Eleven Companies Rewarding Shareholders With Raises Last Week

I review the list of dividend increases each week as part of my monitoring process. This exercise pushes me to review existing holdings, and also to identify companies for further research.

I usually focus on the companies that have managed to increase dividends for at least a decade in those weekly reviews. 

Over the past week

Ashland Global Holdings Inc. (ASH) provides additives and specialty ingredients worldwide. It operates through Life Sciences; Personal Care & Household; Specialty Additives; and Intermediates and Solvents segments. 

The company increased quarterly dividends by 11.70% to $0.335/share. This marked the 13th consecutive annual dividend increase for this dividend achiever. Over the past decade, the company has managed to boost dividends at an annualized rate of 13.50%.

The stock sells for 21.24 times forward earnings and yields 1.23%

Canadian Imperial Bank of Commerce (CM) provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. 

The company increased its quarterly dividend by 3.10% to CAD $0.83/share. This payment is 13.69% higher than the distribution paid in July 2021. This marks the 12th year of consecutive annual dividend increases for this international dividend achiever.

The stock sells for 9.26 times forward earnings and yields 4.77%.

CTO Realty Growth, Inc. (CTO) is a Florida-based publicly traded real estate company, which owns income properties comprised of approximately 2.4 million square feet in diversified markets in the United States and an approximately 23.5% interest in Alpine Income Property Trust, Inc.

The REIT increased quarterly dividends by 3.70% to $1.12/share. The dividend represents a 12.0% year-over-year increase as compared to the company’s second quarter 2021 cash dividend. This is the tenth consecutive year of annual dividend increases for this dividend achiever.

The REIT sells for 14.06 times forward FFO and yields 6.16%.

Flowers Foods, Inc. (FLO) produces and markets packaged bakery products in the United States.

The company increased its quarterly dividends by 4.80% to $0.22/share. This was the 20th year of consecutive annual dividend increases for this dividend achiever. Over the past decade, the company managed to boost dividends at an annualized rate of 7.90%.

The stock sells for 21.92 times forward earnings and yields 3.22%

Insperity, Inc. (NSP) provides human resources (HR) and business solutions to improve business performance for small and medium-sized businesses. 

The company lifted its quarterly dividends by 15.60% to $0.52/share. This was the 12th consecutive annual dividend increases for this dividend achiever. Over the past decade, the company managed to boost dividends at an annualized rate of 19.30%.

The stock sells for 21.11 times forward earnings and yields 2.08%.

Lowe's Companies, Inc.(LOW) operates as a home improvement retailer in the United States and internationally. 

The company increased its quarterly dividends by 31.30% to $1.05/share. This marked the 60th year of annual dividend increases for this dividend king. Over the past decade, the company managed to boost dividends at an annualized rate of 18.80%.

The stock sells for 14.74 times forward earnings and yields 2.10%.

LyondellBasell Industries N.V. (LYB) operates as a chemical company in the United States, Germany, Mexico, Italy, Poland, France, Japan, China, the Netherlands, and internationally. The company operates in six segments: Olefins and Polyolefins Americas; Olefins and Polyolefins Europe, Asia, International; Intermediates and Derivatives; Advanced Polymer Solutions; Refining; and Technology. 

The company increased its quarterly dividend by 5.30% to $1.19/share. In addition, it also declared a special dividend of $5.20/share. Over the past 5 years, the company managed to boost dividends at an annualized rate of 5.90%. This dividend achiever has managed to boost distributions for 11 years in a row.

The stock sells for 7.15 times forward earnings and yields 4.07%.

Medtronic plc (MDT) develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. 

The company increased quarterly dividends by 7.90% to $0.68/share.  This marked the 45th consecutive year of an increase in the dividend payment for this dividend aristocrat. Over the past decade, the company managed to boost dividends at an annualized rate of 10%.

The stock sells for 17.78 times forward earnings and yields 2.75%.

Royal Bank of Canada (RY) operates as a diversified financial service company worldwide. 

The company increased its quarterly dividend by 6.70% to CAD $1.28/share. This payment is 18.51% higher than the distribution from this time in 2021. This marks the 12th consecutive year of annual dividend increases for this international dividend achiever.

The stock is selling for 11.60 times forward earnings and yields 3.52%.

TowneBank (TOWN) provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. 

The company raised quarterly dividends by 15% to $0.23/share. This was the eleventh year of annual dividend increases for this dividend achiever. Over the past decade, the company managed to boost dividends at an annualized rate of 9.40%.

The stock is selling for 11.42 times forward earnings and yields 3.11%

Unum Group (UNM) provides financial protection benefit solutions.

The company raised quarterly dividends by 10% to $0.33/share. This was the 14th year of annual dividend increases for this dividend achiever. Over the past decade, the company managed to boost dividends at an annualized rate of 11.50%.

The stock is selling for 7.07 times forward times earnings and yields 3.28%.

Relevant Articles:

- Ten Dividend Growth Stocks Rewarding Shareholders With a Raise

- Seven Dividend Growth Stocks Rewarding Shareholders With Raises

- Nine Dividend Growth Stocks Rewarding Shareholders With a Raise

- Sixteen Dividend Growth Stocks Raising Dividends Last Week

How to turn $40 into $21 million

Coca-Cola (KO) is a dividend king, which has managed to increase dividends to shareholders for 57 years in a row. The company has paid dividends for 100 years. It is a widely-owned company, and a favorite for many dividend investors.

In 1919, Coca-Cola had its IPO. The stock sold at $40/share to investors and had a yield of 5%.
By 1920, the stock had declined by 50% on fears that sugar prices were going up. Investors saw unrealized losses and a gloomy near terms picture.

As we all know, Coca-Cola ultimately became a dominant blue chip company. But that wasn’t so evident in 1920.

As Ben Graham said: "In the short-run, the market is a voting machine - reflecting a voter-registration test that requires only money, not intelligence or emotional stability - but in the long-run, the market is a weighing machine."

Those $40 invested in 1919 turned into a little over $21 million a century later with dividend reinvestment. This investment would be paying almost $600,000 in annual dividend income.

This is the result of a long-term compounding at a high rate of return over long periods of time. It is basic math.

Getting those returns was not easy however. There were obstacles along the way, which would have easily convinced any investor that the best days for Coca-Cola were behind it.

Back in 1938 for example, Fortune Magazine warned investors that the best days for Coca-Cola are already behind it: "Several times every year a weighty and serious investor looks long and with profound respect at Coca-Cola's record, but comes regretfully to the conclusion that he is looking too late. The specters of saturation and competition rise before him."

If you look at the stock price chart however, it looks like there were several long periods, which didn't offer much in terms of returns:

1938 – 1959
1972 – 1985
1998 – 2011

It is very likely that investors were questioning their choices, given the stagnant share price for extended periods of time. There was always some fear that the best days are behind Coca-Cola. Yet, after forming a long base, and exhausting impatient stockholders into selling, Coca-Cola reinvigorated itself and became a Wall Street darling one more time.

Patient dividend investors who were satisfied with the stability of the product demand, and the stability of their dividend checks kept holding onto the stock through thick and thin. When you are getting paid to own a stock, it is much easier to ignore where the stock price goes. It is also easier to ignore negative news about a company, which surely come after share prices have gone nowhere for a long period of time or after they have declined. Buying a stock for its dividend is the ultimate edge that gives dividend investors the patience to endure challenging conditions such as the long periods of time where prices went nowhere. Receiving a dividend is a reminder that you are a part owner of a real business, which provides an economic purpose to others. As a result, you receive your proportional share of the profits in the form of cold hard cash.

I have found quite a few stories about successful Coca-Cola shareholders, who held on for decades. Their descendants held on for decades as well. Those smart and patient enough to invest in Coca-Cola 100 years ago have managed to provide for their families for several generations.

As I mentioned above, a $40 investment turned into $21 million with dividend reinvestment. The portfolio would be generating over half a million dollars in annual dividend income, which is twelve times the median income for a worker in the United States today. This is all coming from a $40 investment that compounded for a century. These $40 from 1919 had the same purchasing power of roughly $600 today.

If you and your trust fund kids and grandkids had simply lived off the dividend income during the past century however, you would have still done well.

For example, one of SunTrust’s predecessor companies was paid $100,000 in Coca-Cola stock for its work on its IPO in 1919. The bank kept the stock, and cashed in those dividends for over 90 years, before finally selling in 2012 for a tidy sum of $2 billion. Had they waited for seven more years, they could have doubled their money to $4 billion, but who is counting?

I received a lot of pushback when I originally posted the results of that fateful $40 investment in Coca-Cola in 1919, turning into $21 million with dividends reinvested. The common response to “ if you had invested in Coca-Cola in 1919..” was that you would be dead by now.

That is a very shortsighted response, because it ignores the realities of financial planning. In general, if you and your spouse are in your 20s or 30s, you could realistically have a 60 – 70 year period to plan for. This includes the lifetimes for you and your spouse only, as it is quite possible that at least one of these partners will make it for a longer time than the other. If you have children in your 20s or 30s, it is quite possible that you are looking at a 70 – 80 or even 90 year period for planning. If you want to create a sort of generational wealth that covers a few generations after you, and you have sufficient means, you can always set up a trust fund that can serve your goals in a way that you want them accomplished. While I would not put everything in one stock for a trust fund, I would have principal be held and just dividends be distributed to beneficiaries. Long-term planning is beyond the scope of this article, but if this concerns you, you should speak with a licensed professional who can set things up for you ( for a reasonable fee).

The long-term returns of the original investment in Coca-Cola has been widely publicized of course.
Warren Buffet has invested heavily into Coca-Cola, and has been an investor for over 30 years now. Between 1988 and 1994, Berkshire Hathaway acquired 400 million shares of Coca-Cola for $1.3 billion. He has a split-adjusted cost of $3.25/share. Coca-Cola has an annual dividend of $1.76/share.

The company will distribute $704 million in annual dividends to Berkshire in 2022. That means every two years, Buffett gets his cost basis back, while retaining ownership of the stock. That’s a nice yield on cost of 50%. The dividend is also a tax advantaged way for Berkshire Hathaway to recognize profits, and is more tax advantaged than capital gains. That's why Warren Buffett prefers dividends over capital gains.

Warren Buffett spoke extensively about it in his 1993 letter to shareholders:

Earlier I mentioned the financial results that could have been achieved by investing $40 in The Coca-Cola Co. in 1919. In 1938, more than 50 years after the introduction of Coke, and long after the drink was firmly established as an American icon, Fortune did an excellent story on the company. In the second paragraph the writer reported: "Several times every year a weighty and serious investor looks long and with profound respect at Coca-Cola's record, but comes regretfully to the conclusion that he is looking too late. The specters of saturation and competition rise before him."

Yes, competition there was in 1938 and in 1993 as well. But it's worth noting that in 1938 The Coca-Cola Co. sold 207 million cases of soft drinks (if its gallonage then is converted into the 192-ounce cases used for measurement today) and in 1993 it sold about 10.7 billion cases, a 50-fold increase in physical volume from a company that in 1938 was already dominant in its very major industry. Nor was the party over in 1938 for an investor: Though the $40 invested in 1919 in one share had (with dividends reinvested) turned into $3,277 by the end of 1938, a fresh $40 then invested in Coca-Cola stock would have grown to $25,000 by yearend 1993.

I can't resist one more quote from that 1938 Fortune story: "It would be hard to name any company comparable in size to Coca- Cola and selling, as Coca-Cola does, an unchanged product that can point to a ten-year record anything like Coca-Cola's." In the 55 years that have since passed, Coke's product line has broadened somewhat, but it's remarkable how well that description still fits.
Charlie and I decided long ago that in an investment lifetime it's just too hard to make hundreds of smart decisions. That judgment became ever more compelling as Berkshire's capital mushroomed and the universe of investments that could significantly affect our results shrank dramatically. Therefore, we adopted a strategy that required our being smart - and not too smart at that - only a very few times. Indeed, we'll now settle for one good idea a year.

He also discussed it in a speech from the late 1990s. The video is titled “how to turn $40 into $5 million”. Source: Youtube

Even Coca-Cola itself posted a press release in 2012 that a $40 investment in 1919 would have turned into $9.80 million 93 years later. Those figures assume dividend reinvestment. Source: Coca-Cola Press Release


Today, the future for Coca-Cola looks bleak again. The company is at the crossroads, as sugary drinks consumption is declining, and people are supposedly becoming more health conscious. However, there is a bright spot for international expansion in developing markets. The share price is only marginally higher than the highs reached in 1998. At the time, the stock price was overvalued, while today it is still richly valued though not as high as 20 years ago.

Coca-Cola and many other great consumer franchises became extremely expensive in the late 1990s. At that time they could not be bought at prices that would produce a satisfactory return. Market prices for these stocks were materially higher than intrinsic value. The lost decade ending in 2009 has managed to correct that. As you can see, prices tend to overshoot on the upside, as in 1972 and 1998, and overshoot on the downside (as in 1999 – 2009).

It remains to be seen whether the best days of Coca-Cola are behind it, or whether it would stage another massive comeback. We won’t know for the next twenty years unfortunately. I do believe that a patient holder of Coca-Cola stock will probably do ok over the next 20 years for as long as the dividend is maintained and not cut. If the dividend is cut, I would be selling my shares one second after the announcement, because it would prove to me that my thesis and initial argument to buy and hold the stock was invalid.

Relevant Articles:

- Coca-Cola (KO) Dividend Stock Analysis
- How Warren Buffett earns $1,140 in dividend income per minute
- This Is Why Warren Buffett Prefers Dividends Over Capital Gains
- Investors Get Paid for Holding Dividend Stocks

The Largest Dividend Payers in the World

Janus Henderson is a money manager, which has shared some interesting data reports in the past. I recently read their 33rd Global Dividend Index, and found some interesting pieces of data to share. 

The report shows a long-term study in global dividend trends. It shows dividend growth between various regions for example. It shows that the amount of total global dividends reached an all time high 2021, and was expected to further grow into 2022. This is amazing.

The most interesting piece was the list of World's Biggest Dividend Payers by year since 2015. Janus Henderson sorted the largest dividend payers by amount of total annual dividends distributed (in billions of US Dollars), and listed the top payers per year. In order for a company to get on that list, it should be paying several billion dollars per year in dividends.

It is fascinating to observe how the list of largest dividend payers worldwide has changed over the past 6 - 7 years.

Some of these companies get off the list because of dividend cuts. Cyclical companies account for a large portion of the movement, as they get flush with cash and send dividends during boom times, only to cut them during a recession. Royal Dutch Shell is one example, which was the number one dividend payer between 2016 and 2019, before cutting dividends in 2020 amidst Covid-19 turmoil.

Another example is AT&T, which has been on the list for all 2015 - 2021, but will be out in 2022 as it cut dividends.

Other companies get off the list because the amount of dividends they pay is not as high as other newcomers. 

You can view the complete list of the 20 largest dividend payers below:

One of the most fascinating charts is the growth in dividends by Geography since 2009.

It shows that North America offers some resilient dividend payments to shareholders. That could be because it houses a lot of great dominant companies with recurring revenue streams that are shareholder friendly. This could also be because North American companies tend to have a culture of rarely cutting dividends, but keeping them. It is also possible that companies in North America are less cyclical than companies around the world ( based on industry/sector).

Ten Dividend Growth Stocks Rewarding Shareholders With a Raise

I review the list of dividend increases each week as part of my monitoring process. This helps me in reviewing companies I already have a position in. This process also helps in uncovering hidden gems, by identifying companies for further research.

In general, I look for companies that have managed to grow dividends for at least a decade. I also look for companies that have managed to grow earnings and dividends, in order to ensure that future dividend growth is on a stable footing. It is helpful to review trends in earnings, dividends, payout ratios over the past decade, in order to find out companies that can deliver in the future and have adequately covered distributions. 

Last but not least, these companies are never a recommendation to buy; just a list of companies for further research. Not all companies are worthy of research, as some have uninspiring prospects. Others may have great businesses, which may be expensive however. 

Valuation is part art, part science. You can read more here on how I try to value companies; this process involves trade-offs between dividend growth and dividend yield, along with stability of the business model over time and through the ups and downs of the typical economic cycle.

Over the past week, there were ten companies that raised dividends. These companies have managed to grow dividends for at least a decade. The companies include:

American Tower Corporation (AMT) is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. 

The REIT increased quarterly dividends by 2.10% to $1.43/share. American Tower has increased dividends every single quarter since 2012. As a result, the new distribution is actually 12.60% higher than the distribution paid during the same time last year.

This dividend achiever has increased dividends for 11 years in a row. Over the past decade, American Tower has hiked dividends at an annualized rate of 30.50%. The five year average is at 18%.

American Tower sells for 23.42 times forward FFO and yields 2.34%.

Chubb Limited (CB) provides insurance and reinsurance products worldwide. 

The company raised quarterly dividends by 3.70% to $0.83/share. This marked the twenty-ninth consecutive annual increase in the company's dividend. 

The raise is consistent with the five year average of 3%/year. Over the past decade however, this dividend aristocrat had managed to boost annual dividends by 8.80%/year.

The stock is selling for 13.45 times forward earnings and yields 1.63%

HNI Corporation (HNI) manufactures and sells workplace furnishings and residential building products primarily in the United States. The company operates through two segments, Workplace Furnishings and Residential Building Products. 

HNI increased quarterly dividends by 3.20% to $0.32/share. This marks the 12th year of consecutive annual dividend increases for this dividend achiever.

The company has managed to grow dividends at an annualized rate of 3%/year over the past decade.

The stock is selling at 13.60 times forward earnings and yields 3.49%.

Leggett & Platt (LEG) designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. 

Leggett & Platt increased quarterly dividends by 4.80% to $0.44/share. Leggett & Platt (LEG) has increased its annual dividend for 51 consecutive years and possesses one of the highest yields among the Dividend Kings.

Over the past decade, the company has managed to grow dividends at an annualized rate of 4.20%.

The stock is selling for 13.25 times forward earnings and yields 4.76%.

Lennox International Inc. (LII) designs, manufactures, and markets a range of products for the heating, ventilation, air conditioning, and refrigeration markets in the United States, Canada, and internationally. It operates through three segments: Residential Heating & Cooling, Commercial Heating & Cooling, and Refrigeration. 

The company raised quarterly dividends by 15.20% to $1.06/share. This is the 13th year of consecutive annual dividend increases for this dividend achiever. The company has managed to grow dividends at an annualized rate of 17.20%/year over the past decade.

The stock sells for 14.71 times forward earnings and yields 2.04%.

Mid America Apartment Communities (MAA) is a real estate investment trust, or REIT, focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the United States. 

The company increased quarterly dividends by 14.90% to $1.25/share. This is the 12th year of consecutive annual dividend increases for this dividend achiever. Over the past decade, the company has managed to grow dividends at an annualized rate of 5%.

The REIT sells for 21.61 times forward FFO and yields 2.85%.

Monro, Inc. (MNRO) provides automotive undercar repair, and tire sales and services in the United States. 

The company raised quarterly dividends by 7.70% to $0.28/share. This is the 17th year of consecutive annual dividend increases for this dividend achiever. Over the past decade, the company has managed to grow dividends at an annualized rate of 11.20%.

The stock is selling for 24.31 times forward earnings and yields 2.89%.

NACCO Industries, Inc. (NC) engages in the natural resources business. The company operates through three segments: Coal Mining, North American Mining, and Minerals Management. 

The company raised quarterly dividends by 5.10% to $0.2075/share. This is the 37th consecutive annual dividend increase for this dividend champion. Over the past decade, the company has managed to grow dividends at an annualized rate of 13.90%/year.

The stock sells for 7.31 times earnings and yields 1.60%.

Northrop Grumman Corporation (NOC) operates as an aerospace and defense company worldwide. 

The company raised quarterly dividends by 10.20% to $1.73/share. 

“Northrop Grumman remains focused on deploying our capital in value-creating ways for our customers and investors,” said Kathy Warden, chair, chief executive officer and president. “We are investing in our business to support our growth and we continue to provide a competitive return of capital to shareholders. This includes today’s 10 percent increase to our dividend, which represents the 19th consecutive annual increase.”

This dividend achiever has managed to boost dividends at an annualized rate of 12.30% over the past decade

The stock sells for 17.89 times forward earnings and yields 1.56%.

First Financial Corporation (THFF) provides various financial services. 

The company increased semi-annual dividends by 1.90% to $0.54/share. This is the corporation's 34th consecutive year of increased regular dividends. This dividend champion has managed to grow dividends at an annualized rate of 1.30%/year over the past decade.

The stock sells for 8.82 times forward earnings and yields 2.48%.

Relevant Articles:

- Ten Dividend Growth Stocks Rewarding Shareholders With a Raise

- Seven Dividend Growth Stocks Rewarding Shareholders With Raises

- Nine Dividend Growth Stocks Rewarding Shareholders With a Raise

- Sixteen Dividend Growth Stocks Raising Dividends Last Week

Warren Buffett Portfolio Holdings as of 03/31/2022

 Berkshire Hathaway is the holding company of super-investor Warren Buffett. He transformed a struggling textile mill into a conglomerate with a significant portfolio of equites and significant interests in railroads, insurance, utilities, industrials etc.

Because of the size of his equity portfolio investments, Berkshire Hathaway has to report its US equity holdings every quarter to the SEC. Some foreign investments are also reported to the corresponding Foreign securities regulator.

You can find the updated portfolio holdings for Berkshire Hathaway (BRK.A)(BRK.B) as of March 31, 2022.

Company Name	Ticker	Value (Millions)	% of BRK Portfolio	Shares Held	% of Shares Outstanding Held	Holdings Date
Apple Inc	AAPL	$155,564.10	45.68%	890,923,410	5.50%	3/31/2022
Bank of America Corp	BAC	$41,636.30	12.23%	1,010,100,606	12.54%	3/31/2022
American Express Co	AXP	$28,351.20	8.32%	151,610,700	20.13%	3/31/2022
Chevron Corp	CVX	$25,919.00	7.61%	159,178,117	8.10%	3/31/2022
Coca-Cola Co	KO	$24,800.00	7.28%	400,000,000	9.23%	3/31/2022
Kraft Heinz Co	KHC	$12,826.80	3.77%	325,634,818	26.61%	3/31/2022
Occidental Petroleum Corp	OXY	$9,173.80	2.69%	143,162,392	15.28%	5/12/2022
Moody's Corp	MCO	$8,323.80	2.44%	24,669,778	13.37%	3/31/2022
US Bancorp	USB	$6,719.10	1.97%	126,417,887	8.51%	3/31/2022
Activision Blizzard Inc	ATVI	$5,152.30	1.51%	64,315,222	8.23%	3/31/2022
DaVita Inc	DVA	$4,082.80	1.20%	36,095,570	38.16%	3/31/2022
Bank of New York Mellon Corp	BK	$3,591.10	1.05%	72,357,453	8.96%	3/31/2022
Kroger Co	KR	$3,326.60	0.98%	57,985,263	8.04%	3/31/2022
Citigroup Inc	C	$2,945.30	0.86%	55,155,797	2.84%	3/31/2022
Verisign Inc	VRSN	$2,851.00	0.84%	12,815,613	11.70%	3/31/2022
General Motors Co	GM	$2,713.90	0.80%	62,045,847	4.25%	3/31/2022
Paramount Global	PARA	$2,606.90	0.77%	68,947,760	11.33%	3/31/2022
Charter Communications Inc	CHTR	$2,088.80	0.61%	3,828,941	2.00%	3/31/2022
Itochu Corp	8001	$2,045.00	0.60%	79,509,400	5.02%	8/24/2020
Liberty Media Corp	LSXMK	$1,975.90	0.58%	43,208,291	19.60%	3/31/2022
Visa Inc	V	$1,840.10	0.54%	8,297,460	0.50%	3/31/2022
Mitsubishi Corp	8058	$1,776.90	0.52%	74,887,500	5.04%	8/24/2020
Amazon.com Inc	AMZN	$1,738.50	0.51%	533,300	0.10%	3/31/2022
Mitsui & Co Ltd	8031	$1,562.70	0.46%	86,453,900	5.26%	8/24/2020
Aon PLC	AON	$1,431.50	0.42%	4,396,000	2.07%	3/31/2022
Mastercard Inc	MA	$1,424.70	0.42%	3,986,648	0.41%	3/31/2022
Snowflake Inc.	SNOW	$1,403.50	0.41%	6,125,376	1.95%	3/31/2022
Celanese Corp	CE	$1,126.00	0.33%	7,880,998	7.28%	3/31/2022
Liberty Media Corp	LSXMA	$923.70	0.27%	20,207,680	20.44%	3/31/2022
Mckesson Corp	MCK	$894.50	0.26%	2,921,975	2.01%	3/31/2022
Nu Holdings Ltd	NU	$827.00	0.24%	107,118,784	3.07%	3/31/2022
Sumitomo Corp	8053	$819.30	0.24%	63,121,100	5.04%	8/24/2020
RH	RH	$707.60	0.21%	2,170,000	10.00%	3/31/2022
T-Mobile US Inc	TMUS	$672.80	0.20%	5,242,000	0.42%	3/31/2022
Globe Life Inc	GL	$639.20	0.19%	6,353,727	6.44%	3/31/2022
Liberty Media Corp	FWONK	$539.30	0.16%	7,722,451	3.75%	3/31/2022
Marubeni Corp	8002	$530.80	0.16%	87,877,700	5.05%	8/24/2020
STORE Capital Corp	STOR	$431.30	0.13%	14,754,811	5.26%	3/31/2022
Ally Financial Inc	ALLY	$390.00	0.11%	8,969,420	2.78%	3/31/2022
Floor & Decor Holdings Inc	FND	$387.20	0.11%	4,780,000	4.52%	3/31/2022
StoneCo Ltd	STNE	$125.10	0.04%	10,695,448	3.82%	3/31/2022
Verizon Communications Inc	VZ	$70.30	0.02%	1,380,111	0.03%	3/31/2022
Marsh & McLennan Companies Inc	MMC	$69.00	0.02%	404,911	0.08%	3/31/2022
Royalty Pharma PLC	RPRX	$58.30	0.02%	1,496,372	0.34%	3/31/2022
Johnson & Johnson	JNJ	$58.00	0.02%	327,100	0.01%	3/31/2022
Procter & Gamble Co	PG	$48.20	0.01%	315,400	0.01%	3/31/2022
Mondelez International Inc	MDLZ	$36.30	0.01%	578,000	0.04%	3/31/2022
Liberty Latin America Ltd	LILA	$25.50	0.01%	2,630,792	5.86%	3/31/2022
Vanguard 500 Index Fund	VOO	$17.90	0.01%	43,000	0.01%	3/31/2022
SPDR S&P 500 ETF Trust	SPY	$17.80	0.01%	39,400	0.00%	3/31/2022
United Parcel Service Inc	UPS	$12.70	-	59,400	0.01%	3/31/2022
Liberty Latin America Ltd	LILAK	$12.30	-	1,284,020	0.72%	3/31/2022

The chart was compiled using information from Tikr.com.

You can see that Apple (AAPL) accounts for over 45% of the equity portfolio as of March 31, 2022. This position has generated close to $100 billion in profits for Buffett's Berkshire Hathaway.

Buffett has managed to accumulate the position between 2016 and 2018 at a total cost of approximately $36 billion. He did sell about $11 billion worth of Apple stock in 2020. In addition, Apple sends $820 million in dividends each year to Berkshire Hathaway.

He did make large investments in Apple, Bank of America, Coca-Cola, American Express and Kraft Heinz. His portfolio is concentrated mostly as a result of letting winners run, and not selling prematurely. 

You can view the dividend contribution from each of his portfolio holdings from the table below. Berkshire Hathaway is generating almost $5.30 billion in annual dividend income from his portfolio.

Company Name	Ticker	Reported Value of Shares Held	# Shares Held	Dividend Income
Chevron Corp	CVX	$25,919.00	159,178,117	$    904,131,704.56
Bank of America Corp	BAC	$41,636.30	1,010,100,606	$    848,484,509.04
Apple Inc	AAPL	$155,564.10	890,923,410	$    819,649,537.20
Coca-Cola Co	KO	$24,800.00	400,000,000	$    704,000,000.00
Kraft Heinz Co	KHC	$12,826.80	325,634,818	$    521,015,708.80
American Express Co	AXP	$28,351.20	151,610,700	$    315,350,256.00
US Bancorp	USB	$6,719.10	126,417,887	$    232,608,912.08
Citigroup Inc	C	$2,945.30	55,155,797	$    112,517,825.88
Bank of New York Mellon	BK	$3,591.10	72,357,453	$       98,406,136.08
Mitsubishi Corp	8058	$1,776.90	74,887,500	$       87,078,488.37
Mitsui & Co Ltd	8031	$1,562.70	86,453,900	$       80,422,232.56
Itochu Corp	8001	$2,045.00	79,509,400	$       80,125,751.94
Occidental Petroleum Corp	OXY	$9,173.80	143,162,392	$       74,444,443.84
Moody's Corp	MCO	$8,323.80	24,669,778	$       69,075,378.40
Paramount Global	PARA	$2,606.90	68,947,760	$       66,189,849.60
Kroger Co	KR	$3,326.60	57,985,263	$       48,707,620.92
Sumitomo Corp	8053	$819.30	63,121,100	$       44,037,976.74
Marubeni Corp	8002	$530.80	87,877,700	$       40,873,348.84
Activision Blizzard Inc	ATVI	$5,152.30	64,315,222	$       30,228,154.34
STORE Capital Corp	STOR	$431.30	14,754,811	$       22,722,408.94
Celanese Corp	CE	$1,126.00	7,880,998	$       21,436,314.56
Visa Inc	V	$1,840.10	8,297,460	$       12,446,190.00
Ally Financial Inc	ALLY	$390.00	8,969,420	$       10,763,304.00
Aon PLC	AON	$1,431.50	4,396,000	$         9,847,040.00
Mastercard Inc	MA	$1,424.70	3,986,648	$         7,813,830.08
Mckesson Corp	MCK	$894.50	2,921,975	$         5,493,313.00
Globe Life Inc	GL	$639.20	6,353,727	$         5,273,593.41
Verizon Communications Inc	VZ	$70.30	1,380,111	$         3,533,084.16
Johnson & Johnson	JNJ	$58.00	327,100	$         1,478,492.00
Procter & Gamble Co	PG	$48.20	315,400	$         1,152,219.28
Royalty Pharma PLC	RPRX	$58.30	1,496,372	$         1,047,460.40
Marsh & McLennan Companies Inc	MMC	$69.00	404,911	$             866,509.54
Mondelez International Inc	MDLZ	$36.30	578,000	$             809,200.00
United Parcel Service Inc	UPS	$12.70	59,400	$             361,152.00
Vanguard 500 Index Fund	VOO	$17.90	43,000	$             236,070.00
SPDR S&P 500 ETF Trust	SPY	$17.80	39,400	$             228,914.00

For the quarter ended on March 31, 2022, Warren Buffett and his lieutenants Todd and Ted added to the following existing positions:

Buffett seems to be a big fan of Oil and Gas companies as of recently, with his large investments in Occidental Petroleum and Chevron. He also seems to be investing in financials such as Ally and Citigroup, as well as Markel. This was an interesting investment, after his acquisition of Alleghany (Y).

They reduced ownership in the following companies:

Looks like he sold out of a lot of companies that Dividend Growth Investors own. For example Verizon, Bristol-Myers Squibb and Abbvie, as well as STORE Capital. Perhaps he wants to sell the more stable and dependable companies, that won't fall as much during a recession, and instead invest in companies that are cheaper and down more.