Recent Buy: Core Position Upgraded

Stock buy shopping runI had planned on my next article being a February recap of income and expenses. However, the market retreated some more this morning and a buy opportunity I’ve been eyeing for quite some time presented itself.

I’ve mentioned in comments on other blogs that my buy line for Philip Morris (PM), what I consider one of my “core stocks,” was under $80. My cost basis headed into today was $82.99 a share, so I felt that under $80 was both a good value for this cash machine and would bring my cost basis down.

That said, this morning I purchased 29 shares of Philip Morris for $79.52 a share while the dividend yield was 5.03%. This purchase cost me $2,313.08 with commissions, added $116 to my forward 12-month dividends, and brought my 2015 projected dividend earnings to $8,986,16.

My stake in Philip Morris has risen to an even 100 shares and it is now in my top five holdings. The cost basis dropped 94 cents down to $82.05. Should Philip Morris get down to around $78 a share, count me in for another purchase of 20 shares or so.

I fully understand that some of you refuse to own Philip Morris for ethical reasons stemming from health issues surrounding tobacco use. I personally cannot stand smoking and have been that way since a small child. Nothing you or I do will make smoking go away anytime soon. My stance is that if people are going to smoke, why not profit from it?

Today’s buy and two others last week have come fast and furiously so it’s time to focus on reinvesting for a little bit. Look for my February expenses/income report in the next few days.

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