Price Of 'Friends' Star Matthew Perry's Last Hollywood Purchase Drops By $500K – Still No Buyer
The home purchased by the late actor Matthew Perry just months before his death has seen its asking price reduced by nearly $500,000 as it remains on the market almost a year after the “Friends” star’s passing.
Originally listed in May of this year for $5,195,000, the property’s price has now been cut to $4,700,000, according to Realtor.com, which cited real estate listings. The reduction comes after the home spent four months on the market without attracting a buyer.
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Perry, known for his role as Chandler Bing on the sitcom Friends, purchased the home in May of last year in an off-market deal for $4,995,000. The actor died unexpectedly later in October at his separate Pacific Palisades residence, never having resided in the Hollywood Hills home.
The midcentury modern house, built in 1957, offers 2,793 square feet of living space. It features three bedrooms – one converted into a screening room – and three and a half bathrooms. Realtor.com noted that the property has classic architectural elements typical of its era, including walls of glass and a double-sided fireplace.
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The selling agent listed the home as a “sleek midcentury treasure.” The outdoor space includes a swimming pool and a fire pit. According to the listing, the home has “thoughtful updates” that provide “an ambience of elevated luxury while embracing the original architectural aesthetic.”
Despite its location near the Sunset Strip and Beverly Hills, the property’s connection to Perry and the circumstances of his death may be influencing potential buyers. Perry’s body was found in the Jacuzzi of his Pacific Palisades home, with the official autopsy report citing “acute effects of ketamine” and drowning as the cause of death.
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Last month, in connection with the fatal overdose of the actor, Perry’s assistant and four others, including two doctors, were indicted and accused of supplying the ketamine that ultimately led to his death.
According to the report, the Hollywood Hills property was Perry’s last real estate purchase. He had been active in the Los Angeles market in the years before his death. In 2020, he purchased his Pacific Palisades home for $6 million. Before that, he sold a beachfront home in Malibu for $13.1 million and a penthouse in Los Angeles for $21.6 million in 2021.
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Perry’s final property is currently being listed amid a broader cooling in the high-end Los Angeles real estate market. A Realtor issued a report in April indicating a slowdown in luxury home sales across Southern California, with properties remaining on the market for longer periods and price reductions becoming more common.
As the Hollywood Hills home awaits its next owner, the property’s eventual sale price may provide insights into the current state of the luxury housing market.
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Dollar Gen EVP Trades $174K In Company Stock
Revealing a significant insider sell on September 19, Steven R Deckard, EVP at Dollar Gen DG, as per the latest SEC filing.
What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Thursday showed that Deckard sold 2,010 shares of Dollar Gen. The total transaction amounted to $174,194.
In the Friday’s morning session, Dollar Gen‘s shares are currently trading at $85.6, experiencing a down of 1.04%.
Delving into Dollar Gen’s Background
With more than 20,000 locations, Dollar General’s banner is nearly ubiquitous across the rural United States. Dollar General serves as a convenient shopping destination for fill-in store trips, with its value proposition most relevant to consumers in small communities with a dearth of shopping options. The retailer operates a frugal store of about 7,500 square feet and primarily offers an assortment of branded and private-label consumable items (80% of net sales) such as paper and cleaning products, packaged and perishable food, tobacco, and health and beauty items at low prices. Dollar General also offers a limited assortment of seasonal merchandise, home products, and apparel. The firm sells most items at a price point of $10 or less.
Financial Insights: Dollar Gen
Positive Revenue Trend: Examining Dollar Gen’s financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 4.23% as of 31 July, 2024, showcasing a substantial increase in top-line earnings. When compared to others in the Consumer Staples sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Navigating Financial Profits:
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Gross Margin: With a high gross margin of 29.96%, the company demonstrates effective cost control and strong profitability relative to its peers.
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Earnings per Share (EPS): Dollar Gen’s EPS is a standout, portraying a positive bottom-line trend that exceeds the industry average with a current EPS of 1.7.
Debt Management: Dollar Gen’s debt-to-equity ratio stands notably higher than the industry average, reaching 2.51. This indicates a heavier reliance on borrowed funds, raising concerns about financial leverage.
Navigating Market Valuation:
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Price to Earnings (P/E) Ratio: Dollar Gen’s P/E ratio of 13.45 is below the industry average, suggesting the stock may be undervalued.
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Price to Sales (P/S) Ratio: With a lower-than-average P/S ratio of 0.48, the stock presents an attractive valuation, potentially signaling a buying opportunity for investors interested in sales performance.
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EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation & Amortization): With an EV/EBITDA ratio lower than industry benchmarks at 11.93, Dollar Gen presents an attractive value opportunity.
Market Capitalization: With restricted market capitalization, the company is positioned below industry averages. This reflects a smaller scale relative to peers.
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Navigating the Impact of Insider Transactions on Investments
It’s important to note that insider transactions alone should not dictate investment decisions, but they can provide valuable insights.
In the realm of legality, an “insider” is defined as any officer, director, or beneficial owner holding more than ten percent of a company’s equity securities under Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and major hedge funds. These insiders are required to disclose their transactions through a Form 4 filing, to be submitted within two business days of the transaction.
Notably, when a company insider makes a new purchase, it is considered an indicator of their positive expectations for the stock.
Conversely, insider sells may not necessarily signal a bearish stance on the stock and can be motivated by various factors.
Navigating the World of Insider Transaction Codes
When it comes to transactions, investors tend to focus on those in the open market, detailed in Table I of the Form 4 filing. A P in Box 3 denotes a purchase, while S indicates a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
Check Out The Full List Of Dollar Gen’s Insider Trades.
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This article was generated by Benzinga’s automated content engine and reviewed by an editor.
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The Fed Just Cut Interest Rates: 3 Stocks to Buy Hand Over Fist
Four-plus years passed without an interest-rate cut from the Federal Reserve. That changed Wednesday when the Fed lowered rates by an unexpectedly large 0.5%.
Investors’ initial reactions were muted. However, the stock market soared on Thursday as they digested the impact of the big rate cut. Even better, the Federal Open Market Committee indicated that interest rates could be reduced by another 0.5% by the end of the year.
The Fed’s move could be just the ticket to inject more oomph into the bull market that began in late 2022. And it presents a great opportunity for investors. Here are three stocks to buy hand over fist.
1. Dominion Energy
Utility stocks are usually boring. They plod along, primarily attracting income investors. However, it’s been a much different story for many utilities in 2024. Dominion Energy (NYSE: D) is a great example. The stock has jumped more than 20% year to date.
I think the Fed’s rate cuts will boost Dominion Energy’s share price even more. Lower rates translate to lower borrowing costs. That’s great news for Dominion, which has roughly $8.3 billion in debt reaching maturity over the next three years and a $6 billion credit facility.
Bond yields also fall when rates decline, spurring many investors to seek higher income. Dominion Energy looks like a great alternative, with its forward dividend yield of around 4.7%.
The stock is even an unlikely way to profit from the artificial intelligence (AI) boom. Dominion Energy serves Northern Virginia, a region that’s the world leader in data centers.
2. D.R. Horton
D.R. Horton (NYSE: DHI) hasn’t needed lower interest rates to deliver sizzling gains. Shares of the homebuilder have soared close to 30% this year after skyrocketing 70% in 2023.
Make no mistake about it, though: Rate cuts will help D.R. Horton considerably. Mortgage rates usually fall in lockstep with interest rates, and when they do, new houses are more affordable. That’s music to D.R. Horton shareholders’ ears.
D.R. Horton ranks as the largest homebuilder in the U.S. based on volume. The company operates in 121 markets in 33 states and closed on a whopping 94,255 homes during the 12 months ending June 30, 2024. If any stock benefits from lower mortgage rates resulting from the Fed’s move, D.R. Horton will.
There’s also a major long-term tailwind for D.R. Horton. Fannie Mae estimates the country needs around 4.4 million new homes, which is close to Zillow‘s recent 4.5 million estimate. The only solution to this shortage is building new homes.
3. Realty Income
Realty Income (NYSE: O) hasn’t been a huge winner in 2024. Its share price is in positive territory year to date, but not by much. However, this real estate investment trust (REIT) has been hot over the last 12 weeks, with much of the momentum due to the anticipation of interest-rate cuts.
REITs are similar to utility companies in some ways. Both typically take on debt to fund expansion and often offer juicy dividends. As a result, REIT stocks and utility stocks tend to be highly sensitive to interest rates.
I think lower rates will make Realty Income even more attractive to income investors who are dumping bonds. The REIT’s forward dividend yield is 5.2%, and Realty Income pays its dividends monthly. Even better, the company has increased its dividend for 27 consecutive years.
Like Dominion Energy, Realty Income should benefit from the surge in AI demand. The company views the data center market as a lucrative growth opportunity. It’s also looking to expand in Europe, which has an estimated total addressable market of $8.5 trillion.
Should you invest $1,000 in Dominion Energy right now?
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Keith Speights has positions in Dominion Energy and Realty Income. The Motley Fool has positions in and recommends Realty Income and Zillow Group. The Motley Fool recommends Dominion Energy. The Motley Fool has a disclosure policy.
The Fed Just Cut Interest Rates: 3 Stocks to Buy Hand Over Fist was originally published by The Motley Fool