PG Dividend

Although PG has a dividend of 1.06 with an ex-dividend date of Oct 24, you can sell covered calls on Procter & Gamble Company (The) to create 12 extra dividend type payments per year to boost its yield. Let's look at some recent prices (last updated Wed 4:16 PM ET):

Procter & Gamble Company (The) (PG)
Bid	Ask	Last	Change	Volume	P/E	Market Cap
151.88	153.20	152.20	+0.58	5.8M	23	355B

PG Dividend-Like Income Using Covered Calls

With PG at 152.20, 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%	4.57	1.3
5%	7.61	2.1
10%	15.22	4.2

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 PG Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Nov 7	152.50	2.64	17	11.4	0.00 (0.0%)
Nov 14	155.00	1.96	24	8.2	1.80 (1.2%)

5% Yield On PG Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Nov 7	152.50	2.64	17	11.4	0.00 (0.0%)
Nov 14	155.00	1.96	24	8.2	1.80 (1.2%)

10% Yield On PG Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Nov 7	152.50	2.64	17	11.4	0.00 (0.0%)
Nov 14	155.00	1.96	24	8.2	1.80 (1.2%)

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