To The Moon

$Broadcom(AVGO)$ AVGO announces a 14% dividend increaseFrom $4.60/share/quarter to $5.25AVGO OG moveproviding FCF margin on the 4Q/FY press releaseImageAVGO 4Q as guidedYoYRevenue +4% (guidance mid point)Net income +5%Dil EPS +5%FYOCF +5%FCF +6%FY24 outlookexpect semiconductor to sustain its mid to high single digit revenue growth rateRevenue to $50 billion, and adjusted EBITDA to $30 billionhttps://twitter.com/DividendWave/status/1732872036911829247

$MasterCard(MA)$ MA with back to back 16% dividend increasesLast 4 years dividend growth at 13% CAGRIf the company could maintain this pace of hikes, dividend per share would double in ~5 yearsImageMA FCF has not grown this yearbut with current dividend payout at 21% and Net Income growing double digits (Eventually FCF not growing may be a just temporary)the company is still able to reward shareholders with double digit dividend increaseImageMA buybacks another shareholder return itemIn FY23 so far $7.2 Bover 2% share reductionnearly $38 B over the last 6 years another $11 B in buybacks approved yesterdaywith $3.5B still remaining from previous authorizationsImageMA even with the share reduction, FCF/share has also not grown this yearBut even with t

$CVS Health(CVS)$ CVS announces a 10% dividend hikeDividend increases from $0.605 to $0.665 / quarterDividend increases (since restarting increases)FY22 +10% (to $0.55 /Q)FY23 +10% (to $0.605 /Q)FY24 +~10% (to $0.665 /Q)CVS targeting 30% payout ratioFrom Investor day 2023:Image CVS Investor day 20232024-2026 Cash flow pictureIMO this looks disappointing (Cash flow not growing)Total dividends at $3.4 B in 2024, with FCF at $7+ B (see picture), payout as % of FCF would be close to 50%Imagehttps://twitter.com/DividendWave/status/1732023892800073793

$Broadcom(AVGO)$ dividend growth history has been phenomenal even while digesting acquisitionsImageAVGO just completed the acquisition of $VMware(VMW)$ closed on Nov. 22, 2023This is the largest acquisition to date and was a cash and stock dealSo this dilution of Broadcom stock may have an influence on dividend increase (Board may be conservative due to more shares outstanding)ImageAVGO FCF growth has been outstandingDividend payout at 43% of FCF ImageMy $AVGO dividend hike guess:The lowest hike that ensures a double digit increaseFrom $4.60 to $5.06 share /quarter (+10%)And probably time for a dividend splitAVGO should announce a dividend increase on ThursdayMost recent dividend hikes: Dec'19 +23% Dec'20

Ex-dividend this week:3 Aristocrats:Automatic Data Processing $Automatic Data Processing Inc(ADP)$ Kimberly Clark $Kimberly-Clark(KMB)$ Walmart $Wal-Mart(WMT)$ 3 years of dividend growthMoët Hennessy Louis Vuitton $LVMH-Moet Hennessy Louis Vuitton(LVMHF)$ Image$Automatic Data Processing Inc(ADP)$, $Kimberly-Clark(KMB)$ and $Wal-Mart(WMT)$ will all pay dividend on DEC7.3 years of dividend growthMoët Hennessy Louis Vuitton $LVMH-Moet Hennessy Louis Vuitton(LVMHF

$AbbVie(ABBV)$ to acquire $Immunogen(IMGN)$ ImmunoGen's follow-on pipeline complements AbbVie's oncology portfolioTransaction valued at $31.26 per share in cash, for a total equity value of approximately $10.1 billionTransaction is expected to close in the middle of 2024ImageAcquisition to be short term headwind"Expected to negatively impact adjusted diluted EPS by approximately$0.13 in 2024 (partial year based on mid-2024 close) and approximately $0.16 in 2025Neutral to EPS in 2026accretive thereafter"ABBV maintained FY24 guide (will offset)ImageABBV Purchase price of $10.1BImplied transaction value of ~$9.8B net of estimated cash acquiredAbbvie is currently sitting on >$13 B cash, the highest since A

Ex-dividend this week3 Aristocrats:PepsiCo $Pepsi(PEP)$ McDonald's $McDonald's(MCD)$ The Coca-Cola Company $Coca-Cola(KO)$ 5 Contenders:Qualcomm $Qualcomm(QCOM)$ Home Depot $Home Depot(HD)$ Nike $Nike(NKE)$ Analog Devices $Analog Devices(ADI)$ UnitedHealth Group $UnitedHealth(UNH)$ Image$Qualcomm(QCOM)$ and $Home Depot(HD)$ will both pay dividend on NOV29.

LOW $Lowe's(LOW)$ buybacks continue$5.9 B in buybacks YTDSince FY16>$52 B in buybacks34% of shares outstanding bought backImageLOW in recent years has relied on debt to fund buybacksDebt has doubled since FY19FY23 YTD net debt increased ~$2.1 BImageLOW has guided to $7 B net debt increase for FY23-25If evenly distributed that would be $2.3 B/year Current year seems on track or slightly above thatImageLOW is having a rough FY23 and just lowered FY revenue guidance over 3QThe company last year modeled $87 B FY revenue as a weak marketIt just lowered guidance to $86 billionImagehttps://twitter.com/DividendWave/status/1727792198438244588

Ex-dividend this week1 AristocratJohnson & Johnson $Johnson & Johnson(JNJ)$ 2 ContendersMicrochip Technology $Microchip Technology(MCHP)$ Skyworks Solutions $Skyworks Solutions(SWKS)$ 1 ChallengerApplied Materials $Applied Materials(AMAT)$ ImageJohnson & Johnson $Johnson & Johnson(JNJ)$ and Skyworks Solutions $Skyworks Solutions(SWKS)$ will pay dividend on NOV20. Microchip Technology $Microchip Technology(MCHP)$ and Applied Materials $Applied

AMAT $Applied Materials(AMAT)$ FY23 completed FCF/share up 71% (working capital largest contributor)Since FY18 dividend/share +14% CAGR ImageAMAT share count and buybacksSince FY18 4% share reduction CAGR$20 B in buybacksCurrent market cap $120 BCurrent buyback authorization ~$12.7 B (>10% mkt cap)ImageAMAT is cash positive at the end of FY23 even after returning "$3.16 billion to shareholders including $2.19 billion in share repurchases and $975 million in dividends"Imagehttps://twitter.com/DividendWave/status/1725519140285227381