WTW Dividend

Although WTW has a dividend of 0.92 with an ex-dividend date of Jun 30, you can sell covered calls on Willis Towers Watson Public Limited Company - Ordinary Shares 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):

Willis Towers Watson Public Limited Company - Ordinary Shares (WTW)
Bid	Ask	Last	Change	Volume	P/E	Market Cap
118.84	314.00	297.50	-0.29	785K	-	30B

WTW Dividend-Like Income Using Covered Calls

With WTW at 297.50, 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%	8.93	2.4
5%	14.88	4.1
10%	29.75	8.2

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 WTW Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Aug 15	320.00	2.20	59	3.7	6.00 (2.0%)
Oct 17	320.00	6.40	122	5.2	6.00 (2.0%)

5% Yield On WTW Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Oct 17	320.00	6.40	122	5.2	6.00 (2.0%)
Jan 16	320.00	11.80	213	5.5	6.00 (2.0%)

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