Intrinsic value of T. Rowe Price Group - TROW

Previous Close

$117.57

  Intrinsic Value

$39.82

stock screener

  Rating & Target

str. sell

-66%

Previous close

$117.57

 
Intrinsic value

$39.82

 
Up/down potential

-66%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as TROW.

We calculate the intrinsic value of TROW stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 28.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.94
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
Revenue, $m
  5,440
  6,128
  6,857
  7,624
  8,431
  9,275
  10,158
  11,079
  12,038
  13,037
  14,075
  15,154
  16,276
  17,441
  18,652
  19,911
  21,220
  22,582
  23,999
  25,475
  27,012
  28,614
  30,284
  32,026
  33,845
  35,744
  37,727
  39,800
  41,967
  44,233
Variable operating expenses, $m
  1,858
  2,090
  2,336
  2,595
  2,867
  3,152
  3,450
  3,761
  4,084
  4,421
  4,750
  5,114
  5,493
  5,886
  6,295
  6,720
  7,162
  7,621
  8,100
  8,598
  9,116
  9,657
  10,221
  10,809
  11,422
  12,063
  12,733
  13,432
  14,164
  14,928
Fixed operating expenses, $m
  1,095
  1,119
  1,143
  1,168
  1,194
  1,220
  1,247
  1,275
  1,303
  1,331
  1,361
  1,391
  1,421
  1,452
  1,484
  1,517
  1,550
  1,585
  1,619
  1,655
  1,691
  1,729
  1,767
  1,806
  1,845
  1,886
  1,927
  1,970
  2,013
  2,057
Total operating expenses, $m
  2,953
  3,209
  3,479
  3,763
  4,061
  4,372
  4,697
  5,036
  5,387
  5,752
  6,111
  6,505
  6,914
  7,338
  7,779
  8,237
  8,712
  9,206
  9,719
  10,253
  10,807
  11,386
  11,988
  12,615
  13,267
  13,949
  14,660
  15,402
  16,177
  16,985
Operating income, $m
  2,488
  2,920
  3,378
  3,861
  4,370
  4,903
  5,461
  6,044
  6,651
  7,284
  7,964
  8,649
  9,361
  10,102
  10,873
  11,674
  12,508
  13,376
  14,280
  15,222
  16,204
  17,228
  18,297
  19,412
  20,577
  21,794
  23,067
  24,398
  25,790
  27,247
EBITDA, $m
  3,313
  3,846
  4,412
  5,009
  5,636
  6,295
  6,983
  7,702
  8,451
  9,231
  10,043
  10,887
  11,765
  12,678
  13,628
  14,615
  15,642
  16,712
  17,825
  18,985
  20,194
  21,454
  22,770
  24,142
  25,576
  27,074
  28,639
  30,276
  31,989
  33,781
Interest expense (income), $m
  0
  191
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
  190
Earnings before tax, $m
  2,297
  2,729
  3,187
  3,671
  4,179
  4,713
  5,271
  5,853
  6,461
  7,094
  7,774
  8,459
  9,171
  9,912
  10,682
  11,484
  12,318
  13,186
  14,090
  15,032
  16,014
  17,038
  18,106
  19,222
  20,387
  21,604
  22,877
  24,208
  25,600
  27,057
Tax expense, $m
  620
  737
  861
  991
  1,128
  1,272
  1,423
  1,580
  1,744
  1,915
  2,099
  2,284
  2,476
  2,676
  2,884
  3,101
  3,326
  3,560
  3,804
  4,059
  4,324
  4,600
  4,889
  5,190
  5,504
  5,833
  6,177
  6,536
  6,912
  7,305
Net income, $m
  1,677
  1,992
  2,327
  2,680
  3,051
  3,440
  3,848
  4,273
  4,716
  5,178
  5,675
  6,175
  6,695
  7,236
  7,798
  8,383
  8,992
  9,626
  10,286
  10,973
  11,690
  12,438
  13,218
  14,032
  14,882
  15,771
  16,700
  17,671
  18,688
  19,752

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Adjusted assets (=assets-cash), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  8,035
  9,051
  10,127
  11,261
  12,452
  13,700
  15,004
  16,364
  17,781
  19,255
  20,789
  22,383
  24,039
  25,760
  27,549
  29,409
  31,342
  33,354
  35,447
  37,626
  39,897
  42,263
  44,729
  47,303
  49,989
  52,793
  55,723
  58,784
  61,985
  65,333
Working capital, $m
  -60
  -67
  -75
  -84
  -93
  -102
  -112
  -122
  -132
  -143
  -155
  -167
  -179
  -192
  -205
  -219
  -233
  -248
  -264
  -280
  -297
  -315
  -333
  -352
  -372
  -393
  -415
  -438
  -462
  -487
Total debt, $m
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
  3,526
Total liabilities, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total liabilities and equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,677
  1,992
  2,327
  2,680
  3,051
  3,440
  3,848
  4,273
  4,716
  5,178
  5,675
  6,175
  6,695
  7,236
  7,798
  8,383
  8,992
  9,626
  10,286
  10,973
  11,690
  12,438
  13,218
  14,032
  14,882
  15,771
  16,700
  17,671
  18,688
  19,752
Depreciation, amort., depletion, $m
  825
  927
  1,034
  1,148
  1,267
  1,392
  1,522
  1,658
  1,800
  1,947
  2,079
  2,238
  2,404
  2,576
  2,755
  2,941
  3,134
  3,335
  3,545
  3,763
  3,990
  4,226
  4,473
  4,730
  4,999
  5,279
  5,572
  5,878
  6,199
  6,533
Funds from operations, $m
  2,502
  2,919
  3,361
  3,827
  4,318
  4,832
  5,369
  5,931
  6,516
  7,125
  7,754
  8,413
  9,099
  9,812
  10,553
  11,324
  12,126
  12,961
  13,830
  14,736
  15,680
  16,664
  17,691
  18,762
  19,881
  21,050
  22,272
  23,550
  24,886
  26,285
Change in working capital, $m
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
Cash from operations, $m
  2,509
  2,927
  3,369
  3,836
  4,327
  4,841
  5,379
  5,941
  6,527
  7,136
  7,765
  8,425
  9,111
  9,825
  10,566
  11,338
  12,141
  12,976
  13,846
  14,752
  15,697
  16,681
  17,709
  18,781
  19,901
  21,071
  22,294
  23,573
  24,910
  26,310
Maintenance CAPEX, $m
  -708
  -803
  -905
  -1,013
  -1,126
  -1,245
  -1,370
  -1,500
  -1,636
  -1,778
  -1,926
  -2,079
  -2,238
  -2,404
  -2,576
  -2,755
  -2,941
  -3,134
  -3,335
  -3,545
  -3,763
  -3,990
  -4,226
  -4,473
  -4,730
  -4,999
  -5,279
  -5,572
  -5,878
  -6,199
New CAPEX, $m
  -957
  -1,016
  -1,076
  -1,134
  -1,191
  -1,248
  -1,304
  -1,360
  -1,417
  -1,475
  -1,533
  -1,594
  -1,656
  -1,721
  -1,789
  -1,860
  -1,934
  -2,011
  -2,093
  -2,179
  -2,270
  -2,366
  -2,467
  -2,573
  -2,686
  -2,804
  -2,930
  -3,062
  -3,201
  -3,347
Cash from investing activities, $m
  -1,665
  -1,819
  -1,981
  -2,147
  -2,317
  -2,493
  -2,674
  -2,860
  -3,053
  -3,253
  -3,459
  -3,673
  -3,894
  -4,125
  -4,365
  -4,615
  -4,875
  -5,145
  -5,428
  -5,724
  -6,033
  -6,356
  -6,693
  -7,046
  -7,416
  -7,803
  -8,209
  -8,634
  -9,079
  -9,546
Free cash flow, $m
  845
  1,107
  1,388
  1,689
  2,009
  2,348
  2,705
  3,080
  3,473
  3,884
  4,306
  4,752
  5,216
  5,699
  6,201
  6,723
  7,266
  7,830
  8,417
  9,028
  9,664
  10,326
  11,016
  11,735
  12,485
  13,268
  14,085
  14,939
  15,831
  16,764
Issuance/(repayment) of debt, $m
  -4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total cash flow (excl. dividends), $m
  841
  1,107
  1,388
  1,689
  2,009
  2,348
  2,705
  3,080
  3,473
  3,884
  4,306
  4,752
  5,216
  5,699
  6,201
  6,723
  7,266
  7,830
  8,417
  9,028
  9,664
  10,326
  11,016
  11,735
  12,485
  13,268
  14,085
  14,939
  15,831
  16,764
Retained Cash Flow (-), $m
  -4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Prev. year cash balance distribution, $m
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  153
  174
  196
  219
  244
  270
  297
  325
  355
  385
  417
  450
  485
  521
  558
  597
  637
  679
  723
  768
  815
  864
  916
  969
  1,025
  1,083
  1,144
  1,207
  1,274
  1,343
Cash available for distribution, $m
  841
  1,107
  1,388
  1,689
  2,009
  2,348
  2,705
  3,080
  3,473
  3,884
  4,306
  4,752
  5,216
  5,699
  6,201
  6,723
  7,266
  7,830
  8,417
  9,028
  9,664
  10,326
  11,016
  11,735
  12,485
  13,268
  14,085
  14,939
  15,831
  16,764
Discount rate, %
  14.10
  14.81
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
  50.13
  52.64
  55.27
  58.04
PV of cash for distribution, $m
  737
  840
  900
  923
  911
  870
  806
  724
  633
  537
  443
  356
  277
  210
  154
  110
  76
  51
  33
  20
  12
  7
  4
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

T. Rowe Price Group, Inc. is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors. The Company distributes its products in countries located within three geographical regions: North America, Europe Middle East and Africa (EMEA), and Asia Pacific (APAC). It also offers specialized advisory services, including management of stable value investment contracts and a distribution management service for the disposition of equity securities its clients receive from third-party venture capital investment pools. As of December 31, 2016, it serviced clients in 45 countries across the world.

FINANCIAL RATIOS  of  T. Rowe Price Group (TROW)

Valuation Ratios
P/E Ratio 23.7
Price to Sales 6.8
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 168.3
Price to Free Cash Flow 1251.3
Growth Rates
Sales Growth Rate 0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2%
Cap. Spend. - 3 Yr. Gr. Rate 6.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 21.4%
Ret/ On Assets - 3 Yr. Avg. 22.4%
Return On Total Capital 24.9%
Ret/ On T. Cap. - 3 Yr. Avg. 24.3%
Return On Equity 24.9%
Return On Equity - 3 Yr. Avg. 24.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 49.6%
EBITDA Margin - 3 Yr. Avg. 51.1%
Operating Margin 41%
Oper. Margin - 3 Yr. Avg. 44.6%
Pre-Tax Margin 46.4%
Pre-Tax Margin - 3 Yr. Avg. 48.1%
Net Profit Margin 28.8%
Net Profit Margin - 3 Yr. Avg. 29.6%
Effective Tax Rate 36.1%
Eff/ Tax Rate - 3 Yr. Avg. 37.9%
Payout Ratio 44.5%

TROW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TROW stock intrinsic value calculation we used $4793 million for the last fiscal year's total revenue generated by T. Rowe Price Group. The default revenue input number comes from 2017 income statement of T. Rowe Price Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TROW stock valuation model: a) initial revenue growth rate of 13.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 14.1%, whose default value for TROW is calculated based on our internal credit rating of T. Rowe Price Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of T. Rowe Price Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TROW stock the variable cost ratio is equal to 34.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1071 million in the base year in the intrinsic value calculation for TROW stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for T. Rowe Price Group.

Corporate tax rate of 27% is the nominal tax rate for T. Rowe Price Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TROW stock is equal to 3.2%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TROW are equal to 147.7%.

Life of production assets of 10 years is the average useful life of capital assets used in T. Rowe Price Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TROW is equal to -1.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for T. Rowe Price Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 242 million for T. Rowe Price Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of T. Rowe Price Group at the current share price and the inputted number of shares is $28.5 billion.

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COMPANY NEWS

▶ Fidelity and T Rowe Price trim Tesla stakes in Q2   [Aug-15-18 08:15AM  CNBC Videos]
▶ [$$] GAM to liquidate $11bn ARBF products   [Aug-09-18 11:40PM  Financial Times]
▶ 5 Companies Making Giant Buybacks   [10:15AM  InvestorPlace]
▶ Is T. Rowe Price (TROW) a Great Dividend Play?   [Aug-03-18 10:39AM  Zacks]
▶ Fidelity Rolls Out Zero-Fee Index Funds   [Aug-01-18 04:34PM  Benzinga]
▶ [$$] Dells return to stock market leaves a bitter taste   [Jul-27-18 08:19AM  Financial Times]
▶ T. Rowe Price CEO says volatile stock market isn't going anywhere   [Jul-25-18 02:56PM  American City Business Journals]
▶ 6 Cheap Stocks That Can Pay Off Big   [01:30PM  Investopedia]
▶ T. Rowe Price profit rises 20 percent in second quarter   [10:50AM  American City Business Journals]
▶ T. Rowe: 2Q Earnings Snapshot   [07:50AM  Associated Press]
▶ T. Rowe Price Group's Earnings Preview   [Jul-24-18 03:24PM  Benzinga]
▶ [$$] Money Managers Look Like Bargains   [07:24AM  The Wall Street Journal]
▶ [$$] T. Rowe Buys Lattice Semi, Maxim Integrated   [Jul-10-18 04:10PM  Barrons.com]
▶ [$$] Three Proxy Votes That Went Bad   [Jul-06-18 08:40PM  Barrons.com]
▶ 5 ROE Stocks to Buy as Proposed Auto Tariffs Rattle Markets   [Jul-02-18 10:33AM  InvestorPlace]
▶ T. Rowe Price execs expect continued economic growth, but worry about trade war   [Jun-25-18 02:49PM  American City Business Journals]
▶ [$$] Big Investors Dont Want Wall Street Analysts Snooping on Them   [Jun-14-18 08:00PM  The Wall Street Journal]
▶ T. Rowe Price shows its Pride to support LGBT employees   [Jun-11-18 02:36PM  American City Business Journals]
▶ T. Rowe Price Foundation donates $20,000 to support Ellicott City   [Jun-04-18 11:11AM  American City Business Journals]
▶ T. Rowe Price plans Tampa office shutdown, 400 jobs affected   [May-30-18 05:42PM  American City Business Journals]
▶ T. Rowe Price to close 400-person operations center in Tampa   [05:14PM  American City Business Journals]
▶ [$$] T. Rowe Price's One-Stop Global Fund   [May-24-18 03:49PM  Barrons.com]
▶ Laurence Taylor, T Rowe Price   [May-22-18 05:19PM  Yahoo Finance Video]
▶ 3 Ways Alternative Investments Are Going High Tech   [May-18-18 01:56PM  InvestorPlace]
▶ [$$] Argentina Trips Up Fidelity, Morgan Stanley and Other Big Investors   [May-17-18 11:29AM  The Wall Street Journal]
▶ T. Rowe Price Sells 5 Million VMware Shares   [May-10-18 04:01PM  Barrons.com]
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