MONSANTO CO. $101 (New York symbol MON, Aggressive Growth Portfolio; Manufacturing & Industry sector; Shares outstanding: 533.8 million; Market cap: $53.9 billion; Price-to-sales ratio: 3.7; Dividend yield: 1.5%; TSINetwork Rating: Above Average; www.monsanto.com) reported that its sales in the three months ended May 31, 2013 rose 0.7%, to $4.25 billion from $4.22 billion a year earlier.
Sales of genetically modified seeds (72% of total sales) fell 2.4% on weaker demand for its soybean and cotton seeds. However, sales at the Agricultural Productivity division (28%) rose 9.4% due to higher selling prices for its Roundup weed killer.
Due to higher costs to make its seeds, earnings in the quarter fell 3.4%, to $1.68 a share from $1.74 a year earlier. If you exclude a one-time tax charge, earnings per share rose 1.8%, to $1.66 from $1.63.
The company is a major target for environmental activists and vandals opposed to genetically modified foods. That adds to its risk. However, the worldwide need for more and better food will continue to spur the stock, which is up 29% in the past year.
Monsanto expects to earn $4.53 a share in the year ending August 31, 2013. The stock trades at 22.3 times that forecast. That’s still a reasonable p/e ratio, as Monsanto spends over 9% of its sales on research.
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