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Ex-Dividend Stocks: Advance Auto Parts

NEW YORK ( TheStreet) -- The following stocks go ex-dividend Wednesday, meaning an investor must purchase the shares Tuesday to qualify for the next dividend payment: Advance Auto Parts (AAP - Get Report), Canadian Pacific Railway (CP - Get Report) and Convergys (CVG - Get Report).

Advance Auto Parts

The car aftermarket parts company reported first-quarter net income on May 17 of $133.5 million, or $1.79 a share, up from year-earlier earnings of $109.6 million, or $1.35 a share.

"Our Buy rating had been predicated on market share gains, particularly in the commercial business, improvements in DIY and expense savings," Deutsche Bank analysts wrote in a May 17 report. "This had worked since our initiation with a Buy and the stock had outperformed even with recent weakness, up 17.9% YTD compared to the market up 5.3% and the S&P Retail Index up 17.7%. But, AAP's comp of 2.1% against easier comparison compared to ORLY's (Hold,$97.54) comp of 6.1% through March 31 and AZO's (Hold,$376.38) 5.9% through February 11th shows share loss even in the face of what appears to be improving industry data. As comparisons become more difficult, we'd expect trends to remain challenged. So, it looks like the share gain story in commercial as well as the improvements in DIY, which both occurred last quarter, have stopped. As such, we are moving to Hold to Buy."

Forward Annual Dividend Yield: 0.3%

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CP $191.13 -1.40%
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