Company Description: Medtronic Inc.is a global medical device manufacturer has leadership positions in the pacemaker, defibrillator, orthopedic, diabetes management, and other medical markets.

Fair Value: In calculating fair value, I consider the NPV MMA Differential Fair Value along with these four calculations of fair value, see page 2 of the linked PDF for a detailed description:

1. Avg. High Yield Price
2. 20-Year DCF Price
3. Avg. P/E Price
4. Graham Number

MDT is trading at a discount to 1.) and 3.) above. The stock is trading at a slight premium to its calculated fair value of $37.99. MDT did not earn any Stars in this section.

Dividend Analytical Data: In this section there are three possible Stars and three key metrics, see page 2 of the linked PDF for a detailed description:

1. Free Cash Flow Payout
2. Debt To Total Capital
3. Key Metrics
4. Dividend Growth Rate
5. Years of Div. Growth
6. Rolling 4-yr Div. > 15%

MDT earned two Stars in this section for 1.) and 2.) above. A Star was earned since the Free Cash Flow payout ratio was less than 60% and there were no negative Free Cash Flows over the last 10 years. The stock earned a Star as a result of its most recent Debt to Total Capital being less than 45%. The company has paid a cash dividend to shareholders every year since 1977 and has increased its dividend payments for 33 consecutive years.

Dividend Income vs. MMA: Why would you assume the equity risk and invest in a dividend stock if you could earn a better return in a much less risky money market account (MMA)? This section compares the earning ability of this stock with a high yield MMA. Two items are considered in this section, see page 2 of the linked PDF for a detailed description:

1. NPV MMA Diff.
2. Years to > MMA

MDT earned a Star in this section for its NPV MMA Diff. of the $549. This amount is in excess of the $500 target I look for in a stock that has increased dividends as long as MDT has. If MDT grows its dividend at 9.4% per year, it will take 7 years to equal a MMA yielding an estimated 20-year average rate of 3.9%.

Memberships and Peers: MDT is a member of the S&P 500 and a member of the Broad Dividend Achievers™ Index and a Dividend Champion. The company’s peer group includes: Becton, Dickinson and Company (BDX) with a 2.1% yield, Baxter International Inc. (BAX) with a 2.4% yield and CR Bard Inc. (BCR) with a 0.7% yield.

Conclusion: MDT did not earn any Stars in the Fair Value section, earned two Stars in the Dividend Analytical Data section and earned one Star in the Dividend Income vs. MMA section for a total of three Stars. This quantitatively ranks MDT as a 3 Star-Hold.

Using my D4L-PreScreen.xls model, I determined the share price would need to increase to $40.23 before MDT’s NPV MMA Differential decreased to the $500 minimum that I look for in a stock with 33 years of consecutive dividend increases. At that price the stock would yield 2.24%.

Resetting the D4L-PreScreen.xls model and solving for the dividend growth rate needed to generate the target $500 NPV MMA Differential, the calculated rate is 9.2%. This dividend growth rate is slightly below the 9.2% used in this analysis, thus providing a small margin of safety. MDT has a risk rating of 1.00 which classifies it as a Low risk stock.

MDT owns a diversified portfolio with a strategy to develop products for a wide range of chronic diseases. Although it is exposed to the highly competitive areas of the medical equipment markets, MDT enjoys many competitive advantages including scale (operations and sales), product breadth and financial strength. The stock was a 5-Star buy back in September 2010 when it was last reviewed. It was trading in the low to med-30′s at that time. Since then, the price has seen a steady increase to where it is now trading at a slight premium to my fair value price of $37.99. I will continue to buy in moderation on dips and as my allocation allows. For additional information, including the stock’s dividend history, please refer to its data page.

Disclaimer: Material presented here is for informational purposes only. The above quantitative stock analysis, including the Star rating, is mechanically calculated and is based on historical information. The analysis assumes the stock will perform in the future as it has in the past. This is generally never true. Before buying or selling any stock you should do your own research and reach your own conclusion. See my Disclaimer for more information.

Full Disclosure: At the time of this writing, I was long in MDT (3.8% of my Income Portfolio). See a list of all my income holdings here.

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Linked here is a detailed quantitative analysis of Becton, Dickinson and Co. (BDX). Below are some highlights from the above linked analysis:

Company Description: Becton, Dickinson and Co provides a wide range of medical devices and diagnostic products used in hospitals, doctors’ offices, research labs and other settings.

Fair Value: In calculating fair value, I consider the NPV MMA Differential Fair Value along with these four calculations of fair value, see page 2 of the linked PDF for a detailed description:

1. Avg. High Yield Price
2. 20-Year DCF Price
3. Avg. P/E Price
4. Graham Number

BDX is trading at a discount to 1.), 2.) and 3.) above. The stock is trading at a slight discount to its calculated fair value of $86.55. BDX earned a Star in this section since it is trading at a fair value.

Dividend Analytical Data: In this section there are three possible Stars and three key metrics, see page 2 of the linked PDF for a detailed description:

1. Free Cash Flow Payout
2. Debt To Total Capital
3. Key Metrics
4. Dividend Growth Rate
5. Years of Div. Growth
6. Rolling 4-yr Div. > 15%

BDX earned two Stars in this section for 1.) and 2.) above. A Star was earned since the Free Cash Flow payout ratio was less than 60% and there were no negative Free Cash Flows over the last 10 years. The stock earned a Star as a result of its most recent Debt to Total Capital being less than 45%. The company has paid a cash dividend to shareholders every year since 1926 and has increased its dividend payments for 38 consecutive years.

Dividend Income vs. MMA: Why would you assume the equity risk and invest in a dividend stock if you could earn a better return in a much less risky money market account (MMA)? This section compares the earning ability of this stock with a high yield MMA. Two items are considered in this section, see page 2 of the linked PDF for a detailed description:

1. NPV MMA Diff.
2. Years to > MMA

BDX earned a Star in this section for its NPV MMA Diff. of the $549. This amount is in excess of the $500 target I look for in a stock that has increased dividends as long as BDX has. If BDX grows its dividend at 10.8% per year, it will take 8 years to equal a MMA yielding an estimated 20-year average rate of 3.9%.

Memberships and Peers: BDX is a member of the S&P 500, a Dividend Aristocrat and a member of the Broad Dividend Achievers™ Index. The company’s peer group includes: Abbott Laboratories (ABT) with a 3.7% yield, Baxter International Inc. (BAX) with a 2.5% yield and Medtronic, Inc. (MDT) with a 2.4% yield.

Conclusion: BDX earned one Star in the Fair Value section, earned two Stars in the Dividend Analytical Data section and earned one Star in the Dividend Income vs. MMA section for a total of four Stars. This quantitatively ranks BDX as a 4 Star-Buy.

Using my D4L-PreScreen.xls model, I determined the share price would need to increase to $85.23 before BDX’s NPV MMA Differential decreased to the $500 minimum that I look for in a stock with 38 years of consecutive dividend increases. At that price the stock would yield 1.92%.

Resetting the D4L-PreScreen.xls model and solving for the dividend growth rate needed to generate the target $500 NPV MMA Differential, the calculated rate is 10.6%. This dividend growth rate is slightly below the 10.8% used in this analysis, thus providing only a minimal margin of safety. BDX has a risk rating of 1.00 which classifies it as a low risk stock.

Operating in the competitive medical equipment market, BDX generally has enjoyed more favorable demand and pricing than others in the medical equipment industry. The company’s needle and surgical business has provided investors with robust returns for years. As a result of BDX’s innovation and judicial deployment of capital, its business continued to prosper during the economic downturn. The stock is favorably priced below my buy price of $86.55. However, I hesitate to buy with its yield below 2.0%. For additional information, including the stock’s dividend history, please refer to its data page.

Disclaimer: Material presented here is for informational purposes only. The above quantitative stock analysis, including the Star rating, is mechanically calculated and is based on historical information. The analysis assumes the stock will perform in the future as it has in the past. This is generally never true. Before buying or selling any stock you should do your own research and reach your own conclusion. See my Disclaimer for more information.

Full Disclosure: At the time of this writing, I held no position in BDX (0.0% of my Income Portfolio). I held positions in ABT and MDT. See a list of all my income holdings here.

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Below are several companies that are providing their shareholders a growing income through higher cash dividends:

Cinemark (CNK) is a motion picture exhibition company that operates in U.S., Canada, Mexico, Argentina, Brazil, Chile, Ecuador, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Colombia. November 5th the company increased its quarterly dividend 16.7% to $0.21/share. The dividend is payable on December 7, 2010 to stockholders of record on November 22, 2010. The ex-dividend date is November 18, 2010. The yield based on the new payout is 4.52%.

TELUS (TU) is a Canadian telecommunications company, providing a range of telecommunications products and services. November 5th the company raised its quarterly dividend 5% C$0.525/share. The yield based on the new payout is 4.81%.

Equifax (EFX) is a leading worldwide source of consumer and commercial credit information. November 8th the company increased its quarterly dividend 300% to $0.16/share. The dividend is payable on Dec. 15 to shareholders of record on Nov. 24. The ex-dividend date is Nov. 22. The yield based on the new payout is 1.84%.

Mesa Laboratories (MLAB) designs, manufactures, and markets instruments and disposable products for industrial applications and healthcare. November 8th the company raised its quarterly dividend 9.1% to $0.12/share. The dividend is payable December 15, 2010, to shareholders of record on November 29, 2010. The ex-dividend date is November 25, 2010. The yield based on the new payout is 1.88%.

Baxter Int’l (BAX) is a global medical products and services company provides critical therapies for people with life-threatening conditions. November 9th the company increased its quarterly dividend 7% to $0.31/share. The dividend is payable on January 5, 2011, to shareholders of record as of the close of business on December 10, 2010. The ex-dividend date is December 8, 2010. The yield based on the new payout is 2.40%.

Estée Lauder (EL) is one of the world’s leading manufacturers and marketers of skin care, makeup and fragrance products. November 9th the company raised its annual dividend 36% to $0.75/share. The dividend is payable on December 15, 2010 to stockholders of record at the close of business on November 29, 2010. The ex-dividend date is November 25, 2010. The yield based on the new payout is 1.06%.

Automatic Data Processing (ADP) is one of the world’s largest independent computing services companies and provides a broad range of data processing services. November 9th the company increased its quarterly dividend 6% to $0.36/share. The dividend is payable on January 1, 2011 to shareholders of record at December 10, 2010. The ex-dividend date is December 8, 2010. ADP is a Dividend Aristocrat and has raised its dividend for 35 consecutive years. The yield based on the new payout is 3.2%.

Timken (TKR) manufactures anti-friction bearings and assemblies, alloy steels and aerospace power transmission systems and provides related products and services. November 9th the company raised its quarterly dividend 38% to $0.18/share. The dividend is payable on December 2, 2010, to shareholders of record as of November 22, 2010. The ex-dividend date is November 18, 2010. The yield based on the new payout is 1.67%.

Prudential Financial (PRU) provides a wide range of insurance, investment management and other financial products and services to customers in the U.S. and overseas. November 9th the company increased its annual dividend 64% to $1.15/share. The dividend is payable on December 17, 2010, to shareholders of record at the close of business on November 23, 2010. The ex-dividend date is November 19, 2010. The yield based on the new payout is 2.10%.

Tennant (TNC) designs, manufactures, and markets cleaning solutions. November 9th the company raised its quarterly dividend 21% to $0.17/share. The dividend is payable on Dec. 15 to shareholders of record on Nov. 30. The ex-dividend date is Nov. 26. TNC is a Dividend Achiever and has raised its dividend for 36 consecutive years. The yield based on the new payout is 1.94%.

Equity LifeStyle Props (ELS) trust owns and operates manufactured housing communities throughout the U.S. November 9th the company increased its annual dividend 25% to $1.50 for 2011. Yield on the 2011 dividend is 2.58%.

AmerisourceBergen (ABC) is a distributor of pharmaceutical products and related health care services and was formed via the August 2001 merger of Amerisource Health Corp. and Bergen Brunswig Corp. November 11th the company raised its quarterly dividend 25% to $0.10/share. The dividend is payable December 6, 2010, to stockholders of record at the close of business on November 22, 2010. The ex-dividend date is November 18, 2010. The yield based on the new payout is 1.27%.

MDU Resources (MDU) is involved in electric and natural gas distribution, natural gas storage, gathering and transmission, construction materials and mining, and oil and natural gas production. November 11th the company increased its quarterly dividend 3.2% to $0.1625/share. The dividend is payable January 1, 2011 to stockholders of record December 9, 2010. The ex-dividend date is December 7, 2010. MDU is a Dividend Achiever and has raised its dividend for 20 consecutive years. The yield based on the new payout is 2.06%.

Selecting stocks with increasing dividends is critical for an income growth strategy. The above list contains stocks that recently raised their dividends; it is not a list of recommend buys. As always, due diligence should be performed before buying or selling any stock. For a list of stocks with a long string of consecutive cash dividend increases, see this list.

Full Disclosure: Long ADP. See a list of all my income holdings here.

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(Photo Credit)

Linked here is a detailed quantitative analysis of Medtronic Inc. (MDT). Below are some highlights from the above linked analysis:

Company Description: Medtronic Inc. is a global medical device manufacturer has leadership positions in the pacemaker, defibrillator, orthopedic, diabetes management and other medical markets.

Fair Value: I consider four calculations of fair value, see page 2 of the linked PDF for a detailed description:

1. Avg. High Yield Price
2. 20-Year DCF Price
3. Avg. P/E Price
4. Graham Number

MDT is trading at a discount to 1.) and 3.) above. The stock is trading at a 16.1% discount to its calculated fair value of $38.78. MDT earned a Star in this section since it is trading at a fair value.

Dividend Analytical Data: In this section there are three possible Stars and three key metrics, see page 2 of the linked PDF for a detailed description:

1. Free Cash Flow Payout
2. Debt To Total Capital
3. Key Metrics
4. Dividend Growth Rate
5. Years of Div. Growth
6. Rolling 4-yr Div. > 15%

MDT earned three Stars in this section for 1.), 2.) and 3.) above. A Star was earned since the Free Cash Flow payout ratio was less than 60% and there were no negative Free Cash Flows over the last 10 years. The stock earned a Star as a result of its most recent Debt to Total Capital being less than 45%. MDT earned a Star for having an acceptable score in at least two of the four Key Metrics measured. The company has paid a cash dividend to shareholders every year since 1977 and has increased its dividend payments for 33 consecutive years.

Dividend Income vs. MMA: Why would you assume the equity risk and invest in a dividend stock if you could earn a better return in a much less risky money market account (MMA)? This section compares the earning ability of this stock with a high yield MMA. Two items are considered in this section, see page 2 of the linked PDF for a detailed description:

1. NPV MMA Diff.
2. Years to > MMA

MDT earned a Star in this section for its NPV MMA Diff. of the $1,106. This amount is in excess of the $500 target I look for in a stock that has increased dividends as long as this company. If MDT grows its dividend at 9.4% per year, it will take 4 years to equal a MMA yielding an estimated 20-year average rate of 3.71%. MDT earned a check for the Key Metric ‘Years to >MMA’ since its 4 years is less than the 5 year target.

Memberships and Competitors: MDT is a member of the S&P 500 and a member of the Broad Dividend Achievers™ Index. MDT’s peer group includes: Bard C.R. (BCR) with a 0.9% yield, Baxter International (BAX) with a 2.6% yield and Becton Dickinson (BDX) with a 2.1% yield.

Conclusion: MDT earned one Star in the Fair Value section, earned three Stars in the Dividend Analytical Data section and earned one Star in the Dividend Income vs. MMA section for a total of five Stars. This quantitatively ranks MDT as a 5 Star-Strong Buy.

Using my D4L-PreScreen.xls model, I determined the share price would need to increase to $41.65 before MDT’s NPV MMA Differential increased to the $500 minimum that I look for in a stock with 33 years of consecutive dividend increases. At that price the stock would yield 2.16%.

Resetting the D4L-PreScreen.xls model and solving for the dividend growth rate needed to generate the target $500 NPV MMA Differential, the calculated rate is 7.0%. This dividend growth rate is well below the 9.4% used in this analysis, thus providing a margin of safety. MDT has a risk rating of 1.25 which classifies it as a low risk stock.

MDT owns a diversified portfolio with a strategy to develop products for a wide range of chronic diseases. Although it is exposed to the highly competitive areas of the medical equipment markets, MDT enjoys many competitive advantages including scale (operations and sales), product breadth and financial strength, with a free cash flow payout of 28% and debt to total capital of 39%. The company is well-positioned for future development in disease management. MDT is currently trading more than 15% below my fair value price of $38.78. This company has a lot of promise, as such, I will continue to evaluate it for a place in my portfolio. For additional information, including the stock’s dividend history, please refer to its data page.

Disclaimer: Material presented here is for informational purposes only. The above quantitative stock analysis, including the Star rating, is mechanically calculated and is based on historical information. The analysis assumes the stock will perform in the future as it has in the past. This is generally never true. Before buying or selling any stock you should do your own research and reach your own conclusion. See my Disclaimer for more information.

Full Disclosure: At the time of this writing, I held no position in MDT (0.0% of my Income Portfolio). See a list of all my income holdings here.

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Andrea Tse, in an article from TheStreet.com believes consumer-goods stocks are poised to grow next year as the economy lifts and consumer spending rebounds. Here are her 6 picks for 2010:

• Scotts Miracle-Gro (SMG) - A leading international supplier of products for the lawn and garden market.
• Clorox (CLX) – A manufacturer and marketer of consumer products including Clorox bleach, Armor All, STP, Kingsford, Hidden Valley, etc. CLX is a Dividend Aristocrat that has increased its dividend for the last 32 consecutive years.
• Procter & Gamble (PG) – A leading consumer products company that markets its household and personal care products in more than 180 countries. PG is a Dividend Aristocrat that has increased its dividend for the last 53 consecutive years. [Analysis]
• Philip Morris International (PMI) – An international tobacco company.
• Johnson & Johnson (JNJ) – A leader in the pharmaceutical, medical device and consumer products industries. JNJ is a Dividend Aristocrat that has increased its dividend for the last 47 consecutive years. [Analysis]
• PepsiCo (PEP) – a major international producer of branded beverage and snack food products. PEP is a Dividend Aristocrat that has increased its dividend for the last 37 consecutive years. [Analysis]

Fortune says it’s unlikely that equities will enjoy a repeat of the mass revival of 2009. But, they believe these 10 companies should prosper even if the markets don’t:

• MasterCard (MA) – A global leader in credit card transaction processing and brand licensing providing services in over 210 countries and territories.
• Amedisys (AMED) – A provider of home health care and hospice services in the eastern, southern and southeastern U.S.
• Qualcomm (QCOM) – Focuses on developing products and services based on its advanced wireless broadband technology.
• Petrohawk Energy (HK) – Independent oil and gas company that is engaged in the acquisition, production, exploration, and development of oil and gas properties.
• Baxter International (BAX) – Global medical products and services company provides critical therapies for people with life-threatening conditions.
• Quanta (PWR) – Provides specialized contracting services, offering end-to-end network solutions to the electric power, gas, telecommunications and cable television industries.
• Salesforce.com (CRM) – A leading provider of on-demand customer relationship management applications.
• American Tower (AMT) – Operates the largest independent portfolio of wireless communications and broadcast towers in North America.
• Renhe (RNHEF) – Develops air-raid shelters in China.
• Vornado (VNO) – REIT that owns a diverse group of properties, including Northeast retail properties, New York City office buildings, and other interests.  VNO is a Dividend Achiever that has increased its dividend for the last 37 consecutive years.

James Altucher in an article on Daily Finance presented his 10 favorites for 2010:

• Assured Guaranty (AGO) – Provides financial guaranty insurance and reinsurance, as well as mortgage guaranty coverage.
• Wellcare Health Plans (WCG) – Provides managed care services targeted exclusively to government-sponsored health care programs.
• Potash (POT) – One of the world’s largest diversified fertilizer companies and the world’s largest potash producer.
• Cash America (CSH) – Owns and operates pawnshops in the United States.
• Becton Dickison (BDX) -  Provides a wide range of medical devices and diagnostic products used in hospitals, doctors’ offices, research labs and other settings. BDX is a Dividend Aristocrat that has increased its dividend for the last 37 consecutive years. [Analysis]
• Hillenbrand (HI) – Hillenbrand is the largest supplier of products to the funeral service industry.
• Telecom Corp. of New Zealand (NZT) – Provides telecommunications and information technology products and services to residential and business customers in New Zealand and Australia.
• STEC (STEC) – Designs, makes and markets custom and open-standard memory solutions based on Flash memory and dynamic random access memory DRAM technologies.
• Alvarion (ALVR) – Sells wireless broadband connectivity infrastructure products that allow telecom carriers and service providers to deliver high-speed data and voice services.
• GlaxoSmithKline (GSK) – International pharmaceutical company formed in December 2000 through the merger of British drugmakers GlaxoWellcome and SmithKline Beecham.

As a long-term, buy-and-hold income investor, many of the stocks in the above lists don’t meet my criteria for a buy.  Dividend investors are looking for stocks that will perform well over the long run, not just 2010. As such, I prefer to start with this list of stocks.

Full Disclosure: Long CLX, JNJ, PEP, PG. See a list of all my income holdings here.

(Photo Daniela Baack)

Though they are not perfect, the stocks below did recently reward their investors with higher cash dividends:

Wynn Resorts (WYNN) is involved in the design, development, financing and construction of gaming projects in Las Vegas and Macau. November 9th the company declared a special cash dividend of $4.00/share. This dividend will be payable on December 3, 2009, to stockholders of record on November 19, 2009. The stock will begin to trade ex-dividend on November 17, 2009. The company’s Board of Directors also approved the commencement of a regular cash dividend program, beginning in 2010. This regular cash dividend will be $0.20 per share of common stock for the first quarter of 2010. The yield based on the new payout is 1.22%.

Baxter (BAX) is a global medical products and services company. November 10th the company increased its quarterly dividend 12% to $0.29/share. The dividend is payable on January 5, 2010, to shareholders of record as of the close of business on December 10, 2009. The ex-dividend date is December 8. The yield based on the new payout is 2.02%.

ADP (ADP) provides a broad range of data processing services. November 10th the company increased its quarterly dividend 3% to $0.34/share. The dividend is payable on January 1, 2010 to shareholders of record at December 11, 2009. The ex-dividend date is December 9. ADP is a Dividend Aristocrat and has increased its dividend for 34 years. The yield based on the new payout is 3.15%.

Tennant (TNC) designs, manufactures, and markets cleaning solutions. November 10th the company raised its quarterly dividend 8% to $0.14/share. The dividend is payable on December 15, 2009, to shareholders of record November 30, 2009. The ex-dividend date is November 26. The yield based on the new payout is 1.90%.

Cliffs Natural Resources (CLF) is a mining company produces iron ore pellets and supplies metallurgical coal to the steelmaking industry primarily in North America. November 10th the company boosted its quarterly dividend more than 100% to $0.0875/share. The dividend is payable on Dec. 1, 2009, to shareholders of record as of the close of business on Nov. 20, 2009. The yield based on the new payout is 0.90%.

DeVry (DV) offers career-oriented degree programs, preparatory coursework for the CPA and CFA exams, and medical, veterinary, and nursing education. November 11th the company increased its dividend 25% to $0.20/share. Payable semi-annually, the next dividend payment of $0.10/share will be made on Jan. 7, 2010, to common stockholders of record as of Dec. 11, 2009. DV also announced that its board of directors authorized a third share repurchase program of $50 million to commence upon completion of the existing $50 million program. The yield based on the new payout is 0.37%.

Span-America Medical (SPAN) manufactures and distributes a variety of polyurethane foam products for the medical and custom products markets. November 11th the company raised its quarterly dividend 11% to $0.10/share. The dividend is payable December 4, 2009, to shareholders of record on November 20, 2009. The yield based on the new payout is 2.47%.

MDU Resources (MDU) is involved in electric and natural gas distribution, natural gas storage, gathering and transmission, construction materials and mining, and oil and natural gas production. November 12th the company increased the quarterly dividend to $0.1575/share. The dividends are payable January 1, 2010 to stockholders of record December 10, 2009. The ex-dividend date is December 4, 2009. MDU is a Dividend Achiever and has increased its dividend for 18 consecutive years. The yield based on the new payout is 2.87%.

AmerisourceBergen (ABC) is a distributor of pharmaceutical products and related health care services. November 12 the company raised it’s quarterly dividend 33% to $0.08/share. The dividend will be payable December 7, 2009, to stockholders of record at the close of business on November 23, 2009. The yield based on the new payout is 1.33%.

The first step for a stock to become a perfect dividend stock is to raise its dividends each and every year. For a list of stocks with a long string of consecutive dividend increases, see this list.

Full Disclosure: Long ADP.  See a list of all my income holdings here.

(Photo Credit)

I haven’t found the perfect dividend stock yet. However, here are several stocks that recently raised their raised their cash dividends:

• Community Trust Bancorp (CTBI) Boosts Qtr. Dividend by 3.45% to $0.30/Share (4.11%)
  
• Baxter International (BAX) Raises Qt Dividend 20% to $0.26/Share (1.76%)
• Automatic Data Processing (ADP) Increases Qtr. Dividend 13% to $0.33/Share (3.88%)
• Massey Energy (MEE) Boosts Qtr. Dividend 20% to $0.06/Share (1.43%)
• Bob Evans Farms (BOBE) Raises Qtr. Dividend by 14.3% to $0.16/Share (3.83%)
• Equity LifeStyle Properties (ELS) Increases Qtr. Dividend by 25% to $0.25/Share (2.29%)
  
• CNB Financial (CCNE) Boosts Qtr. Dividend by 3% to $0.165/Share (5.28%)
• BorgWarner (BWA) Raises Qtr. Dividend 9% to $0.12/Share (2.80%)
• New Jersey Resources (NJR) Increases Qtr. Dividend by 10.7% to $0.31/Share (3.15%)
• Adams Resources & Energy (AE) Boosts Annual Dividend by 6% to $0.50/Share (2.82%)

After running these companies through my D4L-PreScreen.xls model, none of the above stocks qualified as the perfect dividend stock or even justified a more complete evaluation. CTBI, ADP and BWA had positive NPV of MMA Differentials, but below the level that would warrant a more detailed evaluation. I guess I will have to keep looking for the elusive perfect dividend stock.

Disclosure: No position in any of the aforementioned stocks.

(Photo: Steve Woods)