August 2025 Dividend Income

As I'm writing this blog post, it's Friday, August 29th. With Labor Day around the corner, the temperatures here in Central Wisconsin are cooling. The high temperature today is set to reach just 65 degrees Fahrenheit. 

Now that I have received all of my dividends for the month, I will take a moment to outline my dividend income for August 2025. Let's dig into it!

Net Dividend Income Topped $600

In August 2025, I collected $622.85 in net dividends (including ADR fees for British American Tobacco and Novo Nordisk, as well as withholding taxes for Novo Nordisk). Relative to the $568.35 in net dividends received in May 2025, that's equivalent to a 9.6% quarterly growth rate.

My net dividends were also up 61.9% against the $384.73 in net dividends collected in August 2024.

In my Charles Schwab portfolio, I received $584.70 in net dividends from 21 companies. Due to the sales of General Mills (GIS) and Clorox (CLX) in June 2025 and my initial August 2025 stock purchase of Novo Nordisk (NVO), my company count was one lower than in May 2025. Purchases in recent months of more British American Tobacco (BTI) and Enterprise Products Partners (EPD) were mostly to credit for higher income in this account.

I collected $21.48 in net dividends from three companies within my Fidelity IRA account. This was the result of my purchase of 11 more shares of Realty Income (O) in May 2025.

My net dividends received from three companies in my Webull account were $16.67.

Concluding Thoughts:

My net dividends through August 2025 are up nearly 30%. Overall, I still believe that my net dividend growth for the entirety of 2025 will be somewhere around 25%, with a percent or two of upside potential.

As this post will be published the day after Labor Day weekend concludes, I hope everyone had a safe, healthy, and relaxing long weekend!

Discussion:

How was your dividend income in August 2025?

Did you receive any first-time dividend payments during the month as I did with NVO?

I appreciate your readership and welcome your comments below!

August 2025 Dividend Stock Purchases/Sales

As I'm writing this blog post, it's currently Friday, August 22nd. The temperature here in Central Wisconsin is expected to reach a high of 79 degrees Fahrenheit. It's also expected to be partly sunny, so I'm definitely looking to get outside later today.

Since I'm probably done deploying capital for the month, I'm going to highlight my dividend stock purchases and sales for August 2025. Without further ado, let's jump into it.

Dividend Stock #1: Alphabet (GOOGL)

My first purchase in August 2025 was another five shares of Alphabet at an average cost of $188.86 a share. Interested readers can find the gist of my investment thesis in my August 2025 Dividend Stock Watch List blog post. This transaction added $4.20 to my portfolio's net annual forward dividends, which is equivalent to a 0.44% net dividend yield.

Dividend Stock #2: Realty Income (O)

The next purchase that I made during the month was 14 more shares of Realty Income at an average price per share of $56.39. Curious readers can find my investment thesis in the August 2025 Dividend Stock Watch List blog post that I linked above. My net annual forward dividends climbed by $45.192, which equates to a 5.72% net yield.

Dividend Stock #3: UnitedHealth Group (UNH)

My third purchase in August 2025 was another two shares of UnitedHealth Group at an average cost of $236.18 a share. Readers can find my investment thesis in the blog post that I linked earlier. My net annual forward dividends grew by $17.68 from this transaction, which works out to be a 3.74% net dividend yield.

Dividend Stock Sale: Amgen (AMGN), Abbott Laboratories (ABT), and Johnson & Johnson (JNJ)

I closed a six share position in Amgen at an average price per share of $286.54. To be clear, I believe the stock can deliver high-single-digit annual total returns over the next several years. It's arguably a bit discounted, the dividend is well-covered, and mid-single-digit annual non-GAAP EPS growth is fairly realistic. For me, this was about opportunity cost. This move reduced my net annual forward dividends by $57.12.

I also exited a six share position in Abbott Laboratories at an average price of $130.51 and a five share position in Johnson & Johnson at an average price per share of $177.35. ABT and JNJ are both qualitative companies to be sure. However, I believe with their stocks near fair value and their growth prospects, high single digit annual total returns over the next several years is likely. These sales lowered my net annual forward dividends by $40.16.

Dividend Stock Purchases: Novo Nordisk (NVO)

I used the proceeds from my Amgen sale to buy 38 shares of Novo Nordisk at an average cost of $45.59 a share. Overall, I like NVO's AA credit rating from S&P. I'm also a firm believer in the company's existing drug portfolio and drug pipeline. This is why I'm confident that the stock can grow earnings at a high-single-digit to low-double-digit annual rate annually for the foreseeable future. The stock's forward 12-month P/E ratio of approximately 11 was less than half of its 10-year average P/E ratio of 27. Overall, I believe that could set NVO up for 20%+ annual total return potential from this cost basis over the next five years. This transaction added $57.11 to my portfolio's net annual forward dividends.

I also redeployed my proceeds from the ABT and JNJ sales to purchase another 30 shares of NVO at $55.13 per share. I think that high teens annual total return potential from the cost basis on this tranche is a realistic expectation through 2030. This added $45.09 to my net annual forward dividends.

Concluding Thoughts:

In August 2025, I invested $2,206.07 in fresh capital. These purchases added $67.072 to my net annual forward dividends. That's equivalent to a 3.04% net dividend yield. Capital redeployment lifted my net annual forward dividends by another $4.93 during the month.

The dividend raise announced in August 2025 increased my net annual forward dividends by $3.84. An upward adjustment in my dividends from my Capital Income Builder (CAIBX) mutual fund increased my net annual forward dividends by $10.23. This led my net annual forward dividends to grow from around $6,160 at the start of August to $6,245 heading into September.

Discussion:

How was your capital deployment in August 2025?

Did you open any new positions like I did with NVO? Did you close any positions like I did with AMGN, ABT, and JNJ?

Thanks for reading. I look forward to your comments below!

Expected Dividend Increases for September 2025

As I'm writing this blog post, it's Friday, August 15th. The temperature is set to reach a high of 86 degrees Fahrenheit today here in Central Wisconsin. However, thunderstorms are expected throughout the day. Thus, I won't be getting outside much, if at all today.

Now that August is about half over, I figure it would be a good time to look at the one dividend raise that I'm expecting for this month. I will also preview the dividend boosts that I'm anticipating for September 2025. Let's dive into it!

Actual Dividend Increase for August 2025

Pending Dividend Increase: Altria Group (MO)

Altria Group has yet to up its quarterly dividend per share. However, it will be announcing this on August 21st. I continue to believe that MO will announce a 3.9% bump in its quarterly dividend per share to $1.06.

My net annual forward dividends would grow by $3.84 across my 24 shares of MO from such an announcement.

UPDATE: As expected, MO raised its quarterly dividend per share by 3.9% to $1.06. Across my 24 shares, my net annual forward dividends rose by $3.84.

Expected Dividend Increases for September 2025

Expected Dividend Increase #1: McDonald's (MCD)

The first raise that I'm anticipating for next month will be from McDonald's. I believe that MCD will declare a 5.6% increase in its quarterly dividend per share to $1.87.

Across my five shares of MCD, my net annual forward dividends would rise by $2 due to such a dividend declaration.

Expected Dividend Increase #2: Microsoft (MSFT)

The next dividend boost that I'm expecting for September 2025 will come from Microsoft. My best guess is that MSFT will announce a 10.8% hike in its quarterly dividend per share to $0.92.

My net annual forward dividends would jump by $3.96 across my 11 shares of MSFT from such a dividend announcement.

Expected Dividend Increase #3: Realty Income (O)

The third dividend bump that I'm predicting for next month will be from Realty Income. I believe that O will declare a 0.2% increase in the monthly dividend per share to $0.2695.

Across my 153 shares of O, my net annual forward dividends would grow by $0.918 due to such a dividend declaration.

Expected Dividend Increase #4: Philip Morris International (PM)

The next dividend raise that I'm anticipating for September 2025 will come from Philip Morris International. My best guess is that PM will announce a 4.5% raise in its quarterly dividend per share to $1.42.

My net annual forward dividends would climb by $3.92 across my 14 shares of PM from such a dividend announcement.

Expected Dividend Increase #5: VICI Properties (VICI)

The fifth payout increase that I'm expecting for next month will be from VICI Properties. I believe that VICI will declare a 4% raise in its quarterly dividend per share to $0.45.

Across my 106 shares of VICI, my net annual forward dividends would surge by $7.42 due to such a dividend declaration.

Expected Dividend Increase #6: Verizon Communications (VZ)

The final dividend bump that I'm predicting for September 2025 will come from Verizon Communications. My best guess is that VZ will announce a 1.8% increase in its quarterly dividend per share to $0.69.

My net annual forward dividends would edge $1.35 higher across my 45 shares of VZ from such a dividend announcement.

Concluding Thoughts:

My net annual forward dividends grew by $3.84 in August 2025. This would be like investing $128 at a 3% net dividend yield.

If my six raises for September play out as expected, my net annual forward dividends would rise by $19.568. That would be equivalent to investing $652.27 at a 3% yield.

Discussion:

How has your August been for dividend raises thus far? Are any still outstanding?

Did you receive any first-time dividend hikes this month?

Thank you for your readership and please feel free to comment below!

A Major Portfolio Milestone

As I'm writing this blog post on Friday, August 8th. The temperature here in Central Wisconsin is set to reach a high of 77 degrees Fahrenheit later. Not surprisingly, I plan on spending some time outside today.

Honing in on today's focus, my investments surpassed $200,000 last month. I'll briefly highlight the time that it took me to go from $100,000 in investments to $200,000. As I'll get into in a bit, I believe this demonstrates how much compounding starts to kick in after sticking with the dividend growth investing strategy for a while.

The Snowball Is Starting To Roll Down The Hill

Just like I noted in an August 2022 blog post, Charlie Munger couldn't have been more right with the following quote: "The first $100,000 is a b*tch, but you gotta do it."

That's because the vast majority of this amount is generated strictly from savings. Consider that I reached $100,000 in investments in March 2023 (this differs from my net worth milestone due to some liquid savings and my car that I own free and clear). That means starting from zero, it took about five and a half years to reach $100,000 in investments.

Reaching $200,000 in investments in late July 2025, it took a bit less than two and a half years.

Granted, the former did include a period in which I paid for my final two years of undergrad and saved up for my car. Plus, my earnings were lower over this period as I wasn't too established in my career. So, it's not a purely apples-to-apples comparison.

Still, it shows just how much compounding is beginning to work.

Concluding Thoughts:

What's really neat is that it was decades ago when Munger pointed this out in the quote above. Adjusting for inflation, I'm right around the point at which he says one can ease off the gas a little bit. I'm very grateful to be at this point in my life and hope to reach the next incremental $100,000 milestone in 2027.

Discussion:

Have you reached $200,000 in investments?

If so, when did you attain it? If not, do you have a timeline on when you expect to do so?

Thanks for reading. I look forward to your comments below!

September 2025 Stock Watch List

As I'm writing this blog post, it's Saturday, August 2nd. The temperature here in Central Wisconsin is set to reach a high of 80 degrees Fahrenheit later today. Along with a sunny forecast, this is arguably perfect weather. Thus, I definitely plan on spending time outside today!

Now that I have completed the purchases that I highlighted in my August 2025 Stock Watch List blog post, I likely won't be committing any further fresh capital for the month. I may shuffle the portfolio around a bit with a minor capital reallocation. Anyway, with that being said, I'm going to be looking ahead to the stocks on my watch list for September 2025.

Stock #1: Amazon (AMZN)

Once again, Amazon is on my watch list for next month. I've added to my position seven times so far this year. Curious readers can find my investment thesis in my July 2025 Stock Watch List blog post.

The gist of my bullishness continues to rest on AMZN's strong positions in thriving industries like cloud computing, e-commerce, and digital advertising. The company beat analysts' expectations in Q2. Given capacity restraints and the sheer size of its cloud computing business, I thought the AWS results were solid. The advertising business posted solid results as well.

The midpoint of AMZN's Q3 operating income guidance came in below the consensus from analysts. However, the company does have a tendency to be conservative with guidance ($19.2 billion in Q2 was $1.7 billion above the top end of its guidance). That's why I'm not too worried about the lower-than-expected guidance.

AMZN's balance sheet remains an AA-rated fortress. At the current $215 share price (as of August 2nd, 2025),  the stock is also priced at a forward 12-month P/OCF ratio of 14.5. According to FAST Graphs, that's below the 10-year average P/OCF ratio of 23.8. Given the 19% annual OCF/share growth consensus through 2030, I believe a P/OCF ratio of 21 (a $310 fair value per share estimate) is reasonable. 

Overall, a 31% discount to my fair value estimate for one of the best businesses on the planet is what gives me such conviction to keep buying more AMZN.

Stock #2: ONEOK (OKE)

Next up on my watch list for September 2025 is ONEOK. Interested readers can peruse my investment thesis in my June Seeking Alpha article.

The takeaway is that OKE has a handful of projects that have been finished recently to drive near-term growth (the West Texas NGL Pipeline and Elk Creek NGL Pipeline expansions). Other longer term projects remain in progress and OKE also expects to fully realize hundreds of millions of dollars of annual synergies over the next few years from recent acquisitions.

OKE's balance sheet is investment-grade, too (BBB on a stable outlook from S&P). Shares are trading at a forward 12-month P/OCF ratio of 7.5 at the current $79 share price. For more context, that's below the 10-year average P/OCF ratio of 9.7 and my fair value estimate of 8.7 ($92 fair value per share estimate).

Stock #3: Union Pacific (UNP)

The third and final focus of my watch list for next month is Union Pacific. Readers can check out my investment thesis in my July 2025 Stock Watch List blog post linked above. Otherwise, my full analysis can be found in my June Seeking Alpha article.

Basically, railroads are some of my favorite long-term investments. That's because of the fact that they'll always be needed. As the economy grows and UNP becomes more efficient, this should drive solid diluted EPS growth over time. The company's potential merger with Norfolk Southern to form the country's first transcontinental railroad could come with additional growth opportunities and the potential for sizable synergies, too.

UNP's A-rated balance sheet is another plus. What's more, the stock is trading at a forward 12-month P/E ratio of 17.6 from the current $219 share price. This is below the 10-year average P/E ratio of 21.2, which is also my fair value P/E ratio ($264 fair value per share estimate).

Concluding Thoughts:

There we have it. In my view, AMZN, OKE, and UNP are three phenomenal businesses. As was the case in my July stock watch list, I'm leaning toward an approximately 40% weighting to AMZN. The remaining 60% of funds will be allocated pretty evenly between OKE and UNP.

Discussion:

Are any of AMZN, OKE, or UNP on your radar for September 2025?

If not, what stocks are you watching for next month?

I appreciate your readership and welcome your comments below!

July 2025 Dividend Income

As I'm writing this blog post, it's Friday, July 25th. The temperature here in Central Wisconsin is set to reach a high of 85 degrees Fahrenheit later today, with a partly sunny forecast. Thus, I'm definitely going to be spending time outside today.

Now that the month is nearly over, I'm going to be highlighting my net dividend income for July 2025. Without further ado, let's dive into it.

Net Dividends Were Nearly $270

In July 2025, I collected $268.61 in net dividends (net of GSK ADR fees). This works out to a 2.5% decrease in net dividends versus the $275.62 received in April 2025.

Against the $256.43 in net dividends that I collected in July 2024, this is equivalent to a 4.7% year-over-year growth rate. Stock sales of dividend payers in these months and redeployment into dividend payers in other months weighed on both my quarterly and year-over-year net dividend growth rates.

In my Charles Schwab account, I received $219.40 in net dividends from 20 companies. The account's dip in income can be entirely attributed to the trimming of 13 shares of Philip Morris International (PM) in April 2025.

I also collected $42.10 in net dividends from six companies in my Fidelity IRA portfolio. This was due to my addition to my Realty Income (O) position in May 2025 and my addition of Merck (MRK) to my IRA in June 2025.

Finally, in my Webull account, I received $7.11 in net dividends from two companies. This was unchanged from April 2025.

Concluding Thoughts:

My net dividends have climbed by nearly 25% year-over-year so far through July 2025. As the year progresses, I anticipate that my net dividend growth will remain in this range for 2025.

Discussion:

How was your dividend income during the month?

Did you collect any first-time dividends in July 2025?

Thanks for your readership and please leave your comments below!

July 2025 Stock Purchases/Sale

As I'm writing this blog post, it's currently Friday, July 18th. The temperature here in Central Wisconsin is anticipated to reach a high of 78 degrees Fahrenheit later today. As if that wasn't already ideal, it's also going to be sunny throughout the day. Needless to say, I plan on spending time outdoors today!

Now that I am likely done deploying capital for July 2025, it would be a good time to go over my stock purchases and my sale for the month. Let's dive into it!

Stock Purchase #1: Amazon (AMZN)

My first purchase in July 2025 was an additional three shares of Amazon at an average price per share of $219.34. Curious readers can read my investment thesis in my July 2025 Stock Watch List blog post or my May Seeking Alpha article.

Stock Purchase #2: Enterprise Products Partners (EPD)

The next stock that I purchased was another 25 units of Enterprise Products Partners at an average cost of $30.94 a unit. Interested readers can check out my investment thesis in my July 2025 Stock Watch List blog post linked above or my May Seeking Alpha article. This transaction added $53.50 to my net annual forward distributions, which equates to a 6.92% net distribution yield.

Stock Purchase #3: Union Pacific (UNP)

The third stock that I added was an additional three shares of Union Pacific at an average price per share of $231.10. Readers can peruse my July 2025 Stock Watch List blog post linked above or my June Seeking Alpha article. That upped my net annual forward dividends by $16.08, which is equivalent to a 2.32% net dividend yield.

Bonus Stock Purchase: Brookfield Asset Management (BAM)

I also purchased another share of Brookfield Asset Management at an average cost of $54.66 a share. Intrigued readers can find my investment thesis in my May 2025 Stock Watch List blog post or my June Seeking Alpha article co-produced with Brad Thomas. This transaction increased my net annual forward dividends by $1.75, which works out to a 3.20% net dividend yield.

Stock Sale: Broadcom (AVGO)

I sold 10 shares of my position in Broadcom (33.3% of my remaining stake) for an average price per share of $280.98. Overall, I'm still a big believer in the long-term prospects of this holding. For me, this was done for the purpose of rebalancing. That reduced my net annual forward dividends by $23.60.

Stock Purchase: Equinix (EQIX)

I purchased three shares of Equinix at an average cost of $761.16 a share. Interested readers can check out my recent Seeking Alpha listicle co-produced with Brad. This purchase lifted my net annual forward dividends by $56.28.

Concluding Thoughts:

In July 2025, I put $2,179.47 in fresh capital to work. Against the $71.33 in net annual forward dividends that were added, this is equivalent to a 3.27% net dividend yield. My capital redeployment also added $32.68 in net annual forward dividends.

Dividend increases received in July 2025 added $27.466 to my net annual forward dividends. This helped my net annual forward dividends to rise from roughly $6,035 to begin July to approximately $6,160 heading into August.

Discussion:

How was your capital deployment this month?

Did you/will you open any new positions in July 2025 as I did with EQIX?

I'm grateful for your readership and look forward to your comments below!

Expected Dividend Increase For August 2025

As I'm writing this blog post, it's Friday, July 11th. The temperature here in Central Wisconsin is set to reach a high of 82 degrees Fahrenheit later today, with thunderstorms expected into the evening.

After having received a few dividend raises for this month, I figured now would be a good time to start looking ahead. As the remaining payout boosts are announced, I'll update this blog post. I will also look ahead to the single dividend raise that I'm expecting for August 2025.

Actual Dividend Increases For July 2025

Distribution Increase #1: Enterprise Products Partners (EPD)

As predicted in my previous blog post of this series, Enterprise Products Partners declared a 1.9% increase in its quarterly distribution per unit to $0.545. My net annual forward dividends jumped $11 across my 275 units from this distribution declaration.

Dividend Increase #2: JPMorgan Chase (JPM)

JPMorgan Chase announced a 7.1% hike in its quarterly dividend per share to $1.50. Across my six shares of JPM, my net annual forward dividends grew by $2.40 due to this dividend announcement.

Dividend Increase #3: U.S. Bancorp (USB)

U.S. Bancorp declared a 4% increase in its quarterly dividend per share to $0.52. My net annual forward dividends edged $2.08 higher across my 26 shares of USB from this dividend declaration.

Dividend Increase #4: Wells Fargo (WFC)

As anticipated, Wells Fargo announced a 12.5% boost in its quarterly dividend per share to $0.45. Across my eight shares of WFC, my net annual forward dividends rose by $1.60 due to this dividend announcement.

Bonus Increase #1: Union Pacific (UNP)

Union Pacific declared a 3% increase in its quarterly dividend per share to $1.38. In 2026 and beyond, I believe UNP will return to high-single-digit annual dividend growth. As a result of this dividend announcement, my net annual forward dividends grew by $1.12 across my seven shares of UNP.

Bonus Increase #2: Essential Utilities (WTRG)

Essential Utilities upped its quarterly dividend per share by 5.3% to $0.3426. Across my 21 shares of WTRG, my net annual forward dividends grew by $1.436 due to this dividend declaration.

Pending Dividend Increase #1: Cummins (CMI)

Cummins hasn't yet announced its next dividend hike. However, I'm maintaining my forecast for a 7.1% increase in its quarterly dividend per share to $1.95. This would be a $2.60 increase in my net annual forward dividends across my five shares of CMI.

UPDATE: CMI upped its quarterly dividend per share by 9.9% to $2. My net annual forward dividends grew by $3.60 across my five shares from this dividend announcement.

Pending Dividend Increase #2: Duke Energy (DUK)

Duke Energy has yet to declare a dividend raise. I continue to expect a 4.3% bump in its quarterly dividend per share to $1.09.

My net annual forward dividends would edge $1.08 higher across my six shares of DUK from such a dividend announcement.

UPDATE: DUK increased its quarterly dividend per share by 1.9% to $1.065. As a result, my net annual forward dividends edged $0.48 higher across my six shares of DUK.

Pending Distribution Increase #3: Energy Transfer (ET)

Energy Transfer hasn't declared a distribution increase yet. However, I'm sticking with my projection of a 0.8% bump in the quarterly distribution per unit to $0.33.

My net annual forward distributions would grow by $2.07 across my 207 units of ET from such a distribution declaration.

UPDATE: As expected, ET upped its quarterly distribution per unit by 0.8% to $0.33. As a result, my net annual forward distributions grew by $2.07 across my 207 units of ET.

Pending Dividend Increase #4: NNN REIT (NNN)

NNN REIT has yet to announce a dividend increase. Yet, I'm standing by my prediction of a 2.6% raise in its quarterly dividend per share to $0.595.

Across my 18 shares of NNN, my net annual forward dividends would grow by $1.08 due to such a dividend announcement.

UPDATE: NNN raised its quarterly dividend per share by 3.4% to $0.60. This increased my net annual forward dividends by $1.44 across my 18 shares of NNN.

Pending Dividend Increase #5: J.M. Smucker (SJM)

J.M. Smucker hasn't yet declared a dividend increase. However, I believe that it will declare a 1.9% bump in its quarterly dividend per share to $1.10.

My net annual forward dividends would edge $0.24 higher across my six shares of SJM from such a dividend declaration.

UPDATE: SJM declared a 1.9% increase in its quarterly dividend per share to $1.10. Across my three shares, my net annual forward dividends grew by $0.24.

Expected Dividend Increase For August 2025

Expected Dividend Increase: Altria Group (MO)

The one and only dividend increase that I'm expecting for August is a 3.9% raise from Altria Group in its quarterly dividend per share to $1.06.

Across my 24 shares of MO, my net annual forward dividends would rise by $3.84 due to such a dividend announcement.

Concluding Thoughts:

I received 11 dividend/distribution raises in July, which increased my net annual forward dividends by $27.466. This would be equivalent to investing $915.53 at a 3% net dividend yield.

If my raise for August pans out, my net annual forward dividends would grow by $3.84. That would be like investing $128 at a 3% dividend yield.

Discussion:

How has your month been for dividend raises so far?

Have you received any first-time payout boosts in your portfolio this month?

I appreciate your readership and welcome your comments below!

August 2025 Dividend Stock Watch List

As I'm writing this blog post, it's Friday, July 4th. The temperature here in Central Wisconsin is set to reach a high of 92 degrees Fahrenheit, with a sunny forecast.

With that aside, I have likely completed all of my stock purchases for July 2025. As a result, I'm going to be looking at a few stocks on my watch list for next month.

Dividend Stock #1: Alphabet (GOOGL)

First up on my watch list for August 2025 is Alphabet. I have added to my position in this stock multiple times this year and it's still sitting a bit below my 5% to 6% targeted weight. Those interested in my investment thesis can find it in my June 2025 Stock Watch List blog post and this Seeking Alpha article.

The gist of my thesis is that GOOGL has many avenues to drive future growth. These include Gemini, Google Cloud, and YouTube.

The company also announced its first dividend raise. A 5% increase in the quarterly dividend per share to $0.21 was less than I expected. Still, I believe this is the first of many very strong payout boosts to come for GOOGL. The 0.5% yield is modest but the payout ratio is sub-10%. GOOGL's AA+ credit rating from S&P on a stable outlook certainly helps, too. 

At the current $180 share price, the stock is trading at a forward 12-month P/E ratio of just above 18. That's much cheaper than the 10-year average P/E ratio of 24.9 per FAST Graphs and under my fair value estimate of $221 a share.

Dividend Stock #2: Realty Income (O)

Next up on my watch list for next month is Realty Income. Like GOOGL, I have also added to O several times so far in 2025. My weight is a bit off my 5% target. Curious readers can find my investment thesis in my May 2025 Stock Watch List blog post and my recent Seeking Alpha article.

Overall, I believe that the $14 trillion total addressable market in the United States and Europe provides O with a lengthy growth runway. The company is just scratching the surface in Europe, where competition is limited. I'm reasonably confident that this can drive average annual AFFO per share growth in the mid-single-digits over the long run, as has been the case for decades now.

O also benefits from being one of the few net lease REITs with an A-rated balance sheet, which is paramount to its low cost of capital and strong investment spreads. The 5.6% yield is also well-covered and should have room to keep growing.

Best of all, the stock is trading at a forward 12-month P/AFFO ratio of approximately 13 from the current $58 share price. That's leagues below the 10-year average P/E ratio of 18.3 per FAST Graphs and my $71 fair value estimate.

Dividend Stock #3: UnitedHealth Group (UNH)

Last but not least is UnitedHealth Group. I have purchased this twice so far this year. UNH is a smaller position in my portfolio at a 1.4% weight, so I have some room to bring this up to a 2% weight.

To be clear, the stock has had its share of headwinds in 2025. Medicare Advantage cost pressures. The earnings guidance cut in April and then a withdraw of 2025 guidance entirely. Not to mention the resignation of CEO Andrew Witty and the return of former CEO Stephen Helmsley.

Despite all these challenges, I remain a believer in the long-term future of this company. I'm convinced that UNH can return to its targeted 13% to 16% annual adjusted diluted EPS growth rate beyond 2025.

The balance sheet remains A-rated. The 2.8% dividend yield is quite secure and gives UNH a path to return to very robust dividend growth. 

From the current $309 share price, the stock is trading at a forward 12-month P/E ratio below 13. This is significantly below the 10-year average P/E ratio of 20.3 per FAST Graphs and my fair value estimate of $440 a share.

Concluding Thoughts:

There you have it. GOOGL, O, and UNH are three phenomenal businesses. Coincidentally, this is the same trio that was featured in my March 2025 Stock Watch List blog post. I plan on allocating nearly 40% of my capital to GOOGL, with the remainder being about evenly split between O and UNH.

Discussion:

Are any of GOOGL, O, or UNH on your watch list for next month?

If not, what stocks are on your radar for August 2025?

Thanks for reading. I look forward to your comments below!

June 2025 Dividend Income

As I'm writing this blog post, it's currently Friday, June 27th. The temperature here in Central Wisconsin is set to reach a high of 79 degrees Fahrenheit later today with a sunny forecast. After many days of hot/humid and cloudy days, this is a welcome development.

Now that the month is just about complete, I will be briefly highlighting my net dividend income for June 2025.

Net Dividends Topped $600

In June 2025, I collected $615.38 in net dividends (including ADR fees for BAM in my taxable account). Against the $583.10 in net dividends that I received in March 2025, this equates to a quarterly growth rate of 5.5%.

Compared to the $520.75 in net dividends collected in June 2024, this works out to a year-over-year dividend growth rate of 18.2%.

In my Charles Schwab account, I received $364.67 in net dividends from 39 companies.

I collected $136.65 in net dividends from 14 companies in my Fidelity IRA portfolio.

In my other retirement account, I received $94.58 in net dividends from my Capital Income Builder mutual fund.

Finally, I collected $19.48 in net dividends from seven companies within my Webull account.

Concluding Thoughts:

I'm pleased that my portfolio's income is continuing to compound at a solidly double-digit annualized rate. By God's grace and the genius of American capitalism, I hope to continue on this progress.

Discussion:

How was your dividend income for June 2025?

Did you receive any first-time dividends during the month?

I appreciate your readership and please feel free to comment below!

June 2025 Stock Purchases/Sales

As I'm writing this blog post, it's Friday, June 20th. The high temperature here in Central Wisconsin is set to reach 82 degrees Fahrenheit. The forecast is also for partly sunny weather. This is ideal weather to be outside, so I plan to get out there later today!

Now that the month is just about over, I'm likely done with capital deployment for June 2025. Without further ado, I'll jump into my purchases and sales for the month.

Stock Purchase #1: Energy Transfer (ET)

My first purchase during the month was 24 units of Energy Transfer at an average cost of $17.53 a unit. Interested readers can find my investment thesis in my June 2025 Stock Watch List blog post. Against the $31.44 in net annual forward distributions that this purchase added, that equates to a 7.48% net forward yield.

Stock Purchase #2: Alphabet (GOOGL)

The next purchase that I made in June 2025 was seven shares of Alphabet at an average price per share of $168.89. Curious readers can peruse my investment thesis in my June 2025 Stock Watch List blog post. Given the $5.88 in net annual forward dividends added from this transaction, that works out to a 0.50% net dividend yield.

Stock Purchase #3: Merck (MRK)

My third purchase that I made during the month was eight shares of Merck at an average cost of $75.98 a share. Again, readers can check out my investment thesis in my June 2025 Stock Watch List blog post. This purchase added $25.92 to my net annual forward dividends, which is equivalent to a 4.26% net dividend yield.

Bonus Stock Purchase #1: UnitedHealth Group (UNH)

I also purchased two shares of UnitedHealth Group at an average price per share of $312.32. The purchase added $16.80 to my net annual forward dividends. Compared to the $16.80 in net annual forward dividends that this purchase added, that equates to a 2.69% net dividend yield.

Bonus Stock Purchase #2: Brookfield Asset Management (BAM)

I also added one share of Brookfield Asset Management at a cost of $54.89 a share. This increased my net annual forward dividends by $1.75, which works out to a 3.19% net dividend yield. Interested readers can check out this recent Seeking Alpha article co-produced with Brad Thomas for my investment thesis.

Stock Sales: Clorox (CLX) and General Mills (GIS)

I closed out my two share position in Clorox for an average price per share of $127.84 and my four share position in General Mills for $55.06 a share. These sales were done with the intent of further consolidating my holdings. As a result, my net annual forward dividends fell by $19.36.

Stock Purchase: PepsiCo (PEP)

I used the proceeds from my aforementioned sales and another $52.04 in capital to purchase four shares of PepsiCo at an average cost of $131.99 a share. My net annual forward dividends grew by $22.76 from this purchase.

Concluding Thoughts:

Not counting the dividend reinvestment in my Capital Income Builder mutual fund, I deployed $2,942.24 in fresh capital in June 2025. The fresh capital and capital redeployment added $85.19 in net annual forward dividends, which is equivalent to a 2.90% net dividend yield.

My net annual forward dividends increased by $5.474 from dividend increases during the month as well. Dividend adjustments to my ADR holdings also raised my net annual forward dividends by $7.173. These factors led my net annual forward dividends to jump from almost $5,935 at the start of the month to nearly $6,035 heading into July.

Discussion:

How was your capital deployment for June 2025?

Did you start any new positions this month?

Thanks for reading and please feel free to comment below!

Expected Dividend Increases For July 2025

As I'm writing this blog post, it's currently Friday, June 13th. The temperature here in Central Wisconsin is predicted to reach a high of just 58 degrees Fahrenheit today (with rain in the forecast). That's well below the average for this time of the year. The good news is that high temperatures are expected to climb into the low to mid-70 degrees range for tomorrow and Sunday. It would still be below the average for this time of year, but that's ideal weather, especially with a partly sunny forecast.

With that out of the way, I thought now would be a good time to go over the dividend raises that I received in June. I'll also look ahead to the dividend increases that I'm predicting for July 2025.

Actual Dividend Increases For June 2025

Dividend Increase #1: UnitedHealth Group (UNH)

UNH upped its quarterly dividend per share by 5.2% to $2.21. This missed my expectations of a 7.1% increase to $2.25. All things considered, I'll take this raise. As I believe new (and past) CEO Stephen Hemsley works to right the ship and near-term headwinds eventually fade, I believe dividend growth can return to the low-double-digits.

In the meantime, this dividend announcement increased my net annual forward dividends by $3.52 across my eight shares of UNH.

Dividend Increase #2: FedEx (FDX)

FedEx declared a 5.1% increase in its quarterly dividend per share to $1.45. This was slightly below the 7.2% raise to $1.48 that I was expecting.

My net annual forward dividends grew by $1.12 across my four shares of FDX due to this dividend declaration.

Dividend Increase #3: Realty Income (O)

As expected, Realty Income announced a 0.2% increase in its monthly dividend per share to $0.2690.

Across my 139 shares of O, my net annual forward dividends increased by $0.834 from this dividend announcement.

Expected Dividend Increases For July 2025

Expected Dividend Increase #1: Cummins (CMI)

The first dividend raise that I'm expecting for next month will come from Cummins. My hunch is that CMI will declare a 7.1% boost in its quarterly dividend per share to $1.95.

My net annual forward dividends would rise by $2.60 across my five shares of CMI due to such a dividend declaration.

Expected Dividend Increase #2: Duke Energy (DUK)

The next dividend increase that I'm predicting for July 2025 will be from Duke Energy. I believe that DUK will announce a 4.3% raise in its quarterly dividend per share to $1.09.

Across my six shares of DUK, my net annual forward dividends would grow by $1.08 from such a dividend announcement.

Expected Distribution Increase #3: Enterprise Products Partners (EPD)

The third distribution bump that I'm forecasting for next month will come from Enterprise Products Partners. My best guess is that EPD will declare a 1.9% increase in its quarterly distribution per unit to $0.545.

My net annual forward distributions would be boosted by $10 across my 250 units of EPD due to such a distribution declaration.

Expected Distribution Increase #4: Energy Transfer (ET)

The next distribution raise that I'm expecting for July 2025 will be from Energy Transfer. My hunch is that ET will announce a 0.8% increase in its quarterly distribution per unit to $0.33.

Across my 207 units, my net annual forward distributions would be lifted by $2.07 from such a distribution announcement.

Expected Dividend Increase #5: NNN REIT (NNN)

The fifth dividend increase that I'm predicting for next month will come from NNN REIT. I believe that NNN will declare a 2.6% increase in its quarterly dividend per share to $0.595.

My net annual forward dividends would edge $1.08 higher across my 18 shares of NNN due to such a dividend declaration.

Expected Dividend Increase #6: J.M. Smucker (SJM)

The next dividend raise that I'm forecasting for July 2025 will be from J.M. Smucker. My best guess is that SJM will announce a 1.9% bump in its quarterly dividend per share to $1.10.

Across my three shares of SJM, my net annual forward dividends would increase by $0.24 from such a dividend announcement.

Expected Dividend Increase #7: Wells Fargo (WFC)

The seventh and final dividend boost that I'm expecting for next month will come from Wells Fargo. My hunch is that WFC will declare a 12.5% lift in its quarterly dividend per share to $0.45.

Across my eight shares of WFC, my net annual forward dividends would grow by $1.60 due to such a dividend declaration.

Concluding Thoughts:

My net annual forward dividends grew by $5.474 from three dividend raises in June 2025. This is equivalent to investing $182.47 at a 3% net dividend yield.

If the seven dividend raises that I'm expecting for July 2025 materialize, my net annual forward dividends would rise by $18.43. That would be like investing $622.33 at a 3% dividend yield.

Discussion:

How's your month going for dividend raises thus far?

Did you benefit from any first-time dividend hikes in your portfolio this month?

Thank you for your readership. I look forward to your comments below!

July 2025 Stock Watch List

As I'm writing this blog post, it's currently Friday, June 6th. The temperature here in Central Wisconsin is expected to reach a high of 72 degrees Fahrenheit later today, with the forecast being partly sunny. That temperature is less than the average for this time of year, but arguably perfect.

Having likely completed all of my dividend stock purchases for the month, I believe now is a great time to look ahead at three stocks at the top of my watch list for July 2025.

Stock #1: Amazon (AMZN)

First up on my watch list for next month is Amazon, which is no stranger to this blog post series. I just discussed it in my May 2025 Stock Watch List blog post. Interested readers can also find my investment thesis in my recent Seeking Alpha article.

The crux of my investment thesis is that Amazon is a leader in industries with secular growth trends like e-commerce and cloud computing. The company is also a financial fortress, with an AA-rated balance sheet. Trading at a forward 12-month P/OCF ratio of 15.1, shares are also substantially discounted relative to the 10-year average P/OCF ratio of 23.8 per FAST Graphs. The current share $214 share price (as of June 6th, 2025) is substantially less than my fair value estimate of $304 a share.

Stock #2: Enterprise Products Partners (EPD)

Next up on my watch list for July 2025 is Enterprise Products Partners. EPD's most recently appeared in my April 2025 Stock Watch List blog post. Curious readers can also check out my investment thesis in my Seeking Alpha article from last month.

The heart of my investment thesis centers around $7.6 billion in major projects that EPD currently has under development. Most of these projects ($6 billion) are going to be finished in 2025. I'm also confident that any future projects the company initiates construction on will earn excellent returns for unitholders. This is because of EPD's reputation for having a high return on invested capital. The 6.8% distribution yield is also well-covered. The company also has the only A-rated balance sheet among its midstream peers. Topping off the buy case, units are trading at a forward 12-month P/OCF ratio of 7.6 from the current $31 unit price. This is cheaper than the 10-year average P/OCF ratio of 9.6 per data from FAST Graphs and my fair value of $36 a unit (based on my fair value P/OCF ratio of 8.6).

Stock #3: Union Pacific (UNP)

The final stock on my watch list for July 2025 is Union Pacific. The last time I covered this one on my blog was in my December 2022 Dividend Stock Watch List blog post. Readers can find my investment thesis in an iREIT+Hoya Capital listicle from March.

The gist of my investment thesis is that railroads have efficiently moved big and bulky freight for roughly 200 years. As the economy continues to grow and Union Pacific invests in becoming even more efficient, this bodes well for future earnings growth prospects. The company's 2.4% dividend yield is also secure and positioned for payout boosts in the years ahead. Union Pacific also enjoys an A-rated balance sheet. The stock is also trading at a forward 12-month P/E ratio of 18.5, which is below the 10-year average P/E ratio and my fair value multiple estimate of 21.2. That implies shares are worth $257 each and moderately undervalued from the current $223 share price.

Concluding Thoughts:

Another month. Three more excellent companies on my watch list. I'm planning on a roughly 40% weighting to AMZN, with the remainder being pretty evenly split between EPD and UNP. This will help me stay close to a weighted-average yield of 3%, while also providing my portfolio with growth and value.

Discussion:

Are any of AMZN, EPD, and UNP on your watch list in July 2025?

If not, what stocks are on your radar in the coming weeks?

I appreciate your readership and welcome your comments below!

May 2025 Dividend Income

As I'm writing this blog post, it's Friday, May 30th. The temperature here in Central Wisconsin is expected to reach a high of 78 degrees Fahrenheit later today, with a mild thunderstorm also expected. This weekend is going to be ideal, with a mostly sunny forecast and highs reaching into the upper 70s and low 80s. So, I'm definitely going to be spending at least a few hours outside in the coming days!

Now that the month is basically over, I'm going to be taking a moment to highlight my net dividend income for May 2025. Let's dive into it.

Net Dividend Income Approached $600

In May 2025, I received $568.35 in net dividends (including ADR fees for British American Tobacco). Compared to the $516.48 in net dividends that I collected in February 2025, that equates to a 10% quarterly growth rate.

My net dividends were also 55.4% greater versus the $365.82 in net dividends that I received in May 2024.

In my Charles Schwab portfolio, I collected $533.23 in net dividends from 22 companies. That was mostly due to additions to my BTI stake in January 2025 and February 2025. Additions to my Enterprise Products Partners (EPD) stake in April 2025 also played a role in the higher income.

I also received $18.50 in net dividends from three companies within my Fidelity IRA account. This higher income was largely fueled by my March 2025 purchase of more Realty Income (O).

Finally, I collected $16.62 in net dividends from three companies in my Webull portfolio. The slight uptick in income was due to a more favorable GBP to USD exchange rate, which lifted my net dividends from BTI.

Concluding Thoughts:

Overall, I was pleased with my net dividend income in May 2025. Through recent investment activity and dividend raises, I believe that I will be close to reaching the $600 milestone for net dividends in August 2025.

My net dividends year to date are up nearly 30% versus 2024 levels. The dividend snowball is beginning to pick up steam in rolling down the hill, which is quite encouraging after nearly eight years of investing.

Discussion:

How was your dividend income in May 2025?

Did you receive any first-time dividends for the month?

Thank you for your readership and please feel free to comment below!

May 2025 Stock Purchases

As I'm writing this blog post, it's Friday, May 23rd. The temperatures here in Central Wisconsin have been cool in recent days and that's going to continue for the foreseeable future. The high temperature isn't expected to reach 70 degrees Fahrenheit again until next Wednesday.

With that aside, there's roughly one week of trading left in the month. I have already completed all of my anticipated transactions for the month, so I figure now would be a good time to highlight those purchases.

Stock #1: Amazon (AMZN)

The first stock that I purchased in May 2025 was three shares of Amazon at an average price of $190.30 a share. Curious readers can check out my investment thesis in my May 2025 Stock Watch List blog post.

Stock #2: NextEra Energy (NEE)

The next stock that I added to during the month was 10 shares of NextEra Energy at an average cost per share of $67.31. Originally, I planned to bolster my position in Brookfield Asset Management. However, BAM's shares rallied to a less attractive valuation in the time that elapsed from my May 2025 Stock Watch List blog post to early May. This transaction added $22.66 to my net annual forward dividends, which equates to a 3.37% net dividend yield.

Stock #3: Realty Income (O)

The third stock purchase that I completed in May 2025 was 11 shares of Realty Income at an average price of $57.39 a share. Interested readers can check out my investment thesis in my May 2025 Stock Watch List blog post that I linked to earlier. This added $35.442 to my portfolio's net annual forward dividends, which works out to a 5.61% net dividend yield.

Bonus Stock Purchase: Nvidia (NVDA)

The final stock that I purchased during the month was another four shares of Nvidia at an average cost per share of $113.33. Initially, I was going to add more to Microsoft. That changed after MSFT rallied significantly following its Q3 earnings report. This transaction increased my net annual forward dividends by $0.16, which is a 0.04% net dividend yield.

Concluding Thoughts:

I put $2,328.62 of fresh capital to work in May 2025. Compared to the $58.262 in net dividends added through these purchases, this is equivalent to a weighted-average net dividend yield of 2.50%.

My net annual forward dividends also grew by $6.72 from dividend increases in May 2025. Collectively, these factors pushed my net annual forward dividends from almost $5,870 at the start of May to nearly $5,935 heading into June. Sometime next month, I expect to surpass the $6,000 milestone in net annual forward dividends.

Although this blog post won't be published until the day after Memorial Day, I would like to conclude by wishing everyone a safe and healthy holiday weekend. I'd especially like to thank those who paid the ultimate sacrifice in service to this great country, as well as their families!

Discussion:

How was your capital deployment in May 2025?

Did you open any new positions during the month?

I appreciate your readership and look forward to your comments below!

Expected Dividend Increases For June 2025

As I'm writing this blog post, it's Friday, May 16th. The temperature here in Central Wisconsin is expected to reach a high of 66 degrees Fahrenheit, with a chance for showers later tonight. The weekend is going to also be a bit cold for this time of year, with the high temperatures set to be 56 and 60 on Saturday and Sunday, respectively.

With that aside, the month of May is half complete. That makes now a good time to look at the dividend raises that I have received so far for the month. As remaining raises come in, I'll update this blog post. I will also look ahead to the dividend boosts that I'm expecting for June 2025.

Actual Dividend Increases For May 2025

Dividend Increase #1: Main Street Capital (MAIN)

As predicted in my previous blog post of this series, Main Street Capital increased its monthly dividend per share by 2% to $0.255.

Across my 30 shares of MAIN, my net annual forward dividends grew by $1.80 due to this dividend declaration.

Dividend Increase #2: RTX Corporation (RTX)

RTX upped its quarterly dividend per share by 7.9% to $0.68.

My net annual forward dividends increased by $2.40 across my 12 shares of RTX from this dividend announcement.

Pending Dividend Increase #1: Lowe's Companies (LOW)

Lowe's has yet to up its quarterly dividend per share. However, I'm reiterating my expectation of a 4.3% increase in its quarterly dividend per share to $1.20 for later this month.

Across my 10 shares of LOW, my net annual forward dividends would grow by $2 due to such a dividend declaration.

UPDATE: As expected, LOW increased its quarterly dividend per share by 4.3% to $1.20. This lifted my net annual forward dividends by $2 across my 10 shares.

Pending Dividend Increase #2: Medtronic (MDT)

Medtronic also hasn't raised its quarterly dividend per share yet. When earnings are reported later this month, I still believe the quarterly dividend per share will be increased by 1.4% to $0.71.

My net annual forward dividends would rise by $0.52 across my 13 shares of MDT from such an announcement.

UPDATE: MDT upped its quarterly dividend per share by 1.4% to $0.71. This lifted my net annual forward dividends by $0.52.

Expected Dividend Increases For June 2025

Expected Dividend Increase #1: FedEx (FDX)

The first dividend increase that I'm projecting for June 2025 will be from FedEx. I believe FDX will announce a 7.2% hike in its quarterly dividend per share to $1.48.

Across my four shares of FDX, my net annual forward dividends would grow by $1.60 due to such a declaration.

Expected Dividend Increase #2: Realty Income (O)

The next dividend raise that I'm expecting for next month will come from Realty Income. My best guess is that O will increase its monthly dividend per share by 0.2% to $0.269. This will be one of the four smaller raises (and one larger raise) that O announces each year.

My net annual forward dividends would grow by $0.834 across my 139 shares of O from such an announcement.

Expected Dividend Increase #3: UnitedHealth Group (UNH)

The final dividend boost that I'm anticipating for June 2025 will be from UnitedHealth Group. My guess is that UNH will raise its quarterly dividend per share by 7.1% to $2.25.

Across my six shares of UNH, my net annual forward dividends would grow by $3.60 due to such a declaration.

Concluding Thoughts:

My net annual forward dividends grew by $6.72 in May 2025 via four dividend raises. That would be like investing $224 at a net dividend yield of 3%.

If the three dividend increases that I'm expecting for June 2025 materialize, my net annual forward dividends would edge $6.034 higher. This would be equivalent to investing $201.13 at a 3% dividend yield.

Discussion:

How has your month been for dividend raises?

Did you receive any first-time payout boosts during the month?

Thanks for reading and please feel free to comment below!

June 2025 Stock Watch List

As I'm writing this blog post, it's Friday, May 9th. The temperature here in Central Wisconsin is expected to reach a high of 72 degrees Fahrenheit today with a sunny forecast. The forecast for this weekend is going to be just as pleasant, with respective highs reaching 73 and 75 on Saturday and Sunday.

Now that I have made my stock purchases for this month, it would be a good time to look ahead to June 2025. Here are three stocks that are highest on my watch list for the month.

Stock #1: Energy Transfer (ET)

The first stock on my watch list for June 2025 is Energy Transfer. Interested readers can find my updated investment thesis in my recent Seeking Alpha article. Otherwise, my thesis is essentially the same as it was from my November 2024 Dividend Stock Watch List blog post.

ET's first-quarter results were solid. The company's credit ratings are investment-grade. The 7.7% distribution yield is easily covered by DCF. The icing on the cake is that the $17 unit price (as of May 9th, 2025) is significantly below my fair value estimate of $22 a unit.

Stock #2: Alphabet (GOOGL)

The next stock on my watch list for next month is Alphabet. My investment thesis is pretty much the same as it was in my March 2025 Dividend Stock Watch List blog post.

GOOGL massively beat earnings expectations in Q1. Despite ongoing legal disputes, the company has plenty of growth catalysts moving forward. The AA+ credit rating is another positive. GOOGL's 5% dividend raise to begin its dividend growth streak was modest. However, I believe this low floor is going to be very easy for the company to beat over time. GOOGL's $153 share price is a forward P/E ratio of less than 16, which is well below the 10-year average P/E ratio of nearly 25.

Stock #3: Merck (MRK)

The final stock on my watch list for June 2025 is Merck. Curious readers can check out my recent listicle on iREIT+Hoya for my updated investment thesis.

For those without a subscription, my thesis is basically that MRK is taking steps to minimize the loss of exclusivity hit to Keytruda via a subcutaneous version of the drug. This could be approved by the U.S. FDA this September. New products like Winrevair and Capvaxive also have blockbuster peak sales potential. The company's A+ credit rating from S&P also gives it opportunities for bolt-on acquisitions to further bolster its commercial product lineup and product pipeline. MRK's 4.3% dividend yield is also well-covered. Shares trade at a forward P/E ratio of about 8, which is significantly below the 10-year average P/E ratio of just above 15. That makes the stock a bargain from the current $76 share price.

Concluding Thoughts:

That's it for now. I'll likely target a roughly 50% allocation to GOOGL, a 30% allocation to MRK, and a 20% allocation to ET with capital for the month. This will keep me close to a 3% dividend yield, blending growth, value, and yield.

Discussion:

Are any of ET, GOOGL, or MRK on your watch list for June 2025?

If not, what stocks are you considering for next month?

Thanks for your readership. I look forward to your comments below!

April 2025 Dividend Income

As I'm writing this blog post, it's currently Friday, May 2nd. The high temperature is expected to be just 55 degrees Fahrenheit today here in Central Wisconsin. Fortunately, it will be warming up this weekend, with high temperatures expected to be in the mid-60s on Saturday and the mid-70s on Sunday.

With that aside, April 2025 is in the rearview mirror. Thus, I'll be taking a moment to highlight my net dividend income for the month.

Approaching $300 In Net Dividends In Off Months

During April 2025, I received $275.62 in net dividends (including GSK ADR fees). This equates to a 2.8% quarterly growth rate relative to the $268.05 in net dividends collected in January 2025. The timing of PepsiCo's dividend payment and a recent focus on stocks that pay dividends in other months contributed to this slower net dividend income growth rate. 

Compared to the $246.69 in net dividends received in April 2024, that's equivalent to an 11.7% year-over-year growth rate.

I collected $236.02 in net dividends from 20 companies in my Charles Schwab portfolio (less PEP due to the aforementioned dividend payment timing).

My net dividends received from four companies within my Fidelity IRA account were $32.49 (again less PEP). That was made up for by my sale of Starbucks (SBUX) in January 2025 and redeploying those proceeds in this account into Realty Income (O).

Lastly, I collected $7.11 in net dividends from two companies in my Webull portfolio. This was due to the sale of Iron Mountain (IRM) in February 2025.

Concluding Thoughts:

Overall, my net annual dividends continue to grow at a solid clip, despite slower growth in April 2025. In Q1 2025, my net dividends compounded by 25% year-over-year to nearly $1,368. Through continued fresh capital deployment, dividend raises, and dividend reinvestment, I hope to keep up a similar pace for the foreseeable future.

Discussion:

How was your dividend income in April 2025?

Did you receive any first-time dividends during the month?

Thanks for reading. I look forward to your comments below!

April 2025 Stock Purchases/Sales

As I'm writing this blog post, it's Friday, April 25th. The temperature here in Central Wisconsin is set to reach a high of 57 degrees Fahrenheit later today. This weekend is set to log highs reaching into the low-60 degrees Fahrenheit range. Better yet, those days are expected to be sunny.

Now that the month is almost over, I will go over my stock purchases and sales for April 2025. Without further ado, let's dive into it!

Stock Purchase #1: Brookfield Asset Management (BAM)

The first stock that I purchased in April 2025 was 11 shares of Brookfield Asset Management at an average price per share of $48.74. Interested readers can find the gist of my investment thesis in my April 2025 Stock Watch List blog post. This transaction boosted my net annual forward dividends by $19.25, which equates to a 3.59% dividend yield.

Stock Purchase #2: Enterprise Products Partners (EPD)

The next stock that I added to during the month was 16 units of Enterprise Products Partners at an average cost of $34.15 a unit. Again, curious readers can peruse my investment thesis in my April 2025 Stock Watch List blog post linked above. That lifted my net annual forward distributions by $34.24, which works out to a 6.27% distribution yield.

Stock Purchase #3: Nvidia (NVDA)

The third stock that I purchased in April 2025 was five shares of Nvidia at an average price per share of $108.11. The investment thesis for NVDA can also be checked out in my April 2025 Stock Watch List blog post. This raised my net annual forward dividends by $0.20, which is equivalent to a 0.04% net dividend yield.

Bonus Stock Purchase: Microsoft (MSFT)

I added a share of Microsoft at a cost of $379.70. This is the first time that I've added to my position in MSFT since November 2022. Overall, MSFT is a world-class holding. I also believe it's almost as solid of a value now as it was two and a half years ago when I last added to it. This increased my net annual forward dividends by $3.32, which equates to a 0.87% net dividend yield.

Stock Sales: Kinder Morgan (KMI), Southern Company (SO), and Philip Morris International (PM)

I closed out my 52 share position in Kinder Morgan (KMI) for an average price per share of $26.77. I also exited my five share position in Southern Company (SO) for $90.89 a share. In my view, each of these names were moderately overvalued. Their respective dividend growth rates were also quite low, so that played a role in my decisions to sell as well. Overall, these transactions reduced my net annual forward dividends by $75.24.

I also sold 13 shares of Philip Morris International (PM) or nearly half of my position for $163.73 a share. PM is a fundamentally solid company, which is evidenced by its 9.4% annual earnings growth consensus per FAST Graphs. However, the market is more than pricing this into the stock, with it trading at a forward P/E ratio of 22.2. This transaction decreased my net annual forward dividends by $70.20. 

Stock Purchases: Enterprise Products Partners (EPD), Microsoft (MSFT), and British American Tobacco (BTI)

I purchased yet another 34 units of Enterprise Products Partners (EPD) at a cost of $30.77 a unit. This is a high conviction holding for me and I don't mind the fact that EPD is nearly 5% of my portfolio now. I also purchased another two shares of Microsoft (MSFT) at a cost per share of $372.16. These transactions added $79.40 to my net annual forward dividends.

I added another 20 shares of British American Tobacco (BTI) at an average price per share of $42.75. My rationale for doing so remains the same as it was in my February 2025 Stock Watch List blog post. I also purchased another three shares of Microsoft at an average cost of $366.44 a share. These moves lifted my net annual forward dividends by $73.38.

Concluding Thoughts:

I deployed $2,002.78 in capital to fresh capital purchases in April 2025. Against the $57.01 in net dividends that was added by these transactions, that equates to a 2.85% net dividend yield. I also increased my net annual forward dividends by $7.34 from my capital redeployment (and built up my emergency fund slightly).

My net annual forward dividends also increased by $7.43 from April 2025 Dividend Increases. Additionally, foreign currency translation adjustments on a few ADRs from a weakening USD also pushed my net annual forward dividends higher by $28.45. This is how my net annual forward dividends rose from just above $5,765 heading into April to nearly $5,870 going into May.

Discussion:

How was your capital deployment during April 2025?

Did you open any new positions in the month?

Thank you for your readership and I welcome your comments below!

Expected Dividend Increases For May 2025

As I'm writing this blog post, it's Good Friday, April 18th. The temperature here in Central Wisconsin is expected to reach a high of 60 degrees Fahrenheit later today. Though, rain is in the forecast throughout the day. Overall, I'm still stoked that it's Easter weekend!

With that out of the way, the month of April is less than two weeks away from its conclusion. I'll take a look at the dividend raises received thus far. I will also look ahead to the raises that I believe are on tap for May 2025. Let's jump into it!

Actual Dividend Increases for April 2025

Dividend Increase #1: Agree Realty (ADC)

Agree Realty announced a 1.2% increase in its monthly dividend per share to $0.256. This was slightly below my expectation of a 1.7% increase in the monthly dividend per share to $0.257.

Across my 20 shares of ADC, my net annual forward dividends grew by $0.72 due to this announcement.

Dividend Increase #2: American Water Works (AWK)

On the last day of April, the water utility hiked its quarterly dividend per share by 8.2% to $0.8275 - - just above my expectation of a 7.9% increase to $0.825. This lifted my net annual forward dividends by $2 across my eight shares of AWK.

Dividend Increase #3: Johnson & Johnson (JNJ)

Johnson & Johnson declared a 4.8% raise in its quarterly dividend per share to $1.30. That was just below my prediction of a 5.6% lift in the quarterly dividend per share to $1.31.

My net annual forward dividends increased by $1.20 as a result of this dividend declaration.

Pending Distribution Increase #1: Energy Transfer (ET)

Energy Transfer has yet to announce its next quarterly distribution per unit. However, I'm sticking by my projection of a 0.8% bump in the quarterly distribution per unit to $0.3275.

Across my 183 units of ET, my net annual forward distributions would grow by $1.83 due to such an announcement.

UPDATE: ET announced a 0.8% increase in its quarterly distribution per unit to $0.3275. My net annual forward distributions increased by $1.83 from this announcement.

Pending Dividend Increase #2: Alphabet (GOOGL)

Alphabet hasn't declared its next quarterly dividend per share. Since it has been four quarters of the same dividend, I'm reaffirming my expectation of a 10% boost in the quarterly dividend per share to $0.22.

My net annual forward dividends would surge $3.36 higher across my 42 shares of GOOGL from such a declaration.

UPDATE: GOOGL declared a 5% increase in its quarterly dividend per share to $0.21. This came in below my expectations. However, after the massive Q1 2025 EPS beat, I'm willing to give them the benefit of the doubt. My net annual forward dividends grew by $1.68 across my 42 shares of GOOGL from this declaration.

Expected Dividend Increases for May 2025

Expected Dividend Increase #1: Main Street Capital (MAIN)

The first dividend raise that I'm predicting for next month will come from Main Street Capital. I believe that MAIN will announce a 2% increase in its monthly dividend per share to $0.255.

Across my 30 shares of MAIN, my net annual forward dividends would rise by $1.80 due to such an announcement.

Expected Dividend Increase #2: Lowe's Companies (LOW)

The next dividend increase that I'm projecting in May 2025 will be from Lowe's Companies. My guess is that LOW will declare a 4.3% raise in its quarterly dividend per share to $1.20.

My net annual forward dividends would grow by $2 across my 10 shares of LOW from such a declaration.

Expected Dividend Increase #3: Medtronic (MDT)

The final dividend raise that I'm expecting for next month will come from Medtronic. My best guess is that MDT will announce a 1.4% increase in its quarterly dividend per share to $0.71.

Across my 13 shares of MDT, my net annual forward dividends would grow by $0.52 due to such an announcement.

Dividend Increase: RTX Corporation (RTX)

Rather than raising its quarterly dividend per share in April, RTX declared a 7.9% increase in May to $0.68. This was above my prediction of a 6.3% increase to $0.67.

My net annual forward dividends rose by $2.40 across my 12 shares of RTX from this declaration.

Concluding Thoughts:

The four raises that I received in April have increased my net annual forward dividends by $7.43. This is equivalent to investing $247.67 at a 3% net dividend yield.

If the raises that I'm expecting in May play out as anticipated, my net annual forward dividends would grow by $6.72. That would be like investing $224 at a 3% dividend yield.

Discussion:

How was your April 2025 for dividend hikes?

Did you receive any first-time payout boosts as I did with GOOGL?

I appreciate your readership and look forward to your comments below!

May 2025 Stock Watch List

As I'm writing this blog post, it's Friday, April 11th. The temperature here in Central Wisconsin is expected to reach a high of 55 degrees Fahrenheit today on a partly sunny forecast. By the time this blog is published on April 15th, it will be my 28th birthday!

Now that the next month is just a few weeks away, it's a good time to start looking at capital deployment for May 2025. Without further ado, let's jump into it!

Stock #1: Amazon (AMZN)

The first stock on my watch list for May 2025 is Amazon. Interested readers can find my in-depth investment thesis in my March Seeking Alpha article or the gist of it in my February 2025 Stock Watch List.

Essentially, AMZN holds leadership positions in industries with positive long-term outlooks, including cloud computing, digital advertising, and e-commerce. The company's cash and marketable securities balance surpassed $100 billion in Q4 2024. Trading at a forward 12-month P/OCF ratio of just 12.5, AMZN's shares are also substantially undervalued at the current $181 share price (as of April 11th, 2025). My fair value estimate is right around a P/OCF multiple of 21, which would imply a fair value above $300 a share.

Stock #2: Brookfield Asset Management (BAM)

Next on my watch list for next month is Brookfield Asset Management. Curious readers can peruse my Seeking Alpha article from earlier this month for my investment thesis. Alternatively, the gist can also be found in my April 2025 Stock Watch List as BAM is once again on my watch list.

BAM's reputation is highly trusted among alternative asset managers. The industry's share of global AUM is expanding as institutional investors are increasingly turning to alternative assets to diversify, manage volatility, and enhance total return potential. BAM also possessed $1.8 billion in liquidity to close out 2024 and an A- credit rating from S&P. Lastly, I believe shares could be worth $51 each. Compared to the $46 share price (as of April 11th, 2025), this would represent a moderate discount to fair value for the 3.8%-yielding stock.

Stock #3: Realty Income (O)

The third stock on my watch list for May 2025 is Realty Income. Readers can check out my March Seeking Alpha article for my detailed investment thesis. Otherwise, the crux of my thesis can also be found in my March 2025 Dividend Stock Watch List blog post.

O continues to be set up for mid-single-digit annual AFFO per share growth. The balance sheet is A-rated. O's 6% dividend yield is also comfortably covered by AFFO. The forward 12-month AFFO ratio is just 12.6, which is much less than my fair value multiple of 16.5. Relative to the current $54 share price (as of April 11th, 2025), this would be a 24% discount to my fair value estimate of $71 a share.

Concluding Thoughts:

That's all for now. In times of market turbulence, I believe there are always smart investments to be made. These three lend credence to the argument, each possessing strong business models, A-rated balance sheets, and trading at favorable valuations. Overall, allocation to these assets should keep me near my 3% targeted dividend yield.

Discussion:

Are any of AMZN, BAM, or O on your radar for next month?

If not, what stocks are on your watch list for May 2025?

Thanks for reading and please feel free to leave a comment below!

March 2025 Dividend Income

As I'm writing this blog post, it's currently Friday, April 4th. It's going to reach a high of 51 degrees Fahrenheit here in Central Wisconsin with a partly sunny forecast. Needless to say, that's not bad for this time of the year.

Now that March is behind us, I will highlight my net dividend income for March 2025. Let's dive into it!

Net Dividends Are Approaching $600

In March 2025, I collected $583.10 in net dividends (including ADR fees for BAM). Against the $655.90 in net dividends that I received in December 2024, this would represent an 11.1% decline in my net dividend income. Backing out the $99.26 in special dividends that I received from my Capital Income Builder (CAIBX) mutual fund, though, net dividends would have been $556.64. This would be equivalent to a 4.8% quarterly growth rate.

Compared to the $476.12 in net dividends received in March 2024, this works out to a 22.5% year-over-year growth rate. 

In my Charles Schwab portfolio, I collected $359.45 in net dividends from 41 companies. That was a bit less than my $378.16 total logged in December. This is because of stock sales in January 2025, December 2024, and November 2024.

I received $110.35 in net dividends from 12 companies within my Fidelity IRA. Swapping BAM with more ENB accounted for most of higher net dividend income in this account.

I also collected $93.97 in net dividends from my CAIBX mutual fund in this account. That was due to a higher quarterly dividend per share and a greater share count.

Lastly, I received $19.33 in net dividends from seven companies within my Webull portfolio. This was fueled by my February 2025 Stock Purchases (specifically GOOGL).

Concluding Thoughts:

My net dividend income continues to compound at a 20%+ annualized rate. Overall, I'm excited to keep investing fresh capital and reinvesting dividends in world-class businesses!

Discussion:

How was your dividend income for the month?

Did you collect any first-time dividends in March 2025?

Thank you for your readership and please feel free to leave a comment below!

March 2025 Dividend Stock Purchases

As I'm writing this blog post, it's Friday, March 29th. The high temperature is going to reach 47 degrees Fahrenheit today here in Central Wisconsin. However, there is rain and sleet in the forecast as well. Needless to say, I'm not going to be outside much if at all today.

With the month just about complete, I'll be taking a moment to go over my dividend stock purchases in March 2025. Without further ado, let's jump into it!

Dividend Stock Purchase #1: Alphabet (GOOGL)

The first stock that I purchased in March 2025 was another four shares of Alphabet at an average price of $161.46 a share. Interested readers can find my buying rationale in my March 2025 Dividend Stock Watch List blog post. This transaction added $3.20 to my net annual forward dividends, which equates to a 0.50% net dividend yield.

Dividend Stock Purchase #2: Realty Income (O)

The next stock that I bought during the month was another 15 shares of Realty Income at an average cost per share of $56.36. The gist of my investment thesis can be found in my March 2025 Dividend Stock Watch List blog post linked above. This purchase raised my net annual forward dividends by $48.24, which works out to a 5.71% net dividend yield.

Dividend Stock Purchase #3: UnitedHealth Group (UNH)

The third stock that I purchased in March 2025 was an additional share of UnitedHealth Group at an average price of $482.98 a share. Again, my investment thesis can be perused in my March 2025 Dividend Stock Watch List blog post linked earlier. This transaction lifted my net annual forward dividends by $8.40, which is equivalent to a 1.74% net dividend yield.

Concluding Thoughts:

I deployed $1,974.27 in fresh capital to dividend stock purchases in March 2025 (excluding dividend reinvestment in my Capital Income Builder or CAIBX mutual fund in a retirement account). Against the $59.84 in net dividends that were added from these buys, this is a weighted average net dividend yield of 3.03%.

My net annual forward dividends were also lifted by $11.808 across five dividend raises in March 2025. These factors raised my net annual forward dividends from about $5,690 at the start of the month to just over $5,765 to close out the month.

Discussion:

How was your capital deployment in March 2025?

Did you start any new positions during the month?

I appreciate your readership and look forward to your comments below!

Expected Dividend Increases For April 2025

As I'm writing this blog post, it's Friday, March 22nd. The temperature here in Central Wisconsin is expected to reach a high of 49 degrees Fahrenheit. It's also expected to be an overall sunny day, so I definitely expect to get outside a bit later today.

Now that I have received all of the dividend raises that I was anticipating for the month, I'll be going over the dividend raises for March 2025. I will also be looking ahead to the dividend boosts that I'm predicting for next month.

Actual Dividend Increases for March 2025

Dividend Increase #1: American Tower (AMT)

American Tower announced a 4.9% increase in its quarterly dividend per share to $1.70. Across my six shares of AMT, my net annual forward dividends grew by $1.92 due to this announcement.

Dividend Increase #2: General Dynamics (GD)

General Dynamics declared a 5.6% boost in its quarterly dividend per share to $1.50. This was just below my expectation of a 6.3% raise in the quarterly dividend per share to $1.51.

My net annual forward dividends increased by $1.92 across my six shares of GD from this dividend declaration.

Dividend Increase #3: JPMorgan Chase & Co. (JPM)

JPMorgan Chase announced a 12% hike in its quarterly dividend per share to $1.40. Across my six shares of JPM, my net annual forward dividends climbed higher by $3.60 due to this announcement.

Dividend Increase #4: Realty Income (O)

As expected, Realty Income declared a 0.2% bump in its monthly dividend per share to $0.2685.

My net annual forward dividends grew by $0.768 across my 128 shares of O from this dividend declaration.

Dividend Increase #5: Williams-Sonoma (WSM)

Williams-Sonoma announced a 15.8% hike in its quarterly dividend per share to $0.66. This was well above the 8.8% raise to $0.62 that I was predicting. It seems like every dividend raise that I receive from this company is more than I anticipate, so I'm very glad to continue owning it!

Across my 10 shares of WSM, my net annual forward dividends surged $3.60 due to this dividend announcement.

Expected Dividend Increases for April 2025

Expected Dividend Increase #1: Agree Realty (ADC)

The first dividend raise that I'm expecting in April 2025 will come from Agree Realty. I believe that ADC will declare a 1.6% increase in its monthly dividend per share to $0.257 (keep in mind ADC tends to raise its dividend in both April and October).

Across my 20 shares of ADC, my net annual forward dividends would grow by $0.96 from such a dividend declaration.

Expected Distribution Increase #2: Energy Transfer (ET)

The next distribution increase that I'm predicting for next month will be from Energy Transfer. My guess is that ET will announce a 0.8% increase in its quarterly distribution per unit to $0.3275.

My net annual forward dividends would rise by $1.83 across my 183 units of ET due to such a distribution announcement.

Expected Dividend Increase #3: Alphabet (GOOGL)

The third dividend boost that I'm anticipating in April 2025 will come from Alphabet. My best guess is that GOOGL will declare a 10% increase in its quarterly dividend per share to $0.22.

Across my 42 shares of GOOGL, my net annual forward dividends would be lifted $3.36 higher from such a declaration.

Expected Dividend Increase #4: Johnson & Johnson (JNJ)

The next dividend raise that I'm expecting for next month will be from Johnson & Johnson. I believe that JNJ will announce a 5.6% increase in its quarterly dividend per share to $1.31.

My net annual forward dividends would rise by $1.40 across my five shares of JNJ due to such an announcement.

Expected Dividend Increase #5: RTX Corporation (RTX)

The fifth dividend boost that I'm predicting in April 2025 will come from RTX Corporation. My guess is that RTX will declare a 6.3% increase in its quarterly dividend per share to $0.67.

Across my 12 shares of RTX, my net annual forward dividends would grow by $1.92 from such a declaration.

Expected Dividend Increase #6: Southern Company (SO)

The final dividend raise that I'm anticipating for next month will be from Southern Company. My best guess is that SO will announce a 2.8% increase in its quarterly dividend per share to $0.74.

My net annual forward dividends would edge $0.40 higher across my five shares of SO due to such an announcement.

Concluding Thoughts:

The five dividend raises that I received in March 2025 raised my net annual forward dividends by $11.808. This would be equivalent to investing $393.60 at a 3% net dividend yield.

If the six raises that I'm expecting in April pan out, my net annual forward dividends would increase by $9.87. That would be like investing $329.00 at a 3% dividend yield.

Discussion:

How was your March 2025 for dividend announcement activity?

Did you receive any first-time dividend boosts during the month?

Thanks for reading and please feel free to comment below!