Empirical Project
I have an empirical project due. I’ve attached the assignment and the data that’s needed for the assignment.
FIN 505 Essentials of Finance
Empirical Project
Dr. Dong Chen
Fall 2020
This empirical project examines your familiarity with the inputs and processes in applying the Dividend Growth Model (DGM) to estimate the intrinsic value of a stock. You will find an accompanying EXCEL data together with this assignment document.
Note: You need to submit both your EXCEL calculation sheet and this assignment.
Questions 1 & 2 are based on the worksheet titled Income Statement.
1. (3 points) Find the latest cash dividend per share. How much is this amount for Microsoft? Is this D0 or D1 based on the terminologies in our course?
2. (10 points) Calculate the growth rate of dividend/share for the past 5 years. Note that gt = Dt/Dt-1 – 1, where gt is the growth rate of dividend/share at year t, Dt is the dividend/share at year t, and Dt-1 is the dividend/share at year t-1. Then calculate the average growth rate of dividend/share over the past five years, g. Fill in the blanks in the following table.
Dividend/Share
Growth rate
Average growth rate
2019 (6/30/2020)
2018
2017
2016
2015
The CAPM states that: R = Rf + * (Rm Rf). Questions 3-9 revolve around this formula and ask you to find/calculate the various inputs in this formula.
3. (5 points) Go to finance.yahoo.com, put in the ticker of Microsoft, MSFT, and find the of this stock.
Questions 4-9 are based on the worksheet titled Price&Yield Data (1962-2020), which lists the price and yield data for S&P 500 index and 10-year Treasury bond, respectively.
4. (10 points) Given the price of S&P 500 index at each month between January, 1962 and June, 2020, calculate the monthly return. Note that the relation between price and return is the following:
Rmt = Pmt/Pmt-1 1, where Rmt is the monthly market return (proxied by S&P 500 index) at month t, Pmt and Pmt-1 are the price at month t and t-1, respectively. Produce a screenshot or snip of a portion of your output.
5. (20 points) Use the knowledge we gained in Session 5, calculate the price of the 10-year Treasury bond for each month. Assume the bond is a zero-coupon bond with a par-value of $1,000. Produce a screenshot or snip of a portion of your output.
6. (10 points) Calculate the monthly return of the Treasury bond given the prices you just calculated, following a similar step as in Q4. Namely, the relation between price and return is the following:
Rft = Pft/Pft-1 1, where Rft is the monthly return of the risk-free asset (proxied by the 10-year Treasury bond) at month t, Pft and Pft-1 are its price at month t and t-1, respectively. Produce a screenshot or snip of a portion of your output.
7. (10 points) Calculate the difference between Rm and Rf for each month. Produce a screenshot or snip of a portion of your output. Then, calculate the average value of Rm Rf over the entire sample period (1962-2020).
8. (6 points) What value from the data sheet can you use to proxy for Rf in the CAPM formula above? Justify your choice.
9. (6 points) Given the inputs of the CAPM equation, calculate the expected rate of return of Microsoft, R. Show the steps of your calculation briefly. As we explained in the class, this expected rate of return is also the cost of equity for Microsoft, and can be used as the discount rate in the DGM valuation process.
10. (10 points) Given the values of the variables we have found so far, and the DGM valuation model, find the intrinsic value of Microsoft stock on June 30, 2020. You can assume that the average dividend growth in the past five years as we found in Q2 will also be applicable for future dividend growth.
11. (10 points) Compare the value you find in Q10 with the actual price of Microsoft stock as found in worksheet titled Price&Yield Data (2015-2020). Based on the difference between the two values, should you buy or sell the stock? Discuss briefly what may drive the discrepancy between the two values.
12 (extra credit). (20 points) One fact about Is that it is time-varying and different estimation inputs and time periods can produce very different estimate of this variable. The you found in Q3 is valid for the date when you checked the Yahoo! Site, and is based on the past 5 years monthly stock return data. This extra credit exercise asks you to estimate a presumably more accurate value of based on our date in consideration (June 30, 2020). Use the data in the worksheet titled Price&Yield Data (2015-2020) to conduct such an estimation. Produce a screenshot or snip of your output.
2 Income Statement
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Microsoft Corporation (NMS: MSFT)
Exchange rate used is that of the Year End reported date
As Reported Annual Income Statement
Report Date 06/30/2020 06/30/2019 06/30/2018 06/30/2017 06/30/2016
Currency USD USD USD USD USD
Audit Status Not Available Not Qualified Not Qualified Not Qualified Not Qualified
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Product revenue 68041000 66069000 64497000 57190000 61502000
Service & other revenue 74974000 59774000 45863000 32760000 23818000
Revenue 143015000 125843000 110360000 89950000 85320000
Cost of revenue – product 16017000 16273000 15420000 15175000 17880000
Cost of revenue – service & other revenue 30061000 26637000 22933000 19086000 14900000
Cost of revenue 46078000 42910000 38353000 34261000 32780000
Gross margin 96937000 82933000 72007000 55689000 52540000
Research & development 19269000 16876000 14726000 13037000 11988000
Sales & marketing 19598000 18213000 17469000 15539000 14697000
General & administrative 5111000 4885000 4754000 4481000 4563000
Impairment, integration, & restructuring – – 0 306000 1110000
Operating income (loss) 52959000 42959000 35058000 22326000 20182000
Interest & dividends income 2680000 2762000 2214000 1387000 903000
Interest expense 2591000 2686000 2733000 2222000 1243000
Net recognized gains on investments 32000 648000 2399000 2583000 668000
Net gains (losses) on derivatives 187000 144000 -187000 -510000 -443000
Net gains (losses) on foreign currency remeasurements -191000 -82000 -218000 -164000 -121000
Other income (expense), net -40000 -57000 -59000 -251000 -195000
Other income, net 77000 729000 1416000 823000 -431000
Income (loss) before income taxes – United States 24116000 15799000 11527000 453000 -325000
Income (loss) before income taxes – foreign 28920000 27889000 24947000 22696000 20076000
Income (loss) before income taxes 53036000 43688000 36474000 23149000 19751000
Current taxes provision (benefit) – United States federal 3537000 4718000 19764000 2739000 545000
Current taxes provision (benefit) – United States state & local 763000 662000 934000 30000 136000
Current taxes provision (benefit) – foreign 4444000 5531000 4348000 2472000 1940000
Current taxes provision (benefit) 8744000 10911000 25046000 5241000 2621000
Deferred taxes provision (benefit) – United States federal 58000 -5647000 -4292000 – –
Deferred taxes provision (benefit) – United States state & local -6000 -1010000 -458000 – –
Deferred taxes provision (benefit) – foreign -41000 194000 -393000 – –
Deferred taxes provision (benefit) 11000 -6463000 -5143000 -3296000 332000
Provision for income taxes 8755000 4448000 19903000 1945000 2953000
Net income (loss) 44281000 39240000 16571000 21204000 16798000
Weighted average shares outstanding – basic 7610000 7673000 7700000 7746000 7925000
Weighted average shares outstanding – diluted 7683000 7753000 7794000 7832000 8013000
Year end shares outstanding 7571000 7643000 7677000 7708000 7808000
Net earnings (loss) per share – basic 5.82 5.11 2.15 2.74 2.12
Net earnings (loss) per share – diluted 5.76 5.06 2.13 2.71 2.1
Cash dividends declared per common share 2.04 1.84 1.68 1.56 1.44
Number of full time employees 163000 144000 97535 124000 114000
Number of common stockholders 91674 94069 131000 101825 106534
Foreign currency translation adjustments -426000 -318000 – 228000 -519000
Price&Yield Data (1962-2020)
Date S&P 500 Index Price (^GSPC) 10-Year Treasury Bond Yield (^TNX)
1/31/62 68.839996 4.1
2/28/62 69.959999 4
3/31/62 69.550003 3.86
4/30/62 65.239998 3.86
5/31/62 59.630001 3.9
6/30/62 54.75 4
7/31/62 58.23 4.04
8/31/62 59.119999 3.96
9/30/62 56.27 3.94
10/31/62 56.52 3.92
11/30/62 62.259998 3.92
12/31/62 63.099998 3.85
1/31/63 66.199997 3.87
2/28/63 64.290001 3.94
3/31/63 66.57 3.95
4/30/63 69.800003 3.95
5/31/63 70.800003 3.96
6/30/63 69.370003 4
7/31/63 69.129997 4
8/31/63 72.5 4.02
9/30/63 71.699997 4.07
10/31/63 74.010002 4.15
11/30/63 73.230003 4.08
12/31/63 75.019997 4.14
1/31/64 77.040001 4.15
2/29/64 77.800003 4.18
3/31/64 78.980003 4.23
4/30/64 79.459999 4.22
5/31/64 80.370003 4.19
6/30/64 81.690002 4.15
7/31/64 83.18 4.19
8/31/64 81.830002 4.21
9/30/64 84.18 4.18
10/31/64 84.860001 4.16
11/30/64 84.419998 4.2
12/31/64 84.75 4.21
1/31/65 87.559998 4.19
2/28/65 87.43 4.22
3/31/65 86.160004 4.2
4/30/65 89.110001 4.21
5/31/65 88.419998 4.23
6/30/65 84.120003 4.2
7/31/65 85.25 4.22
8/31/65 87.169998 4.27
9/30/65 89.959999 4.35
10/31/65 92.419998 4.41
11/30/65 91.610001 4.48
12/31/65 92.43 4.65
1/31/66 92.879997 4.69
2/28/66 91.220001 5.02
3/31/66 89.230003 4.71
4/30/66 91.059998 4.79
5/31/66 86.129997 4.8
6/30/66 84.739998 4.97
7/31/66 83.599998 5.05
8/31/66 77.099998 5.36
9/30/66 76.559998 5.02
10/31/66 80.199997 4.97
11/30/66 80.449997 5.12
12/31/66 80.330002 4.64
1/31/67 86.610001 4.52
2/28/67 86.779999 4.72
3/31/67 90.199997 4.5
4/30/67 94.010002 4.78
5/31/67 89.080002 4.81
6/30/67 90.639999 5.22
7/31/67 94.75 5.16
8/31/67 93.639999 5.27
9/30/67 96.709999 5.31
10/31/67 93.300003 5.64
11/30/67 94 5.74
12/31/67 96.470001 5.7
1/31/68 92.239998 5.54
2/29/68 89.360001 5.56
3/31/68 90.199997 5.76
4/30/68 97.459999 5.74
5/31/68 98.68 5.86
6/30/68 99.580002 5.64
7/31/68 97.739998 5.39
8/31/68 98.860001 5.42
9/30/68 102.669998 5.49
10/31/68 103.410004 5.61
11/30/68 108.370003 5.78
12/31/68 103.860001 6.16
1/31/69 103.010002 6.19
2/28/69 98.129997 6.26
3/31/69 101.510002 6.3
4/30/69 103.690002 6.2
5/31/69 103.459999 6.56
6/30/69 97.709999 6.73
7/31/69 91.830002 6.66
8/31/69 95.510002 6.83
9/30/69 93.120003 7.51
10/31/69 97.120003 6.94
11/30/69 93.809998 7.29
12/31/69 92.059998 7.88
1/31/70 85.019997 7.75
2/28/70 89.5 6.9
3/31/70 89.629997 7.08
4/30/70 81.519997 7.82
5/31/70 76.550003 7.95
6/30/70 72.720001 7.68
7/31/70 78.050003 7.38
8/31/70 81.519997 7.49
9/30/70 84.300003 7.29
10/31/70 83.25 7.33
11/30/70 87.199997 6.49
12/31/70 92.150002 6.5
1/31/71 95.879997 6.09
2/28/71 96.75 6.14
3/31/71 100.309998 5.53
4/30/71 103.949997 6.08
5/31/71 99.629997 6.38
6/30/71 98.699997 6.7
7/31/71 95.580002 6.85
8/31/71 99.029999 6.28
9/30/71 98.339996 6
10/31/71 94.230003 5.87
11/30/71 93.989998 5.93
12/31/71 102.089996 5.89
1/31/72 103.940002 6.09
2/29/72 106.57 6.04
3/31/72 107.199997 6.12
4/30/72 107.669998 6.14
5/31/72 109.529999 6.05
6/30/72 107.139999 6.15
7/31/72 107.389999 6.12
8/31/72 111.089996 6.42
9/30/72 110.550003 6.54
10/31/72 111.580002 6.41
11/30/72 116.669998 6.28
12/31/72 118.050003 6.41
1/31/73 116.029999 6.54
2/28/73 111.68 6.64
3/31/73 111.519997 6.73
4/30/73 106.970001 6.7
5/31/73 104.949997 6.93
6/30/73 104.260002 6.94
7/31/73 108.220001 7.43
8/31/73 104.25 7.25
9/30/73 108.43 6.9
10/31/73 108.290001 6.71
11/30/73 95.959999 6.69
12/31/73 97.550003 6.9
1/31/74 96.57 7
2/28/74 96.220001 7.01
3/31/74 93.980003 7.41
4/30/74 90.309998 7.66
5/31/74 87.279999 7.52
6/30/74 86 7.64
7/31/74 79.309998 7.89
8/31/74 72.150002 8.11
9/30/74 63.540001 7.94
10/31/74 73.900002 7.79
11/30/74 69.970001 7.64
12/31/74 68.559998 7.4
1/31/75 76.980003 7.53
2/28/75 81.589996 7.46
3/31/75 83.360001 8.01
4/30/75 87.300003 8.31
5/31/75 91.150002 8.04
6/30/75 95.190002 7.96
7/31/75 88.75 8.2
8/31/75 86.879997 8.22
9/30/75 83.870003 8.48
10/31/75 89.040001 7.91
11/30/75 91.239998 8.14
12/31/75 90.190002 7.76
1/31/76 100.860001 7.8
2/29/76 99.709999 7.77
3/31/76 102.769997 7.66
4/30/76 101.639999 7.67
5/31/76 100.18 7.96
6/30/76 104.279999 7.86
7/31/76 103.440002 7.86
8/31/76 102.910004 7.66
9/30/76 105.239998 7.55
10/31/76 102.900002 7.42
11/30/76 102.099998 7.01
12/31/76 107.459999 6.81
1/31/77 102.029999 7.4
2/28/77 99.82 7.45
3/31/77 98.419998 7.42
4/30/77 98.440002 7.45
5/31/77 96.120003 7.38
6/30/77 100.480003 7.2
7/31/77 98.849998 7.42
8/31/77 96.769997 7.28
9/30/77 96.529999 7.41
10/31/77 92.339996 7.62
11/30/77 94.830002 7.55
12/31/77 95.099998 7.78
1/31/78 89.25 7.94
2/28/78 87.040001 8.04
3/31/78 89.209999 8.15
4/30/78 96.830002 8.24
5/31/78 97.239998 8.42
6/30/78 95.529999 8.62
7/31/78 100.68 8.56
8/31/78 103.290001 8.39
9/30/78 102.540001 8.56
10/31/78 93.150002 8.96
11/30/78 94.699997 8.86
12/31/78 96.110001 9.15
1/31/79 99.93 8.95
2/28/79 96.279999 9.17
3/31/79 101.589996 9.11
4/30/79 101.760002 9.35
5/31/79 99.080002 9.06
6/30/79 102.910004 8.81
7/31/79 103.809998 9.01
8/31/79 109.32 9.24
9/30/79 109.32 9.44
10/31/79 101.82 10.72
11/30/79 106.160004 10.38
12/31/79 107.940002 10.33
1/31/80 114.160004 11.13
2/29/80 113.660004 12.72
3/31/80 102.089996 12.64
4/30/80 106.290001 10.76
5/31/80 111.239998 10.25
6/30/80 114.239998 10.09
7/31/80 121.669998 10.76
8/31/80 122.379997 11.55
9/30/80 125.459999 11.86
10/31/80 127.470001 12.46
11/30/80 140.520004 12.72
12/31/80 135.759995 12.43
1/31/81 129.550003 12.68
2/28/81 131.270004 13.43
3/31/81 136 13.13
4/30/81 132.809998 14.11
5/31/81 132.589996 13.5
6/30/81 131.210007 13.86
7/31/81 130.919998 14.67
8/31/81 122.790001 15.41
9/30/81 116.18 15.84
10/31/81 121.889999 14.63
11/30/81 126.349998 13.13
12/31/81 122.550003 13.98
1/31/82 120.400002 14.14
2/28/82 113.110001 14.03
3/31/82 111.959999 14.18
4/30/82 116.440002 13.87
5/31/82 111.879997 13.71
6/30/82 109.610001 14.44
7/31/82 107.089996 13.68
8/31/82 119.510002 12.81
9/30/82 120.419998 11.73
10/31/82 133.720001 10.71
11/30/82 138.529999 10.79
12/31/82 140.639999 10.36
1/31/83 145.300003 10.8
2/28/83 148.059998 10.27
3/31/83 152.960007 10.62
4/30/83 164.429993 10.27
5/31/83 162.389999 10.81
6/30/83 167.639999 10.96
7/31/83 162.559998 11.76
8/31/83 164.399994 11.98
9/30/83 166.070007 11.44
10/31/83 163.550003 11.74
11/30/83 166.399994 11.63
12/31/83 164.929993 11.82
1/31/84 163.410004 11.67
2/29/84 157.059998 12.04
3/31/84 159.179993 12.53
4/30/84 160.050003 12.82
5/31/84 150.550003 13.91
6/30/84 153.179993 13.84
7/31/84 150.660004 12.91
8/31/84 166.679993 12.79
9/30/84 166.100006 12.47
10/31/84 166.089996 11.79
11/30/84 163.580002 11.58
12/31/84 167.240005 11.55
1/31/85 179.630005 11.17
2/28/85 181.179993 11.91
3/31/85 180.660004 11.65
4/30/85 179.830002 11.41
5/31/85 189.550003 10.28
6/30/85 191.850006 10.25
7/31/85 190.919998 10.57
8/31/85 188.630005 10.28
9/30/85 182.080002 10.31
10/31/85 189.820007 10.01
11/30/85 202.169998 9.59
12/31/85 211.279999 9
1/31/86 211.779999 9.08
2/28/86 226.919998 8.13
3/31/86 238.899994 7.39
4/30/86 235.520004 7.38
5/31/86 247.350006 8.05
6/30/86 250.839996 7.35
7/31/86 236.119995 7.34
8/31/86 252.929993 6.95
9/30/86 231.320007 7.45
10/31/86 243.979996 7.34
11/30/86 249.220001 7.15
12/31/86 242.169998 7.23
1/31/87 274.079987 7.18
2/28/87 284.200012 7.19
3/31/87 291.700012 7.51
4/30/87 288.359985 8.21
5/31/87 290.100006 8.49
6/30/87 304 8.38
7/31/87 318.660004 8.66
8/31/87 329.799988 9
9/30/87 321.829987 9.63
10/31/87 251.789993 8.88
11/30/87 230.300003 8.99
12/31/87 247.080002 8.83
1/31/88 257.070007 8.26
2/29/88 267.820007 8.16
3/31/88 258.890015 8.57
4/30/88 261.329987 8.87
5/31/88 262.160004 9.2
6/30/88 273.5 8.82
7/31/88 272.019989 9.12
8/31/88 261.519989 9.25
9/30/88 271.910004 8.87
10/31/88 278.970001 8.65
11/30/88 273.700012 9.06
12/31/88 277.720001 9.14
1/31/89 297.470001 9.01
2/28/89 288.859985 9.32
3/31/89 294.869995 9.3
4/30/89 309.640015 9.02
5/31/89 320.519989 8.6
6/30/89 317.980011 8.1
7/31/89 346.079987 7.82
8/31/89 351.450012 8.26
9/30/89 349.149994 8.31
10/31/89 340.359985 7.92
11/30/89 345.98999 7.84
12/31/89 353.399994 7.93
1/31/90 329.079987 8.43
2/28/90 331.890015 8.51
3/31/90 339.940002 8.65
4/30/90 330.799988 9.04
5/31/90 361.230011 8.6
6/30/90 358.019989 8.43
7/31/90 356.149994 8.36
8/31/90 322.559998 8.86
9/30/90 306.049988 8.82
10/31/90 304 8.65
11/30/90 322.220001 8.26
12/31/90 330.220001 8.08
1/31/91 343.929993 8.03
2/28/91 367.070007 8.02
3/31/91 375.220001 8.05
4/30/91 375.339996 8.02
5/31/91 389.829987 8.06
6/30/91 371.160004 8.24
7/31/91 387.809998 8.2
8/31/91 395.429993 7.82
9/30/91 387.859985 7.47
10/31/91 392.450012 7.47
11/30/91 375.220001 7.38
12/31/91 417.089996 6.71
1/31/92 408.779999 7.31
2/29/92 412.700012 7.27
3/31/92 403.690002 7.54
4/30/92 414.950012 7.61
5/31/92 415.350006 7.33
6/30/92 408.140015 7.14
7/31/92 424.209991 6.72
8/31/92 414.029999 6.62
9/30/92 417.799988 6.37
10/31/92 418.679993 6.8
11/30/92 431.350006 6.95
12/31/92 435.709991 6.7
1/31/93 438.779999 6.39
2/28/93 443.380005 6.03
3/31/93 451.670013 6.03
4/30/93 440.190002 6.05
5/31/93 450.190002 6.16
6/30/93 450.529999 5.8
7/31/93 448.130005 5.83
8/31/93 463.559998 5.45
9/30/93 458.929993 5.4
10/31/93 467.829987 5.388
11/30/93 461.790009 5.795
12/31/93 466.450012 5.783
1/31/94 481.609985 5.638
2/28/94 467.140015 6.15
3/31/94 445.769989 6.774
4/30/94 450.910004 7.035
5/31/94 456.5 7.152
6/30/94 444.269989 7.329
7/31/94 458.26001 7.095
8/31/94 475.48999 7.165
9/30/94 462.709991 7.599
10/31/94 472.350006 7.793
11/30/94 453.690002 7.888
12/31/94 459.269989 7.827
1/31/95 470.420013 7.593
2/28/95 487.390015 7.21
3/31/95 500.709991 7.189
4/30/95 514.710022 7.046
5/31/95 533.400024 6.286
6/30/95 544.75 6.203
7/31/95 562.059998 6.429
8/31/95 561.880005 6.273
9/30/95 584.409973 6.157
10/31/95 581.5 6.003
11/30/95 605.369995 5.745
12/31/95 615.929993 5.575
1/31/96 636.02002 5.581
2/29/96 640.429993 6.112
3/31/96 645.5 6.334
4/30/96 654.169983 6.633
5/31/96 669.119995 6.844
6/30/96 670.630005 6.711
7/31/96 639.950012 6.79
8/31/96 651.98999 6.936
9/30/96 687.330017 6.699
10/31/96 705.27002 6.349
11/30/96 757.02002 6.04
12/31/96 740.73999 6.407
1/31/97 786.159973 6.503
2/28/97 790.820007 6.535
3/31/97 757.119995 6.907
4/30/97 801.340027 6.702
5/31/97 848.280029 6.663
6/30/97 885.140015 6.502
7/31/97 954.309998 6.004
8/31/97 899.469971 6.33
9/30/97 947.280029 6.107
10/31/97 914.619995 5.819
11/30/97 955.400024 5.851
12/31/97 970.429993 5.739
1/31/98 980.280029 5.512
2/28/98 1049.339966 5.616
3/31/98 1101.75 5.662
4/30/98 1111.75 5.667
5/31/98 1090.819946 5.546
6/30/98 1133.839966 5.434
7/31/98 1120.670044 5.494
8/31/98 957.280029 5.032
9/30/98 1017.01001 4.41
10/31/98 1098.670044 4.603
11/30/98 1163.630005 4.726
12/31/98 1229.22998 4.638
1/31/99 1279.640015 4.653
2/28/99 1238.329956 5.272
3/31/99 1286.369995 5.234
4/30/99 1335.180054 5.35
5/31/99 1301.839966 5.611
6/30/99 1372.709961 5.81
7/31/99 1328.719971 5.907
8/31/99 1320.410034 5.979
9/30/99 1282.709961 5.885
10/31/99 1362.930054 6.003
11/30/99 1388.910034 6.163
12/31/99 1469.25 6.435
1/31/00 1394.459961 6.667
2/29/00 1366.420044 6.409
3/31/00 1498.579956 6.023
4/30/00 1452.430054 6.214
5/31/00 1420.599976 6.285
6/30/00 1454.599976 6.018
7/31/00 1430.829956 6.029
8/31/00 1517.680054 5.729
9/30/00 1436.51001 5.778
10/31/00 1429.400024 5.757
11/30/00 1314.949951 5.439
12/31/00 1320.280029 5.11
1/31/01 1366.01001 5.179
2/28/01 1239.939941 4.908
3/31/01 1160.329956 4.915
4/30/01 1249.459961 5.338
5/31/01 1255.819946 5.413
6/30/01 1224.380005 5.39
7/31/01 1211.22998 5.037
8/31/01 1133.579956 4.816
9/30/01 1040.939941 4.575
10/31/01 1059.780029 4.263
11/30/01 1139.449951 4.744
12/31/01 1148.079956 5.032
1/31/02 1130.199951 5.025
2/28/02 1106.72998 4.859
3/31/02 1147.390015 5.406
4/30/02 1076.920044 5.091
5/31/02 1067.140015 5.043
6/30/02 989.820007 4.824
7/31/02 911.619995 4.465
8/31/02 916.070007 4.137
9/30/02 815.280029 3.607
10/31/02 885.76001 3.911
11/30/02 936.309998 4.213
12/31/02 879.820007 3.818
1/31/03 855.700012 3.975
2/28/03 841.150024 3.696
3/31/03 848.179993 3.823
4/30/03 916.919983 3.857
5/31/03 963.590027 3.35
6/30/03 974.5 3.528
7/31/03 990.309998 4.474
8/31/03 1008.01001 4.454
9/30/03 995.969971 3.937
10/31/03 1050.709961 4.301
11/30/03 1058.199951 4.32
12/31/03 1111.920044 4.257
1/31/04 1131.130005 4.138
2/29/04 1144.939941 3.984
3/31/04 1126.209961 3.837
4/30/04 1107.300049 4.501
5/31/04 1120.680054 4.655
6/30/04 1140.839966 4.617
7/31/04 1101.719971 4.475
8/31/04 1104.23999 4.132
9/30/04 1114.579956 4.119
10/31/04 1130.199951 4.029
11/30/04 1173.819946 4.358
12/31/04 1211.920044 4.216
1/31/05 1181.27002 4.133
2/28/05 1203.599976 4.359
3/31/05 1180.589966 4.496
4/30/05 1156.849976 4.201
5/31/05 1191.5 4.006
6/30/05 1191.329956 3.945
7/31/05 1234.180054 4.286
8/31/05 1220.329956 4.02
9/30/05 1228.810059 4.328
10/31/05 1207.01001 4.559
11/30/05 1249.47998 4.5
12/31/05 1248.290039 4.395
1/31/06 1280.079956 4.527
2/28/06 1280.660034 4.547
3/31/06 1294.869995 4.853
4/30/06 1310.609985 5.069
5/31/06 1270.089966 5.113
6/30/06 1270.199951 5.138
7/31/06 1276.660034 4.988
8/31/06 1303.819946 4.732
9/30/06 1335.849976 4.633
10/31/06 1377.939941 4.606
11/30/06 1400.630005 4.458
12/31/06 1418.300049 4.71
1/31/07 1438.23999 4.826
2/28/07 1406.819946 4.55
3/31/07 1420.859985 4.648
4/30/07 1482.369995 4.63
5/31/07 1530.619995 4.89
6/30/07 1503.349976 5.033
7/31/07 1455.27002 4.771
8/31/07 1473.98999 4.537
9/30/07 1526.75 4.579
10/31/07 1549.380005 4.475
11/30/07 1481.140015 3.972
12/31/07 1468.359985 4.035
1/31/08 1378.550049 3.639
2/29/08 1330.630005 3.534
3/31/08 1322.699951 3.432
4/30/08 1385.589966 3.759
5/31/08 1400.380005 4.046
6/30/08 1280 3.979
7/31/08 1267.380005 3.979
8/31/08 1282.829956 3.813
9/30/08 1166.359985 3.827
10/31/08 968.75 3.97
11/30/08 896.23999 2.957
12/31/08 903.25 2.244
1/31/09 825.880005 2.844
2/28/09 735.090027 3.041
3/31/09 797.869995 2.685
4/30/09 872.809998 3.124
5/31/09 919.140015 3.465
6/30/09 919.320007 3.523
7/31/09 987.47998 3.501
8/31/09 1020.619995 3.401
9/30/09 1057.079956 3.307
10/31/09 1036.189941 3.392
11/30/09 1095.630005 3.201
12/31/09 1115.099976 3.843
1/31/10 1073.869995 3.609
2/28/10 1104.48999 3.595
3/31/10 1169.430054 3.833
4/30/10 1186.689941 3.663
5/31/10 1089.410034 3.301
6/30/10 1030.709961 2.951
7/31/10 1101.599976 2.907
8/31/10 1049.329956 2.477
9/30/10 1141.199951 2.517
10/31/10 1183.26001 2.612
11/30/10 1180.550049 2.797
12/31/10 1257.640015 3.305
1/31/11 1286.119995 3.378
2/28/11 1327.219971 3.414
3/31/11 1325.829956 3.454
4/30/11 1363.609985 3.296
5/31/11 1345.199951 3.05
6/30/11 1320.640015 3.158
7/31/11 1292.280029 2.805
8/31/11 1218.890015 2.218
9/30/11 1131.420044 1.924
10/31/11 1253.300049 2.175
11/30/11 1246.959961 2.068
12/31/11 1257.599976 1.871
1/31/12 1312.410034 1.799
2/29/12 1365.680054 1.977
3/31/12 1408.469971 2.216
4/30/12 1397.910034 1.915
5/31/12 1310.329956 1.581
6/30/12 1362.160034 1.659
7/31/12 1379.319946 1.492
8/31/12 1406.579956 1.562
9/30/12 1440.670044 1.637
10/31/12 1412.160034 1.686
11/30/12 1416.180054 1.606
12/31/12 1426.189941 1.756
1/31/13 1498.109985 1.985
2/28/13 1514.680054 1.888
3/31/13 1569.189941 1.852
4/30/13 1597.569946 1.675
5/31/13 1630.73999 2.164
6/30/13 1606.280029 2.478
7/31/13 1685.72998 2.593
8/31/13 1632.969971 2.749
9/30/13 1681.550049 2.615
10/31/13 1756.540039 2.542
11/30/13 1805.810059 2.741
12/31/13 1848.359985 3.026
1/31/14 1782.589966 2.668
2/28/14 1859.449951 2.658
3/31/14 1872.339966 2.723
4/30/14 1883.949951 2.648
5/31/14 1923.569946 2.457
6/30/14 1960.22998 2.516
7/31/14 1930.670044 2.556
8/31/14 2003.369995 2.343
9/30/14 1972.290039 2.508
10/31/14 2018.050049 2.335
11/30/14 2067.560059 2.194
12/31/14 2058.899902 2.17
1/31/15 1994.98999 1.675
2/28/15 2104.5 2.002
3/31/15 2067.889893 1.934
4/30/15 2085.51001 2.046
5/31/15 2107.389893 2.095
6/30/15 2063.110107 2.335
7/31/15 2103.840088 2.205
8/31/15 1972.180054 2.2
9/30/15 1920.030029 2.06
10/31/15 2079.360107 2.151
11/30/15 2080.409912 2.218
12/31/15 2043.939941 2.269
1/31/16 1940.23999 1.931
2/29/16 1932.22998 1.74
3/31/16 2059.73999 1.786
4/30/16 2065.300049 1.819
5/31/16 2096.949951 1.834
6/30/16 2098.860107 1.488
7/31/16 2173.600098 1.458
8/31/16 2170.949951 1.568
9/30/16 2168.27002 1.608
10/31/16 2126.149902 1.834
11/30/16 2198.810059 2.368
12/31/16 2238.830078 2.479
1/31/17 2278.870117 2.451
2/28/17 2363.639893 2.358
3/31/17 2362.719971 2.396
4/30/17 2384.199951 2.282
5/31/17 2411.800049 2.196
6/30/17 2423.409912 2.302
7/31/17 2470.300049 2.292
8/31/17 2471.649902 2.121
9/30/17 2519.360107 2.326
10/31/17 2575.26001 2.376
11/30/17 2584.840088 2.417
12/31/17 2673.610107 2.405
1/31/18 2823.810059 2.72
2/28/18 2713.830078 2.868
3/31/18 2640.870117 2.741
4/30/18 2648.050049 2.936
5/31/18 2705.27002 2.822
6/30/18 2718.370117 2.849
7/31/18 2816.290039 2.964
8/31/18 2901.52002 2.853
9/30/18 2913.97998 3.056
10/31/18 2711.73999 3.159
11/30/18 2760.169922 3.013
12/31/18 2506.850098 2.686
1/31/19 2704.100098 2.635
2/28/19 2784.48999 2.711
3/31/19 2834.399902 2.414
4/30/19 2945.830078 2.509
5/31/19 2752.060059 2.142
6/30/19 2941.76001 2
7/31/19 2980.379883 2.021
8/31/19 2926.459961 1.506
9/30/19 2976.73999 1.675
10/31/19 3037.560059 1.691
11/30/19 3140.97998 1.776
12/31/19 3230.780029 1.919
1/31/20 3225.52002 1.52
2/29/20 2954.219971 1.127
3/31/20 2584.590088 0.698
4/30/20 2912.429932 0.622
5/31/20 3044.310059 0.648
6/30/20 3100.290039 0.653
Price&Yield Data (2015-2020)
Date Microsoft Stock Price (MSFT) S&P 500 Index Price (^GSPC) 10-Year Treasury Bond Yield (^TNX)
7/31/15 42.264629 2103.840088 2.205
8/31/15 39.386646 1972.180054 2.2
9/30/15 40.320511 1920.030029 2.06
10/31/15 47.95462 2079.360107 2.151
11/30/15 49.512417 2080.409912 2.218
12/31/15 50.882519 2043.939941 2.269
1/31/16 50.524834 1940.23999 1.931
2/29/16 46.663708 1932.22998 1.74
3/31/16 51.016907 2059.73999 1.786
4/30/16 46.065788 2065.300049 1.819
5/31/16 48.957027 2096.949951 1.834
6/30/16 47.597221 2098.860107 1.488
7/31/16 52.7225 2173.600098 1.458
8/31/16 53.448044 2170.949951 1.568
9/30/16 53.912209 2168.27002 1.608
10/31/16 56.083664 2126.149902 1.834
11/30/16 56.401897 2198.810059 2.368
12/31/16 58.554443 2238.830078 2.479
1/31/17 60.919617 2278.870117 2.451
2/28/17 60.28828 2363.639893 2.358
3/31/17 62.436039 2362.719971 2.396
4/30/17 64.900871 2384.199951 2.282
5/31/17 66.209122 2411.800049 2.196
6/30/17 65.720985 2423.409912 2.302
7/31/17 69.315483 2470.300049 2.292
8/31/17 71.289108 2471.649902 2.121
9/30/17 71.400551 2519.360107 2.326
10/31/17 79.730133 2575.26001 2.376
11/30/17 80.679062 2584.840088 2.417
12/31/17 82.404037 2673.610107 2.405
1/31/18 91.526848 2823.810059 2.72
2/28/18 90.332314 2713.830078 2.868
3/31/18 88.336983 2640.870117 2.741
4/30/18 90.514664 2648.050049 2.936
5/31/18 95.663704 2705.27002 2.822
6/30/18 95.854782 2718.370117 2.849
7/31/18 103.116066 2816.290039 2.964
8/31/18 109.191444 2901.52002 2.853
9/30/18 111.602264 2913.97998 3.056
10/31/18 104.225212 2711.73999 3.159
11/30/18 108.206497 2760.169922 3.013
12/31/18 99.540192 2506.850098 2.686
1/31/19 102.34304 2704.100098 2.635
2/28/19 109.791168 2784.48999 2.711
3/31/19 116.076683 2834.399902 2.414
4/30/19 128.536667 2945.830078 2.509
5/31/19 121.72599 2752.060059 2.142
6/30/19 132.331619 2941.76001 2
7/31/19 134.613541 2980.379883 2.021
8/31/19 136.184204 2926.459961 1.506
9/30/19 137.797318 2976.73999 1.675
10/31/19 142.098831 3037.560059 1.691
11/30/19 150.037827 3140.97998 1.776
12/31/19 156.833633 3230.780029 1.919
1/31/20 169.2948 3225.52002 1.52
2/29/20 161.119965 2954.219971 1.127
3/31/20 157.271988 2584.590088 0.698
4/30/20 178.71228 2912.429932 0.622
5/31/20 182.741058 3044.310059 0.648
6/30/20 203.509995 3100.290039 0.653
