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ADRs (American Depository Receipts) provide exposure to European and Japanese stocks, but what are the fees charged to investors?
SONY CORP. ADRs $26 (New York symbol SNE; Conservative Growth Portfolio, Manufacturing & Industry sector; ADRs outstanding: 1.3 billion; Market cap: $33.8 billion; Price-to-sales ratio: 0.4; Dividend yield 0.3%; TSINetwork Rating: Average; www.sony.com) has also had to shut down two plants in Japan due to earthquake damage. These facilities make image sensors for smartphones. The company has also warned that slowing demand for high-end smartphones has hurt sales of these sensors. In addition, negative interest rates in Japan are hurting earnings at Sony’s banking and insurance operations. The company has now cut its operating profit forecast for the fiscal year ended March 31, 2016, by about 9% to $2.6 billion. Sony is a hold.
MCCORMICK & CO. INC. $93 (New York symbol MKC; Income Portfolio, Consumer sector; Shares outstanding: 115.3 million; Market cap: $10.7 billion; Price-to-sales ratio: 2.8; Dividend yield: 1.8%; TSINetwork Rating: Average; www.mccormick.com) has paid $114 million for Botanical Food Co. Based in Australia, this firm makes packaged herbs under the Gourmet Garden brand. It sells these products mainly in Australia and North America. The purchase complements McCormick’s existing spice products. It will also add $53 million to its annual sales of $4.3 billion. The stock now trades at 24.9 times the $3.73 a share that the company will likely earn in its current fiscal year. That’s a high multiple in light of McCormick’s growth-by-acquisition strategy and currency risk....
PHILIPS ELECTRONICS N.V. ADRs $28 (New York symbol PHG; Conservative Growth Portfolio, Manufacturing & Industry sector; ADRs outstanding: 917.1 million; Market cap: $25.7 billion; Price-to-sales ratio: 0.9; Dividend yield: 3.1%; TSINetwork Rating: Average; www.philips.com) had a deal to sell 80.1% of its Lumileds subsidiary, which makes lightemitting- diode (LED) components, to a Chinese firm. However, U.S. regulators blocked the sale. As a result, Phillips now plans to sell shares in its entire lighting division, including Lumileds, to the public. That could raise $6 billion, and set the stage for a possible spinoff. It would also allow the company to focus on its health care products, including X-ray scanners and ultrasound systems, and consumer goods such as electric shavers and coffee makers. Philips is still a buy.
TUPPERWARE BRANDS CORP. $60 (New York symbol TUP; Conservative Growth and Income Portfolios, Consumer sector; Shares outstanding: 50.5 million; Market cap: $3.0 billion; Priceto- sales ratio: 1.3; Dividend yield: 4.5%; TSINetwork Rating: Above Average; www.tupperwarebrands.com) makes plastic food and beverage containers, as well as cosmetics and fragrances. In the three months ended March 26, 2016, Tupperware’s sales fell 9.6%, to $525.7 million from $581.8 million a year earlier. Earnings per share also fell 10.8%, to $0.91 from $1.02. Overseas markets supplied 75% of the company’s sales; without exchange rates, sales rose 1% and earnings per share gained 10%. Due to lower raw material costs, Tupperware raised its 2016 earnings forecast to $4.28 to $4.38 a share, excluding exchange rates. That’s up from its earlier range of $3.81 to $3.91. The stock trades at a reasonable 13.9 times the midpoint of its new range....