-quality dividend stocks july 2018...

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