Another month is in the books and it’s time for our April 2023 dividend portfolio update!
We will try and keep this update relatively short and to the point. After driving 1,400 miles in about a day and a half, and then attending a ton of different graduation festivities for our son, we are pretty wiped out. Finding any time in our schedule to write blogs is a challenge so we will get to them when we can.
In April we made a few moves and adjustments to our portfolio. Frankly, I became annoyed with looking at turds like MPW and WBD floating in our portfolio. So I decided to flush them down the toilet and move on.
It was a long time coming for WBD as it was a spin off we inherited from AT&T. We had hoped WBD would become a content juggernaut and growth story. Instead we got a POS that never did anything but suck.
As for MPW, they might eventually turn it around, but the position was very small and turned speculative. After keeping a close eye on it for awhile I just decided I no longer wanted to play that game.
Soon after we sold out of these two positions MMM also performed a spinoff of their healthcare business. Having already been down that path with WBD and others we sold the shares we received from the spinoff immediately. The funds we banked from this sell along with the MPW and WBD funds were then used to add to other more productive positions within our portfolio.
Of course, shortly after MMM also announced that they are cutting their dividend after the spinoff. So it looks like we will be taking another hit to our PADI when that finally happens.
It’s not surprising as the company has had litigation problems and slowing growth for the last few years. Using the spinoff as a reason to “rightsize” their dividend payout was probably to be expected. This is about the 3rd company we hold that has done this now. Maybe we are making another mistake, but we will continue to hold MMM as the company works to right the ship.
Let’s check out our April 2024 dividend portfolio update numbers!
Our Dividend Portfolio Month Ending April 2024:
| Symbol | Description | Quantity | Change From Prior Month |
| ABBV | ABBVIE INC | 14.4724 | – |
| ABR | ARBOR REALTY TR REIT | 34.4041 | – |
| BKH | BLACK HILLS CORP | 6.3534 | 1.0000 |
| DOW | DOW INC | 10.284 | – |
| EPD | ENTERPRISE PRODS PART LP | 6.307 | 1.0000 |
| FRT | FEDERAL REALTY INVT TR REIT | 6.5911 | 0.0718 |
| GIS | GENERAL MILLS INC | 5.4210 | – |
| IBM | IBM CORP | 3.4119 | – |
| IRM | IRON MTN INC NEW REIT | 13.6682 | 0.1118 |
| JEPI | JPMORGAN EQUITY PREMIUM INCOME ETF | 15.7682 | 1.0887 |
| JNJ | JOHNSON & JOHNSON | 6.4638 | – |
| K | KELLANOVA | 2.2106 | – |
| KHC | KRAFT HEINZ CO | 5.5938 | 0.0588 |
| KMB | KIMBERLY CLARK CORP | 2.2075 | 0.0348 |
| KO | THE COCA-COLA CO | 2.1901 | 0.0174 |
| MAIN | MAIN STREET CAPITAL | 12.4008 | 0.0628 |
| MMM | 3M CO | 10.018 | – |
| MO | ALTRIA GROUP INC | 15.1023 | 0.3298 |
| O | REALTY INCOME CORP REIT | 12.8092 | 0.0633 |
| QYLD | GLOBAL X FUND GLB X NSDQ100 CVD ETF | 36.294 | 0.3543 |
| SCHD | SCHWAB US DIVIDEND EQUITY ETF | 26.6578 | 4.0000 |
| SO | SOUTHERN CO | 2.2397 | – |
| SPTN | SPARTANNASH CO | 6.6413 | – |
| T | A T & T INC | 17.5399 | – |
| VICI | VICI PROPERTIES INC REIT | 7.2817 | 0.1012 |
| VTRS | VIATRIS INC | 21.8574 | – |
| VZ | VERIZON COMMUNICATN | 3.1448 | – |
| XOM | EXXON MOBIL CORP | 5.4894 | – |
In the month of April we received dividend payments from FRT, IRM, JEPI, KHC, KO, MAIN, MO, O, QYLD and VICI. Our dividends totaled $56.81 and all receipts were reinvested back into the underlying positions.
The dividend for KHC was received in May instead of April due to the timing of the payout which helped boost our numbers. The payout for JEPI continues to be lower on a YOY basis which again isn’t a real concern at this time.
As you can see below, we didn’t get a dividend from MPW as we sold out of the position. Even if we held onto the position we weren’t sure if they would have even paid a dividend. They eventually made a late announcement after we had sold out. Anyway, it doesn’t matter because we are done with the company.
| Stock | April 2023 | April 2024 | YOY Growth % |
| FRT | $6.73 | $7.11 | 5.65% |
| IRM | $8.03 | $8.81 | 9.71% |
| JEPI | $5.66 | $5.07 | -10.42% |
| KHC | $0.00 | $2.21 | 121.00% |
| KMB | $2.49 | $2.67 | 7.23% |
| KO | $0.97 | $1.05 | 8.25% |
| MAIN (m) | $2.38 | $2.96 | 24.37% |
| MO | $11.44 | $14.48 | 26.57% |
| MPW | $4.64 | $0.00 | -100.00% |
| O (m) | $1.35 | $3.28 | 142.96% |
| QYLD (m) | $0.00 | $6.19 | 519.00% |
| VICI | $0.00 | $2.98 | 298.00% |
| Total | $43.69 | $56.81 | 30.03% |
Year over year for the month of April we saw an increase of 30.03% in our dividend payments. The month was a mixed bag as most of our positions had some great growth. Other positions were more impacted by timing issues for their payments from last year and this year. However you cut it, we still had some great YOY growth despite these issues so we can’t complain.
In April we received our final two work-camping paychecks and purchased our usual two shares of SCHD. Additionally, with the proceeds from the sells noted above we purchased two more shares SCHD for a total of 4 in the month. With our work-camping gigs now completed and the income stream drying up this was probably the best way to go.
But, we were not done. We still had a few bucks left over and later in the month we managed to generate some additional funds. With these funds we added shares to our positions in BKH, EPD and JEPI.
It was nice to offload the deadweight and put that money to work. Hopefully this will be more productive in the long term.
At the end of April 2024 our dividend portfolio was valued at $16,674.32. This is a 1.77% decrease from month ending March 2024. Not that we are happy to see a decrease in our portfolio value, but it was long overdue for a pullback. Can’t hit new highs every month!
| Month | Portfolio Value | MOM % Change |
| March 2024 | $16,974.54 | -1.77% |
| April 2024 | $16,674.32 |
On a year over year basis our dividend portfolio value increased by 26.17%. The trend of YOY portfolio growth continues to be impressive. In reality, these are the stats that really matter in the long run. Month over month always has a lot more noise so long term trends are a better directional indictor.
| Month | Portfolio Value | YOY % Change |
| April 2023 | $13,215.45 | 26.17% |
| April 2024 | $16,674.32 |
With the additional shares added and the reinvestment of all dividends received our portfolio will now provide projected annual dividend income (PADI) of about $885. This is just under $74 per month on average and an $15 per year increase from last months update. Our yield on cost (YOC) increased by 0.12 to 5.64%.
This increase in our YOC is attributable to putting money from WBD that earned zero dividends into other holdings that do. We also added to our positions in EPD and JEPI which have pretty high yields of their own.
While April was a pretty good month it really doesn’t matter now. The announcement from MMM that they are cutting their dividend makes all of these numbers meaningless. MMM is one of our larger holdings and any cut will have a sizable impact on our PADI.
We were already falling behind each month on our 2024 goal of achieving $1,000 in PADI. We have struggled to keep pace each month and now we are getting a sizable dividend cut from a large holding. This may very well be the final nail in the coffin for reaching our goal this year.
There is no reason to panic either way. A goal is something we strive to achieve and it’s not a death sentence if we don’t. There are always setbacks and there could also be months where we generate more investable income and turn it around. What matters is that we keep pushing forward regardless of a stated goal and timeframe. We know will get there in due time if we just stay consistent.
Once we get the new payout information from MMM we will plug in the numbers, assess the damage, probably say a few cuss words, have a beer and move on. That’s investing, deal with it!
Thank you for reading our blog. Once everything settles down we will get our regular financial update done and posted. We have so much going on right now it just crazy! And very expensive!!
Until then, happy investing!
Joe
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