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MARKETWATCH VIEW: Move Over, Uncle Sam--Top Dividends Beat Bonds

By Brett Arends A DOW JONES COLUMN Gulp! Nervous times again. Suddenly everyone is afraid of a double dip. The Dow Jones Industrial Average is down six weeks in a row, tumbling below 12000 for the first time since the Japanese panic in March. Nervous investors are stampeding into the "safety" of Treasury bonds instead, driving up prices across the board. Should you follow suit? Hmmm. Here's a slightly contrarian point of view. The rush into Treasurys has driven the yield on 10-year bonds tumbling, below 3%. Meanwhile, the selloff on Wall Street has driven stock yields in the opposite direction. You can now find top quality blue-chip stocks that offer dividend yields better than 3%. No, they're not perfectly comparable. Stock dividends, unlike Treasury coupons, aren't guaranteed. But neither are they capped: Over time, companies increase their dividends. Regular Treasury bonds don't hike their coupons after a good year. Furthermore, bond coupons are taxed as ordinary income. Stock dividends are taxed more lightly. Using FactSet, I ran a screen of large-cap stocks, valued at more than $10 billion, where the dividend yield exceeds 3%. To cut down on the risks, I also weeded out stocks that were trading at more than 16 times forecast earnings, and where interest cover is less than two times. Abut 50 stocks passed the test. A decent number. They range from telecom providers like AT&T (T) to consumer staples like Campbell's Soup (CPB), Kimberly-Clark (KMB), H.J. Heinz (HNZ) and Kellogg (K). They include a lot of big drug companies, such as Abbott Labs (ABT) and Eli Lilly (LLY) defense contractors like Raytheon (RTN); some industrials, tobacco companies, and plenty of those old dividend standbys, utilities, like Consolidated Edison (ED). Even Limited Brands (LTD), parent of Victoria's Secret, makes the cut. At a time when investors and savers are desperate for income, some of these are worth a serious look. Several of the names are investments held by Warren Buffett's Berkshire Hathaway (BRKA, BKRB), which may reassure anyone feeling nervous about jumping in here. They are Kraft (KFT), Procter & Gamble (PG), Johnson & Johnson (JNJ), and Swiss drug company Sanofi-Aventis (SNY). (A few other Buffett holdings just miss the cut. Coca-Cola (KO) now yields 2.7%, and Wal-Mart (WMT) 2.5%.) 10 stocks that beat Treasurys If you're looking to jump in, the easiest move--and maybe the smartest one--is to buy a low-cost "large-cap value" fund that invests in blue chips with good yields. Name Industry Dividend Yield Altria Group Inc. (MO) Tobacco 5.8% Verizon Inc. (VZ) Telecom 5.6% American Electric Power Co. (AEP) Power 4.9% Merck & Co. (MRK) Drugs 4.4% Lockheed Martin Corp. (LMT) Defense 3.9% Johnson & Johnson Consumer 3.4% DuPont Co. (DD) Chemicals 3.3% M&T Bank Corp. (MTB) Finance 3.3% McDonald's Corp. (MCD) Fast Food 3.1% Chevron Corp. (CVX) Oil 3% (Brett Arends is a writer for MarketWatch. He can be reached at 415-439-6400 or via email at AskNewswires@dowjones.com.)

Stock News for Raytheon (RTN)
DateTimeHeadline
04/21/201509:00:13Lockheed Martin Profit Falls 5.9%
04/21/201508:54:11Lockheed Martin Profit Falls 5.9%; Raises Earnings Guidance
04/21/201508:00:00New satellite payload ensures safe and efficient air travel
04/21/201508:00:00Raytheon Unveils SureView® Cybersecurity Product Portfolio for...
04/20/201516:10:16Raytheon to Invest $1.7 Billion in New Cyber Venture -- Update
04/20/201507:04:38Current Report Filing (8-k)
04/20/201507:00:00Raytheon and Vista Equity Partners enter agreement to form new...
04/20/201500:35:13Raytheon Sets Up Big Cyber Venture
04/17/201511:09:02This Dividend Stock Is the Closest Thing to an ATM You'll Find
04/17/201508:30:00Raytheon awarded more than $2 billion for an International Patriot...
04/15/201508:00:00Raytheon's newest JSOW variant enters operational testing
04/14/201514:00:00Raytheon to test new multi-mode seeker for Tomahawk cruise missile
04/14/201508:00:00US Air Force completes operational testing on Raytheon's MALD-J
04/14/201508:00:00Raytheon Company to release first quarter 2015 results on April...
04/14/201507:06:023 Promising Financial Stocks Under $10
04/14/201502:25:32ModernGraham Quarterly Valuation Of Raytheon Corporation
04/13/201510:00:00A Full Year of Milestones for Raytheon's Air & Missile Defense...
04/13/201508:00:00Superstars of selflessness
04/13/201505:56:42Dividend Growth Update - First Quarter 2015
04/12/201521:03:18My K.I.S.S. Dividend Portfolio: 1st Quarter 2015 Update

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