Ex-Dividend Stocks: Walgreen, Moody's

NEW YORK ( TheStreet) -- The following stocks go ex-dividend Thursday, meaning an investor must purchase the shares Wednesday to qualify for the next dividend payment: Walgreen ( WAG), Moody's ( MCO), Bunge ( BG), FLIR Systems ( FLIR), Ryder System ( R), Snap-on ( SNA) and Tractor Supply ( TSCO).

Walgreen

The drug store chain reported second-quarter earnings on March 27 of $683 million, or 78 cents a share, down from year-earlier earnings of $739 million, or 80 cents.

"ESRX noted the exclusion of Walgreens had a benefit to mail volumes," Oppenheimer analysts wrote in a May 14 report. "Mail scripts came in 0.6M/1.0M better than our/consensus estimates. Several Medco clients have elected to pre-empt the discussion of whether WAG will remain an option in the Medco book of business, opting for a retail network excluding WAG."

Forward Annual Dividend Yield: 2.7%

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Moody's

The ratings agency reported first-quarter earnings on April 26 of $173.5 million, or 76 cents a share, up from year-earlier earnings of $155.5 million, or 67 cents.

"Our thesis on MCO is unchanged: healthy near-term fundamentals, impressive secular growth prospects, and easing regulatory and litigation concerns create a compelling risk/reward," Piper Jaffray analysts wrote in an April 27 report. "While the stock's strong YTD performance (up 24% vs 11% for the S&P500 and 8% for the information services group) suggests some of the "good news" is likely priced in, we see 15% upside to our price target, with more dramatic 2-3 year upside based on earnings power that could approach or exceed $3.65/share over the next several years."

Forward Annual Dividend Yield: 1.7%


Bunge

The agricultural company reported first-quarter net income on April 26 of $92 million, or 57cents a share, down from year-earlier net income of $232 million, or $1.49. Excluding items, profit in the first quarter was 69 cents a share.

"While we are currently in a lull, though profits should seasonally pick up, we continue to believe periods of tension in the food/feed/biofuel chain will occur more frequently, steadily increasing the value of intermediaries like Bunge," Deutsche Bank analysts wrote in an April 27 report. "We look for benefits from diverse geographic positioning, incremental returns on newer assets and an improved margin environment in 2H during N. Hemisphere processing to boost 2012E EPS growth."

Forward Annual Dividend Yield: 1.6%

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FLIR Systems

The thermal imaging systems company reported on April 27 first-quarter earnings of $48.1 million, or 31 cents a share, down from year-earlier earnings of $51.3 million, or 32 cents.

"Following another quarter of disappointing top‐ and bottom‐line results, where both government and commercial revenue fell shy of our and consensus expectations, we are downgrading FLIR to a Market Perform rating," William Blair analysts wrote in an April 30 report. "While headwinds in the U.S. Defense procurement environment led us to expect a rightsizing of the business, FLIR's government business now appears likely to stabilize at a significantly lower revenue runrate level than we had previously anticipated. In addition, the company's commercial business again saw continued deceleration from prior growth levels. Full‐year guidance implies a pickup in growth in commercial revenue and stabilization for government systems in the back half of the year that we believe could be difficult to achieve. While we believe much of the pessimism is reflected in the stock and the current valuation offers limited downside risk, we believe the headwinds in the company's commercial business are likely to persist in the near term and therefore unlikely to offset further declines in the government business."

Forward Annual Dividend Yield: 1.3%


Ryder System

The transportation company reported on April 24 first-quarter earnings of $34.3 million, or 67 cents a share, up from year-earlier earnings of $25.1 million, or 48 cents.

"First, we think an aged national fleet (average age of class 8 tractors is the highest it has been) and higher cost new trucks will continued to drive demand for used vehicles," Wells Fargo analysts wrote in a May 11 report. "Ryder's off lease trucks are typically 56 years old and therefore are in high demand because these models do not have the more expensive and more complex emissions related technologies. Likewise, complex and costly new engine technologies, difficult financing markets and economic uncertainty increase the appeal of the ''lease versus buy'' decisions, particularly for the typical small and middle market shippers. We think nearterm trends in both used truck demand and leasing remain favorable. On the logistics front, we think Ryder has continued to see benefits from increased activity with existing customers as well as new business. We think new business, in part, has been driven by increased focus on supply chain resilience by Fortune 1000 companies who had witnessed numerous disruptions from the Japan earthquake, among other things."

Forward Annual Dividend Yield: 2.6%

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Snap-on

The tools and equipment company reported on April 19 first-quarter earnings of $71 million, or $1.21 a share, up from year-earlier earnings of $56.2 million, or 96 cents.

"A continuing issue in the quarter, as far as we were concerned, was the weakness in Southern European markets (particularly Spain)," Barrington Research analysts wrote in an April 20 report. "A newer issue that has become evident is weakness in Western Europe with revenue down mid-single digits. This was the first time since the recession ended that Western Europe was cited as being weak, giving an early indication that the malaise that has been impacting Southern Europe is now spreading."

Forward Annual Dividend Yield: 2.2%


Tractor Supply

The retail ranch and farm store chain reported on April 25 first-quarter earnings of $40.3 million, or 55 cents a share, up from year-earlier earnings of $18.3 million, or 24 cents.

"Tractor Supply announced that it is raising its quarterly dividend from $0.12 to $0.20, which represents an increase of 67%," Bank of America Merrill Lynch analysts wrote in a May 3 report. "While we had expected TSCO to raise its dividend this year, the extent of the increase exceeded our expectations. In our opinion, this further demonstrates the company's financial strength. Tractor Supply first initiated a dividend in March of 2010, and we forecast annual increases to continue. Further, with the stock now trading at nearly $100 per share, we would not be surprised to see a stock split within the next few quarters. TSCO last initiated a 2 for 1 stock split in September 2010."

Forward Annual Dividend Yield: 0.8%

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-- Written by Alexandra Zendrian

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