Core Viewpoint - Investors should focus on shareholders' yield, which encompasses dividend yield, net buyback yield, and debt reduction yield, to gain a comprehensive understanding of how companies return value to shareholders [2][3]. Shareholders' Yield Calculation - Shareholders' yield is calculated as: - Shareholder's Yield = Dividend Yield + Net Buyback Yield + Debt Reduction Yield [3][9]. - This metric provides a more holistic view of a company's capital allocation compared to just dividend payments [3]. Benefits of Shareholders' Yield - Focusing on shareholders' yield allows investors to identify companies that effectively reward their shareholders, leading to more informed investment decisions [3][5]. - A higher shareholders' yield often indicates steady income streams and potential capital appreciation, contributing to superior long-term performance [5]. Company Examples - **Canadian Natural Resources Limited (CNQ)**: - Offers a competitive dividend yield of approximately 5.28% and has increased its dividend payout 17 times in the past five years, reflecting an annualized growth rate of 23.3% [8][10]. - Reduced long-term debt from $16.02 billion in 2020 to $13.74 billion in December 2024 and repurchased $2.66 billion worth of common stock in 2024 [11]. - **Bain Capital Specialty Finance (BCSF)**: - Provides a high dividend yield of 11.59% and has increased its dividend payout four times in the past five years, with an annualized growth rate of 6.4% [13]. - Reduced its debt from $1.46 billion in 2020 to $1.39 billion in 2024, indicating a focus on long-term financial stability [14]. - **CSX**: - Has a dividend yield of approximately 1.57% and has increased its dividend payout five times over the past five years, resulting in an annualized growth rate of 8.9% [15]. - Repurchased shares worth $2.2 billion in 2024 and had $2.6 billion in total repurchase authority remaining as of December 31, 2024 [16]. - **Verizon Communications (VZ)**: - Offers a dividend yield of around 6.28% and has increased its dividend payout six times in the past five years, reflecting an annualized growth rate of almost 2% [17]. - Reduced long-term debt from $123.17 billion in 2020 to $121.38 billion in December 2024, maintaining a solid balance sheet [18].

Company Overview - Telephone and Data Systems, Inc. (TDS) provides wireless, broadband, video, and voice services to approximately 5.5 million connections nationwide through its subsidiaries, UScellular and TDS Telecom [2] - TDS was founded in 1969 and is headquartered in Chicago, employing approximately 7,800 associates as of March 31, 2025 [2] Upcoming Financial Events - TDS and United States Cellular Corporation will webcast their second quarter operating results conference call on August 11, 2025, at 9:00 a.m. Central Time [1] - The companies will release their financial results on the same date, August 11, 2025 [1] - Interested parties can access the webcast through the events & presentations pages of their respective investor websites, with a recommendation to register at least 15 minutes prior to the presentation [1]

Group 1 - Telephone and Data Systems, Inc. (TDS) will webcast its 2025 Annual Meeting of Shareholders on May 22, 2025, at 9:00 a.m. Central time [1] - The meeting will be available both live and on-demand, with a recommendation to register at least 15 minutes prior to the start [1] Group 2 - TDS provides wireless, broadband, video, and voice services to approximately 5.5 million connections nationwide through its subsidiaries, UScellular and TDS Telecom [2] - The company was founded in 1969 and is headquartered in Chicago, employing approximately 7,800 associates as of March 31, 2025 [2]

Core Viewpoint - BCE Inc. has announced modifications to its Shareholder Dividend Reinvestment and Stock Purchase Plan (DRP), changing the method of share distribution from a 2% discount to treasury issuances to purchasing shares on the secondary market [2][10]. Group 1: DRP Modifications - The DRP will now involve BCE's agent, TSX Trust Company, purchasing common shares on the secondary market with cash provided by BCE, effective from the dividend payable on July 15, 2025 [2]. - Existing participants in the DRP will remain enrolled unless they choose to terminate their participation by June 9, 2025 [4]. - Eligible shareholders not participating in the DRP will continue to receive regular cash dividends [5]. Group 2: Participation Details - Participation in the DRP is optional, allowing eligible shareholders to reinvest cash dividends or make optional cash payments without incurring commission or brokerage fees [3][5]. - Shareholders holding BCE common shares through intermediaries should consult with their brokers regarding participation or withdrawal from the DRP [4]. Group 3: Company Overview - BCE is recognized as Canada's largest communications company, providing a range of services including broadband Internet, wireless, TV, media, and business communications [7].