It Might Not Be A Great Idea To Buy Texas Instruments Incorporated (NASDAQ:TXN) For Its Next Dividend
It Might Not Be A Great Idea To Buy Texas Instruments Incorporated (NASDAQ:TXN) For Its Next Dividend
Regular readers will know that we love our dividends at Simply Wall St, which is why it's exciting to see Texas Instruments Incorporated (NASDAQ:TXN) is about to trade ex-dividend in the next two days. The ex-dividend date is one business day before the record date, which is the cut-off date for shareholders to be present on the company's books to be eligible for a dividend payment. It is important to be aware of the ex-dividend date because any trade on the stock needs to have been settled on or before the record date. This means that investors who purchase Texas Instruments' shares on or after the 31st of October will not receive the dividend, which will be paid on the 12th of November.
常規讀者會知道,我們在Simply Wall St非常喜愛我們的股息,這就是爲什麼看到德州儀器公司(納斯達克:TXN)即將於接下來的兩天內進行除權交易是令人興奮的。 除淨日是距離股權登記日前的一個工作日,這是股東必須在公司記賬本上出現以符合分紅支付資格的截止日期。 了解除淨日是非常重要的,因爲任何對股票的交易都需要在股權登記日之前或之日完成。 這意味着在十月31日當天或之後購買德州儀器股票的投資者不會收到將於十一月12日支付的股息。
The company's upcoming dividend is US$1.36 a share, following on from the last 12 months, when the company distributed a total of US$5.44 per share to shareholders. Looking at the last 12 months of distributions, Texas Instruments has a trailing yield of approximately 2.6% on its current stock price of US$206.93. If you buy this business for its dividend, you should have an idea of whether Texas Instruments's dividend is reliable and sustainable. That's why we should always check whether the dividend payments appear sustainable, and if the company is growing.
公司即將支付的股息是每股1.36美元,延續了過去12個月的情況,當時公司向股東總共分配了每股5.44美元。 查看過去12個月的分配情況,德州儀器在其當前股價206.93美元上的滾動收益率約爲2.6%。 如果您因爲其股息而購買這家企業,您應該清楚德州儀器的股息是否可靠且持續。 這就是爲什麼我們應該始終檢查股息支付是否看似可持續,並且公司是否在增長。
Dividends are typically paid from company earnings. If a company pays more in dividends than it earned in profit, then the dividend could be unsustainable. Last year Texas Instruments paid out 96% of its profits as dividends to shareholders, suggesting the dividend is not well covered by earnings. A useful secondary check can be to evaluate whether Texas Instruments generated enough free cash flow to afford its dividend. It paid out an unsustainably high 323% of its free cash flow as dividends over the past 12 months, which is worrying. Our definition of free cash flow excludes cash generated from asset sales, so since Texas Instruments is paying out such a high percentage of its cash flow, it might be worth seeing if it sold assets or had similar events that might have led to such a high dividend payment.
股息通常來自公司的盈利。 如果公司支付的股息超過其賺取的利潤,那麼該股息可能是不可持續的。 去年,德州儀器向股東支付了96%的利潤作爲股息,表明股息未能得到足夠的支持。 一個有用的次要檢查是評估德州儀器是否產生足夠的自由現金流來支付其股息。 在過去12個月中,它支付了其自由現金流的高達323%作爲股息,這是令人擔憂的。 我們對自由現金流的定義不包括通過資產出售獲得的現金,因此,由於德州儀器支付了如此高的現金流百分比,值得看看它是否出售了資產或發生了可能導致如此高股息支付的類似事件。
As Texas Instruments's dividend was not well covered by either earnings or cash flow, we would be concerned that this dividend could be at risk over the long term.
由於德州儀器的股息收入無法完全覆蓋利潤或現金流,我們擔心這樣的股息在長期內可能存在風險。
Click here to see the company's payout ratio, plus analyst estimates of its future dividends.
點擊此處查看公司的支付比率以及未來分紅的分析師預期。
Have Earnings And Dividends Been Growing?
收益和股息一直在增長嗎?
Companies that aren't growing their earnings can still be valuable, but it is even more important to assess the sustainability of the dividend if it looks like the company will struggle to grow. If business enters a downturn and the dividend is cut, the company could see its value fall precipitously. It's not encouraging to see that Texas Instruments's earnings are effectively flat over the past five years. Better than seeing them fall off a cliff, for sure, but the best dividend stocks grow their earnings meaningfully over the long run.
沒有增長盈利的公司仍然有價值,但如果公司似乎無法增長,評估股息的可持續性就顯得更爲重要。如果業務陷入衰退並削減股息,公司可能會看到其價值急劇下降。看到德州儀器的收入在過去五年基本持平並不令人鼓舞。肯定比其大幅下降要好,但最好的分紅股票在長期內能夠實質性增長盈利。
The main way most investors will assess a company's dividend prospects is by checking the historical rate of dividend growth. Texas Instruments has delivered an average of 16% per year annual increase in its dividend, based on the past 10 years of dividend payments.
大多數投資者評估公司的股息前景的主要方法是檢查股息增長的歷史率。德州儀器在過去10年的分紅支付基礎上,每年股息平均增長率爲16%。
To Sum It Up
總結一下
Is Texas Instruments an attractive dividend stock, or better left on the shelf? Not only are earnings per share flat, but Texas Instruments is paying out an uncomfortably high percentage of both its earnings and cashflow to shareholders as dividends. With the way things are shaping up from a dividend perspective, we'd be inclined to steer clear of Texas Instruments.
德州儀器是一隻有吸引力的股息股票嗎?還是最好不要碰?不僅每股收益停滯不前,而且德州儀器向股東支付的收益和現金流佔比均較高,這都令人不安。從股息角度來看,鑑於情況正在發展,我們傾向於遠離德州儀器。
With that in mind though, if the poor dividend characteristics of Texas Instruments don't faze you, it's worth being mindful of the risks involved with this business. For example, Texas Instruments has 2 warning signs (and 1 which is a bit concerning) we think you should know about.
然而,值得注意的是,如果德州儀器不合適的股息特徵對您沒有影響,那麼應注意此業務所涉及的風險。例如,德州儀器有2個警示信號(其中1個有點令人擔憂),我們認爲您應該知道。
A common investing mistake is buying the first interesting stock you see. Here you can find a full list of high-yield dividend stocks.
一個常見的投資錯誤是購買你看到的第一個有趣的股票。在這裏,您可以找到高股息股票的完整列表。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
譯文內容由第三人軟體翻譯。