PH Dividend Type Payments

Although PH has no upcoming (meaning, Board-approved and announced) dividends, you can sell covered calls on Parker-Hannifin Corporation to create 12 extra dividend type payments per year to boost its yield. Let's look at some recent prices (last updated Mon 4:16 PM ET):

Parker-Hannifin Corporation (PH)
Bid	Ask	Last	Change	Volume	P/E	Market Cap
617.51	669.09	661.84	+7.75	635K	25	84B

PH Dividend-Like Income Using Covered Calls

With PH at 661.84, here's a table showing how big the annual "dividend" (i.e. total annual call premium received) would need to be to attain 3%, 5%, and 10% annual yields. Also shown is the equivalent number of cents/day necessary to achieve each yield:

Annual Yield	Annual Premium	Cents/Day
3%	19.86	5.4
5%	33.09	9.1
10%	66.18	18.1

So now we need to find out of the money covered calls that pay at least the prescribed cents/day amount of time premium. That will generate income and, because they are out of the money, leave room for some upside potential on the stock. Here are some examples:

3% Yield On PH Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Aug 15	670.00	27.00	61	44.3	0.91 (0.1%)
Jul 18	670.00	14.80	33	44.8	0.91 (0.1%)

5% Yield On PH Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Aug 15	670.00	27.00	61	44.3	0.91 (0.1%)
Jul 18	670.00	14.80	33	44.8	0.91 (0.1%)

10% Yield On PH Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Aug 15	670.00	27.00	61	44.3	0.91 (0.1%)
Jul 18	670.00	14.80	33	44.8	0.91 (0.1%)

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